Posted by FH on November 11, 2012 at 09:34:06
In Reply to: Re: Debt is a result of Bush tax cuts for super rich and the war in Iraq. (NT) posted by MG on November 06, 2012 at 13:30:20:
Debt is a result of borrowing. America has not been debtfree since the days of Andrew Jackson, resulting in the inevitable depression of such a move. Since then national debt has only grown. Lincoln did a healthy experiment with the interest free greenbacks in the 1860s, but was paid back as expected for that.
Under present economic dynamics of borrowing at interest …once in debt, always in debt, and if you want to get out of debt as a nation, the country will simply economically implode.
Some say national debt has increased more under Obama than all other presidents combined, but you can try to google that one.
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