There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.
I wish it were possible to obtain a single amendment to our Constitution … taking from the federal government their power of borrowing.
He that goes a borrowing goes a sorrowing.
I regret, as much as any member, the unavoidable weight and duration of the burdens to be imposed; having never been a proselyte to the doctrine, that public debts are public benefits. I consider them, on the contrary, as evils which ought to be removed as fast as honor and justice will permit.
No pecuniary consideration is more urgent, than the regular redemption and discharge of the public debt: On none can delay be more injurious, or an economy of time more valuable … Cherish public credit. One method of preserving it is to use it as sparingly as possible: avoiding occasions of expence [and] avoiding likewise the accumulation of debt … not ungenerously throwing upon posterity the burthen which we ourselves ought to bear.
Debts are subject to the laws of mathematics rather than physics. Unlike wealth, which is subject to the laws of thermodynamics, debts do not rot with old age and are not consumed in the process of living. On the contrary, they grow at so much per cent per annum, by the well-known mathematical laws of simple and compound interest … It is this underlying confusion between wealth and debt which has made such a tragedy of the scientific era.
I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic; inasmuch as it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country.
Social Security, Medicare, and its coverage of prescription drugs have an unfunded liability that exceeds $100 trillion. When those roosters come home to roost, they will make the financial meltdown we’ve been though look like child’s play.