Mr. Schock I did have a few questions
Actually, the US government once was debt free, no not in 1789 when our country started, but during Andrew Jackson's presidency. Wow, how great was that (imagine Bachmann or Palin voice)? What did it lead to? Well, economic collapse. (explanatory note) Jackson also ended the Second Bank of the United States , the Ron Paul of his day. Breaking up the national bank while emotionally satisfying was also bad economic policy. (explanatory note) I always liked Andy Jackson, except for his "Bataan Death March" of the Cherokee Nation. Biddle, the head of the national bank, was arrogant and Jackson uncompromising, so bad economic policy won the day. Certainly, paying off debt feels right, and defending your honor at all costs is the gentlemen's, even the real cowboy way. Jackson did whip the British at New Orleans. If he hadn't European armies would have continued to meddle in America's history. The point of this reflection on Andrew Jackson's presidency (1829 - 1837) is a little debt is OK, and a lot of debt is bad. (OK came into use during campaign of Jackson's Vice President and successor Martin Van Buren) Before I get back to the current debate, one of my favorite childhood songs was the Battle of New Orleans.
I chose the Nitty Gritty Dirt Band Version
How did our debt grow so big? Even though it is complicated, it comes from certain decisions that congress and presidents have made. If you want to blame some one, go look in a mirror, it's you, the collective You. You have not been informed enough, you have not demanded people act for our country's good, you have demanded laws in your short term interests, you have turned political debate into sophomoric humor, and you would rather become incensed over some social hot button issue, than demand good fiscal policy. Would, you rather find a different scapegoat? Sorry, it's your debt, and you are responsible for it.
Each year we have a deficit it is caused by different factors, but it always means fewer revenues than expenditures. In the debt ceiling debate the GOP latched onto a balanced budget amendment as a talking point, CNN"s Wolf Blitzer trying to look like a tough questioner in an interview with a Democratic congresswoman during this debate "asked but when have we ever had a balanced budget?" The congresswoman answered during the Clinton administration just a decade ago. Wolf was made to look like a fool and so is everyone else who insists that a balanced budget amendment is only way we will ever have a balanced budget. If you have doubts reference the first chart.
Click to Read 