The Obama Administration, building on the profligate spending of the Bush Administration, and others in the past, have saddled future generations with crushing debts that could lead eventually to bankruptcy. The total U.S. debt today, including unfunded mandates exceeds fifty trillion dollars.
We have always prided ourself on leaving an America where our children could expect a standard of living surpassing our own generation. That seems to no longer be a possibility. Unless there is an immediate turnaround, future generations will experience a marked decline in living standards brought about by confiscatory taxation and runaway inflation. Many are asking, “how did we get to this point?”
As is often the case, one of the reasons is a stubborn refusal to heed the advice and warnings of our forefathers. Thomas Jefferson was one of those who foresaw the ruin public debt could bring on the country. In an 1813 letter to Senator John W. Epps he made the case for responsible fiscal policy. In it he wrote …More