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About
Thomas Jefferson, September 6, 1789...
"...With respect to future debt; would it not be wise and just for that nation to declare in the constitution they are forming that neither the legislature, nor the nation itself can validly contract more debt, than they may pay within their own age, or within the term of 19 years."
UNITED STATES GROSS NATIONAL DEBT AS OF
02/06/2008 AT 08:12:14 AM GMT:
-$9,221,753,004,580.55+
Why?
The Federal Government borrows money from many different sources to fund things like war, infrastructure, Social Security. They are obligated to pay back the principle plus interest to lenders. The Govt. didn't have the money in the first place, let alone paying interest, thus, we have debt.
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