The Founding Fathers Solve Our Debt Crisis

The United States accrued a huge debt to fight the American Revolution. The debt equaled 35 to 40 percent of GDP at a time when government spending and taxes were just 2 percent of GDP. Interest consumed about half of the government’s revenues. Numerous states and the government under the Articles of Confederation were negligent in paying interest and principle.  The nation faced a real debt crisis.

The Founding Fathers recognized the burden of such a large debt and wanted to pay it off.

Read the rest at What Would the Founders Think…

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s