A Quote by Jim Cooper
It took the first 204 years of our Nation's history to accumulate $1 trillion in debt. And now we are doing that every 2 or 3 years.
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During the 2016 presidential campaign, candidate Donald Trump pledged to eliminate our national debt 'over a period of eight years.' Now two years into his administration, our national debt has increased, surpassing $21 trillion for the first time in American history.
It took the national debt two hundred years to reach $1 trillion. Supply Side Economics quadrupled the national debt to over $4 trillion in twelve years (1980-1992) under the Republicans. Bill Clinton actually paid down the national debt. How did he do it? He raised taxes. It produced the longest sustained economic expansion in U.S. History.
The problem is that the way [President] Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents - number 43 added $4 trillion dollars by his lonesome - so that we now have over $9 trillion dollars of debt that we are going to have to pay back. [That's] $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic.
We've had years and years and years of compromises, and that's led to $14 trillion in debt.
Secretary [Hillary] Clinton and others, politicians, should have been doing this for years, not right now, because of the fact that we've created a movement. They should have been doing this for years. What's happened to our jobs and our country and our economy generally is - look, we owe $20 trillion. We cannot do it any longer.
Donald Trump ran for office complaining that at $19 trillion, the US debt was completely out of control, and yet what he's planning to do is throw trillions of dollars more onto that debt. If the proposed tax plan cuts upon the wealthiest Americans is enacted, 10 years from now America's debt will be over $30 trillion. And so, he's contradicting, his own stated positions. And that's because, to Donald, none of this is about policy. It's not about sound economics. It's about greed and the glorification of the great leader.
For the first 200 years of our nation's history, corporations were never defined by the courts as persons with free speech rights under the First Amendment. Only in recent years have we witnessed this corporate takeover of our First Amendment, culminating in the Citizens United ruling.
This debt crisis coming to our country. The wall and tidal wave of debt that is befalling our nation. Medicare and Social Security go bankrupt within ten years, we have a debt that is looming so high that in the last year of President Obama's budget just the interest payments on our debt is $916 billion dollars.
There is a thing called clean coal. Coal will last for 1,000 years in America. Now we have natural gas and so many other things because of technology. We have unbelievable - we have found over the last seven years, we have found tremendous wealth right under our feet. So good. Especially when you have $20 trillion in debt.
Mr. Obama denounced the $2.3 trillion added to the national debt on Mr. Bush's watch as 'deficits as far as the eye can see.' But Mr. Obama's budget adds $9.3 trillion to the debt over the next 10 years. What happened to Obama the deficit hawk?
When you look at our trade deals that are so bad. Our debt has doubled in seven and a half years to almost $20 trillion, under [Barack] Obama.
When George Bush came into office, we had surpluses. And now we have half-a-trillion-dollar deficit annually. When George Bush came into office, our national debt was around $5 trillion. It's now over $10 trillion. We've almost doubled it.
We are spending more money on bond holders than we are on our own citizens. It took 204 years to have this happen. The other party will not even allow a recorded vote on this issue so that we can see how people stand on that issue.
When we have $20 trillion in debt, and our country's a mess, you know, it's one thing to have $20 trillion in debt and our roads are good and our bridges are good and everything's in great shape, our airports. Our airports are like from a third world country.
I wrote the entire history of Alpha because the space station was around for 500 years. I have 30 pages on the history of Alpha. Every ten years what happens. They took control and what happened. Every 80 years, they have to change the communication system because it doesn't work anymore. Some aliens come with new technology, and suddenly you can change the electric system. We wrote the entire story [for Valerian]
But with respect to future debt; would it not be wise and just for that nation to declare in the constitution they are forming that neither the legislature, nor the nation itself can validly contract more debt, than they may pay within their own age, or within the term of 19 years.
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