Originally published 12/17/2012
Those looking for guidance on how to chisel the federal debt today might re-examine how Thomas Jefferson and his Democratic-Republican party tackled the issue. Jefferson, who fought personal debt all his days, made the erasure of the federal debt his number one priority after his first election in 1800. He believed debt siphoned money from taxpayers by forcing them to pay interest, giving more funds -- and hence, power -- to bankers, who Jefferson deeply distrusted. The choice for Americans, Jefferson believed, was between “economy and liberty” and “profusion and servitude.”Jefferson understood that debt was necessary to pay for war and to invest in the public good, but he believed that “neither the representatives of a nation, nor the whole nation itself, assembled can validly engage debts beyond what they may pay in their own time....” That was a generation, according to Jefferson, and his debt reduction plan, devised by his Secretary of Treasury Albert Gallatin, was to eliminate the debt he inherited in sixteen years.
- Artist Corrects Inaccuracies At The George W. Bush Library With Augmented Reality
- “Unprecedented” discovery of mysterious structures created by Neanderthals
- This Man Spent 25 Years Documenting Every Day of Hitler's Life
- Anti-Gay, Pro-Creationism Birther Won’t Be Deciding What Textbooks Your Kids Read
- What About Us, Nagasaki Asks, as Obama’s Hiroshima Trip Nears
- Jean Edward Smith, biographer of FDR and Ike, has a new biography coming out … of George W. Bush
- Flora Fraser, biographer of George and Martha Washington, wins $50,000 George Washington Prize
- Michael Cohen explains why he calls his book on 1968 “American Malestrom"
- Fredrik Logevall on Obama's Legacy