The Dollar? Up to Its Eyeballs in Debt
"Hamilton's rationale for a perpetual public debt included his belief that it would help keep up taxes and preserve the collection apparatus. He believed Americans inclined towards laziness and needed to be taxed to prod them to work harder."
"It was unjust and unrepublican for one generation of a nation to encumber the next with the obligation to discharge the debts of the first. After all, the following generation cannot have given their consent to decisions made by their fathers, nor will they have necessarily benefited from the deficit expenditures."
Paulson: "This year's budget results demonstrate the remarkable strength of the US economy. This strength has translated into record-breaking revenues flowing into the US Treasury and a continued decline in the federal budget deficit."Nussle: "Our short-term budget outlook is improving, but beyond the horizon is a huge budgetary challenge – the unsustainable growth in Social Security, Medicare, and Medicaid; ...for the sake of our children and grandchildren, Congress should begin to take action prevent this fiscal train wreck."