A Quote by Tom Allen
What our Republican friends are doing, if we look at what they do and not what they say, they have decided that the most important thing in this country is to increase payments for interest on the national debt.
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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.
In FY 2006, interest payments alone on the national debt cost us $406 billion. . . . What a waste. . . . That $406 billion is pathetically squandered on interest, just because we lacked the discipline to pay our bills when due.
If our nation goes over a financial Niagara, we won't have much strength and, eventually, we won't have peace. We are currently borrowing the entire defense budget from foreign investors. Within a few years, we will be spending more on interest payments than on national security. That is not, as our military friends say, a 'robust strategy.'
It is a well-known fact that in countries in which the national debt is properly funded, and an object of established confidence, it answers most of the purposes of money. Transfers of stock, or public debt, are there equivalent to payments in specie; or, in other words, stock, in the principal transactions of business, passes current as specie. The same thing would, in all probability, happen here, under the like circumstances.
Our middle class majority, deeply in personal debt, elects political leaders who increase our benefits. Then we vote them out because we dislike the soaring national debt.
All but a very few of us are in debt. We exist as entities who borrow money and spend the rest of our lives making interest payments on a debt tally that never seems to budge. Whatever wealth we have, in labor, property or cash, is suctioned to the top.
I can only say this, a very, very important element of any country, but our country, and in my opinion, the single most important thing that a president can do is the defense of our country.
It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.
The refunding of the national debt at a lower rate of interest should be accomplished without compelling the withdrawal of the national-bank notes, and thus disturbing the business of the country.
Our national debt after all is an internal debt owed not only by the Nation but to the Nation. If our children have to pay interest on it they will pay that interest to themselves. A reasonable internal debt will not impoverish our children or put the Nation into bankruptcy.
No nation ought to be without a debt. A national debt is a national bond; and when it bears no interest, is in no case a grievance.
It is absurd to say that our country can issue $30,000,000 in bonds and not $30,000,000 in currency. Both are promises to pay; but one promise fattens the usurer (banker), and the other helps the people. If the currency issued by the Government were no good, then the bonds issued would be no good either. It is a terrible situation when the Government, to increase the national wealth, must go into debt and submit to ruinous interest charges at the hands of men who control the fictitious values of gold.
I believe a strong NATO has been the bulwark of our defence in Europe. Obviously that's important in the UK national interest and I believe it's important in the US national interest
The Citizen's Petition reflects Vermont's spirit of pragmatism and across-the-board cooperation. I applaud the 'Campaign to Fix the Debt' for calling attention to one of the country's most pressing problems, our ballooning national debt, and for urging policymakers to find practical solutions.
As much as politicians, any politicians, Democrat or Republican, are saying they're trying to help the schools, it's hard because our country is in debt. I would like to do something for the inner-city schools because that's our future, and education is very important in helping our country continue to progress and not regress.
Debt is so ingrained into our culture that most Americans can't even envision a car without a payment ... a house without a mortgage ... a student without a loan ... and credit without a card. We've been sold debt with such repetition and with such fervor that most folks can't conceive of what it would be like to have NO payments.
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