Glenn Beck: The Problem With America's Debt

[☭proletarian☭]

As Thomas Jefferson wrote to James Madison in 1789:
"Then I say, the Earth belongs to each of these generations during its course, fully and in its own right. The second generation receives it clear of the debts and incumbrances of the first, the third of the second, and so on. For if the first could charge it with a debt, then the earth would belong to the dead and not to the living generation. Then, no generation can contract debts greater than may be paid during the course of its own existence."
Remember the debt clock? When I looked at it the other day, I was really encouraged. Take a look: Does anything jump out at you?
One line is actually going down: personal debt. Across the whole line, our personal debt is shrinking.
Now, my first hope was that hey, maybe that's the common sense effect. People have actually listened and gotten out of debt; they've stopped spending money they don't have on credit!
Uh, no. Unfortunately, that's not it.
People aren't paying off their debts; they're defaulting on them. When you default on a credit card loan, the money goes back up on the "national debt" line. It's the same thing with mortgages.

Glenn Beck - Current Events & Politics

 

[Neubarth]

Don't worry about the Debt. Remember the Fed was set up to buy it all and we do not have to pay interest on the debt the Fed buys. Thank God we had a Democrat like Wilson as President. The Fed is the greatest thing to Deficit Spending since peanut butter and jelly sandwiches were invented by a Democrat for our children..