Quotes & Sayings About National Debt

Posterity does not pay off anything of the national debt. Each administration adds to the debt left to it, and the promise of liquidation implied in every bond issue is a false promise. — Frank Chodorov

I would suggest to my honourable Friend that the foreign investor is at least as discouraged by high national debt for that, as all example shows, is the surest precursor of high taxation. — John James Cowperthwaite

A sagging economy, a soaring national debt, and an increasingly restive Congress pushed Obama to order troop reductions that are both deeper and faster than recommended by his military commanders. — Ron Fournier

Both on an individual and a national scale, debt imprisons. — Tom Hodgkinson

A national debt, if it is not excessive, will be to us a national blessing. — Alexander Hamilton

If challenges within this Global Economic sphere are not addressed, we risk having the same populace that celebrated the collapse of communism, or their future generations, rising up to demand that we go back to communistic approaches to the economy. Rising national debt of global powers, the growing gap between the rich and poor and the ripple effects of related threats, remain a challenge for the global economy. Will you be one of the leaders who have a unique mission with part of the illusive answers? Will you help more people rise to a better educational and economic status? — Archibald Marwizi

The truth is we need to build an economy going forward with all of us, when we all move forward and the payment of a national debt is not the responsibility of one group of Americans versus another. — Paul Sadler

The country was lumbering towards election day. Strike turned in early on Sunday and watched the day's gaffes, counterclaims and promises being tabulated on his portable TV. There was an air of joylessness in every news report he watched. The national debt was so huge that it was diffcult to comprehend. Cuts were coming, whoever won; deep, painful cuts; and sometimes, with their weasel words, the party leaders reminded Strike of the surgeons who had told him cautiously that he might experience a degree of discomfort; they who would never personally feel the pain that was about to be inflicted. — Robert Galbraith

Wars are supposed to be declared by governments. Parliaments and kings are supposed to decide whether hostilities shall begin. Never, since the device of the modern national debt, has this been true. The great capitalists decide whether there shall be war. If they want war, they force it. There are several ways in which they can do this. They can do it by direct action of their representatives in government. Or they can do it by fomenting disorder and yelling for help to save the lives of " innocent citizens " who are temporarily residing in the country that is to be attacked. And if they are op- WAR AND THE ROTHSCHILDS 129 posed to war they refuse to advance the money with which to wage it. — Anonymous

By making this wine known to the public, I have rendered my country as great a service as if I had enabled it to pay back the national debt. — Thomas Jefferson

He could melt glaciers with that smile. End wars. Resolve the national debt crisis. — Kristen Proby

Although federal revenues nearly doubled during the Reagan years, federal spending far exceeded that pace and drove the national debt from $909 billion to $2.6 trillion between 1980 and 1988, by far the highest it had ever been. — Douglas Brinkley

Because Social Security has not contributed to our debt, Americans should be skeptical of any politician who says that benefits Americans have earned must be reduced in order to address our national debt. — Hank Johnson

The world became more aware that America-despite being the hope of many who have the personal drive and ambition to become part of the "American dream"-is beset by serious operational challenges: a massive and growing national debt, widening social inequality, a cornucopian culture that worships materialism, a financial system given to greedy speculation, and a polarized political system — Zbigniew Brzezinski

His presidency ended more than a decade ago, but politicians, Democrat and Republican, still talk about Ronald Reagan. Al Gore has an ad noting that in Congress he opposed the Reagan budget cuts. He says that because Bill Bradley was one of 36 Democratic Senators who voted for the cuts. Gore doesn't point out that Bradley also voted against the popular Reagan tax cuts and that it was the tax cuts that piled up those enormous deficits, a snowballing national debt. — Bruce Morton

For the past three years, the CIVIX Student Budget Consultation has helped us to better understand the most pressing national issues for young Canadians. I am delighted to note that on key issues, such as balancing the budget, debt reduction, and lowering taxes, we stand in step with the thousands of students who participated in this initiative from coast to coast to coast. I want to thank the students and teachers for investing their time and energy in this worthwhile initiative. Their enthusiastic participation inspires great hope for Canada's future. — Kevin Sorenson

His mind filled with visions of a decadent kleptocracy in rapid decline, abetted by both political parties. America's masses, fed on processed poison bought with a food stamp swipe card. Low-skill workers, structurally unable to ever contribute again and too dumb to know their old jobs weren't coming back. The banks in Gotham leaching the last drops of wealth out of the country. Corporations unrestrained by any notion of national interest. The system of property law in shambles. The world drowning in debt. — George Packer

I'm a true reactionary. Like all patricians, I'd like to restore the original republic, which we lost 40 years ago when Harry Truman imposed the national security state on us, which has kept us at war, hot or cold, for almost half a century, and it's got us $4 trillion into debt. — Gore Vidal

When George W. Bush entered office, the national debt was $5 trillion. When he left, it was $10 trillion. I think the administration spent too much money. — Ted Cruz

The Citizen's Petition reflects Vermont's spirit of pragmatism and across-the-board cooperation. I applaud the 'Campaign to Fix the Debt' for calling attention to one of the country's most pressing problems, our ballooning national debt, and for urging policymakers to find practical solutions. — Peter Welch

Student debt is crushing the lives of millions of Americans. How does it happen that we can get a home mortgage or purchase a car with interest rates half of that being paid for student loans? We must make higher education affordable for all. We must substantially lower interest rates on student loans. This must be a national priority. — Bernie Sanders

I'm talking about France and Germany and Italy and Spain - new friend Germany - and I love that story, how they lead the world in some things that the world needs leadership in. Amongst them we're the only ones without national healthcare. Can't go to a hospital and not worry about falling into bankruptcy. They go to university free. We're killing our students with debt. That scares me. — Tavis Smiley

Big banks churn out page after page of incomprehensible fine print to obscure the cost and risks of checking accounts, credit cards, mortgages and other financial products. The result is that consumers can't make direct product comparisons, markets aren't competitive, and costs are higher. If the playing field is leveled and the broken market fixed, a lot more money will stay in the pockets of millions of hard-working families. That's real stimulus - money to families, without increasing our national debt. — Elizabeth Warren

Mr. Obama plans to boost federal spending 25 percent while nearly tripling the national debt over 10 years. Americans know that this kind of spending will have economic consequences, including new taxes being imposed by the new progressives. — Karl Rove

It is a terrible situation when the Government, to insure the National Wealth, must go in debt and submit to ruinous interest charges, at the hands of men, who control the fictitious value of gold. Interest is the invention of Satan. — Thomas A. Edison

The National Debt is a very Good Thing and it would be dangerous to pay it off for fear of Political Economy. — W.C. Sellar

One by one, these governments came undone, and were forced into IMF tutelage (and national illegitimacy) by the careening oil prices, the debt imbroglio, and falling terms of trade. The last of these governments to fall were the Communist regimes of eastern Europe, which have now gone the way of other Third World countries. The second in the cascade of bifurcations is thus symbolized by 1989. — Immanuel Wallerstein

What our Republican friends are doing, if we look at what they do and not what they say, they have decided that the most important thing in this country is to increase payments for interest on the national debt. — Tom Allen

During the Reagan years the left fretted about "two hundred billion dollar deficits as far as the eye can see." What were annual deficits under Reagan became monthly deficits under Obama. In less than eight years, Obama has doubled the national debt. — Dinesh D'Souza

Our middle class majority, deeply in personal debt, elects political leaders who increase our benefits. Then we vote them out because we dislike the soaring national debt. — Oliver DeMille

Many respected economists and statesmen believe our national debt is neither unwieldy nor a dangerous burden on the country. The trouble is that a vast majority of the American people think otherwise ... It violates basic American ideas of thrift and money management. These strong public feelings cannot be ignored forever. — Mo Udall

It is the people who constitute the basis of Government credit. Why then cannot the people have benefit of their own gilt-edge credit by receiving non-interest bearing currency-instead of bankers receiving the benefit of the people's credit in interest-bearing bonds. If the United States Government will adopt this policy of increasing its national wealth without contributing to the interest collector-for the whole national debt is made up on interest charges-then you will see an era of progress and prosperity in this country such as could never have come otherwise. — Thomas A. Edison

It took the national debt two hundred years to reach $1 trillion. Supply Side Economics quadrupled the national debt to over $4 trillion in twelve years (1980-1992) under the Republicans. Bill Clinton actually paid down the national debt. How did he do it? He raised taxes. It produced the longest sustained economic expansion in U.S. History. — Ed Schultz

A responsible government does not triple the national debt in eight years. — Daniel Patrick Moynihan

The Missourians I hear from just don't buy the idea that the only way to tackle the national debt is to drastically alter Medicare and Social Security. — Claire McCaskill

Counting obligations under Medicare and Social Security, the real debt of the United States is more than 10 times the reported national debt. — Addison Wiggin

When I left Washington, we actually had a balanced budget and we paid down the most amount of the national debt in modern history and cut taxes and created jobs. And I was the chief architect of that plan in '97. — John Kasich

The national debt is totally unlike a family budget for about a gazillion reasons, not the least of which being that families cannot raise money by fiat or deflate the size of their debt unilaterally and that family members die instead of existing infinitely. — Matt Taibbi

I was on the national Pentathlon team for a few years, but there was no funding for athletes in Canada. I was in a massive amount of personal debt at the age of 21, so I joined a little modelling and talent agency to get a some work, to do anything so that I didn't have to drop out of school. — Kris Holden-Ried

When George Bush came into office, we had surpluses. And now we have half-a-trillion-dollar deficit annually. When George Bush came into office, our national debt was around $5 trillion. It's now over $10 trillion. We've almost doubled it. — Barack Obama

I have long argued that paying down the national debt is beneficial for the economy: it keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes. — Alan Greenspan

Consider in Washington, around the country today we are talking about balanced budgets, paying down our national debt, getting the economy going, defending ourselves, activist judges. Newt Gingrich did all those things when he was speaker. We got tax relief. We got balanced budgets. We got, you know, job creation. We paid down our national debt. — J. C. Watts

No nation ought to be without a debt. A national debt is a national bond; and when it bears no interest, is in no case a grievance. — Thomas Paine

The burden of the national debt consists not in its being so many millions, or so many hundred millions, but in the quantity of taxes collected every year to pay the interest. If this quantity continue the same, the burden of the national debt is the same to all intents and purposes, be the capital more or less. — Thomas Paine

There is a lot of fiscal conservatives in the United States senate that didn't vote for that because we understand that national security spending is not the reason why we have a debt. Our debt is being driven by the way Social Security, Medicare, and Medicaid and, by the way, the interest on the debt is structured in the years to come. — Marco Rubio

The national debt has given rise to joint stock companies, to dealings in negotiable effects of all kinds, and to agiotage , in a word to stock-exchange gambling and the modern bankocracy . — Karl Marx

One dollar at compound interest, at twenty-four per cent., for one hundred years, would produce a sum equal to our national debt. Interest eats night and day, and the more it eats the hungrier it grows. The farmer in debt, lying awake at night, can, if he listens, hear it gnaw. If he owes nothing, he can hear his corn grow. Get out of debt as soon as you possibly can. You have supported idle avarice and lazy economy long enough. — Robert G. Ingersoll

It is absurd to say that our country can issue $30,000,000 in bonds and not $30,000,000 in currency. Both are promises to pay; but one promise fattens the usurer (banker), and the other helps the people. If the currency issued by the Government were no good, then the bonds issued would be no good either. It is a terrible situation when the Government, to increase the national wealth, must go into debt and submit to ruinous interest charges at the hands of men who control the fictitious values of gold. — Thomas A. Edison

There's also consumer debt, the credit card debt that burdens many of the working families in America. Yes, we talk about national debt, and we're paying a lot down. But you're fixing to hear me tell you part of the remedy for people who have got a lot of credit card debt is to make sure people get some of their own money back. — George W. Bush

My pan plays down an unprecedented amount of our national debt. — George W. Bush

That is to say, under the old way any time we wish to add to the national wealth we are compelled to add to the national debt. Now, that is what Henry Ford wants to prevent. He thinks it is stupid, and so do I, that for the loan of $30,000,000 of their own money the people of the United States should be compelled to pay $66,000,000 - that is what it amounts to, with interest. — Thomas A. Edison

Solvency is maintained by means of a national debt, on the principle, If you will not lend me the money, how can I pay you? — Ralph Waldo Emerson

Back in July 2003, he'd written them a long essay on the causes and consequences of what he took to be a likely housing crash: "Alan Greenspan assures us that home prices are not prone to bubbles - or major deflations - on any national scale," he'd said. "This is ridiculous, of course ... . In 1933, during the fourth year of the Great Depression, the United States found itself in the midst of a housing crisis that put housing starts at 10% of the level of 1925. Roughly half of all mortgage debt was in default. During the 1930s, housing prices collapsed nationwide by roughly 80%. — Michael Lewis

When Hume and Adam Smith prophesied that a little increase of national debt beyond the then amount of it, would probably occasion bankruptcy; the main cause of their error was the natural one, of not being able to see the vast increase of productive power to which the nation would subsequently obtain. — Thomas Malthus

You remember had this gigantic clock in the arena showing the size of the national debt. And Paul told America, if you elect Republicans, we can fix that. But, if Paul Ryan was being honest, he would've pointed to the debt clock and said, we built that. — Chris Van Hollen

I never stopped feeling abject terror until I got on television and went on a national ad campaign and realized, "I will be able to feed my children. I have somehow averted the destiny that awaited me, which is endless, crippling debt forever." — John Hodgman

We now have a president who tries to save money by turning off lights in the White House, even as he heads toward a staggering addition to the national debt. "L.B.J." should stand for Light Bulb Johnson. — Barry Goldwater

When I was a youngster growing up in South Dakota, we never referred to the national debt, it was always referred to as the war debt because it stemmed from World War I. — George McGovern

Donald Trump refused to outline a health care plan. And they just kind of moved on, instead of pressing him on it. He gave a ridiculous answer on the national debt. And they moved on without pressing him on it.No other candidate could have gotten away with that. So, I think there's a weird bias here in the media rooting for Donald Trump, because they know he's the easiest Republican to beat. — Marco Rubio

I talked to a lot of employers who just are, are fearful of what's coming next out of Washington. It's all the spending, it's all the debt. It's their national energy tax, they want to call it cap and trade - more mandates, higher costs, more taxes. Their healthcare bill - more mandates, higher costs, higher taxes. — John Boehner

Alan Greenspan assures us that home prices are not prone to bubbles - or major deflations - on any national scale," he'd said. "This is ridiculous, of course ... . In 1933, during the fourth year of the Great Depression, the United States found itself in the midst of a housing crisis that put housing starts at 10% of the level of 1925. Roughly half of all mortgage debt was in default. — Michael Lewis

President Obama has ignored or dismissed proposals that would address our anti-competitive tax code and unsustainable trajectory of federal debt - including his own bipartisan National Commission on Fiscal Responsibility and Reform - and submitted no plan for entitlement reform. — Glenn Hubbard

Allow a government to decline paying its debts and you overthrow all public morality-you unhinge all the principles that preserve the limits of free constitutions. Nothing can more affect national prosperity than a constant and systematic attention to extinguish the present debt and to avoid as much as possibly the incurring of any new debt. — Alexander Hamilton

After everyone has had a chance to bluster, posture, and pontificate, we are left with one basic question: under any foreseeable circumstance, would it be in our national interest to default on our debt? The answer is unequivocally no. — John Sununu

When he had explained why investors who wanted low risk and moderate returns should put their capital into national debt shares, Daisy had interrupted him by asking, Father, wouldn't it be wonderful if hummingbirds had tea parties and we were small enough to be invited? — Lisa Kleypas

The teachers never explained what this debt was all about, but we knew it was an embarrassment on the level of a national bedwetting. — Euny Hong

I would vote against raising the national debt ceiling. Again, this is about mortgaging the future of unborn generations of Americans. It's a form of taxation without representation. I don't think we can do that. — Mike Lee

It was at the graduate school at Columbia University that I first met Wesley C. Mitchell, with whom I was associated for many years at the National Bureau of Economic Research and to whom I owe a great intellectual debt. — Simon Kuznets

We may casually talk of all sorts of new programs and 'stimulus,' but the vast trillion-dollar collective national debt and rising annual deficits will insidiously hamstring almost everything we plan to do. — Victor Davis Hanson

Examine the legacy that we inherited and what we did. We had boom-and-bust economics and a doubled national debt. — Tony Blair

AL QAEDA SPENT ABOUT $500,000 TO PRODUCE 9/11, WHEREAS THE direct losses of that day's destruction plus the costs of the American response to the attacks were $3.3 trillion. In other words, for every dollar Al Qaeda spent planning and executing the attacks, the United States spent $7 million.1 The costs of 9/11 equal one-fifth of the US national debt. In 2006, Hezbollah fired a precision-guided cruise missile at an Israeli ship — Moises Naim

At the time we were funding our national debt, we heard much about "a public debt being a public blessing"; that the stock representing it was a creation of active capital for the aliment of commerce, manufactures and agriculture. This paradox was well adapted to the minds of believers in dreams. — Thomas Jefferson

I've been pretty clear about saying that I think that the No. 1 threat to our national security is our debt. And we've got to get our arms around that and head it in another - head it in the right direction - that we have to pay our fair share of this. — Michael Mullen

The refunding of the national debt at a lower rate of interest should be accomplished without compelling the withdrawal of the national-bank notes, and thus disturbing the business of the country. — James A. Garfield

I don't know how you feel, but I'm pretty sick of church people. You know what they ought to do with churches? Tax them. If holy people are so interested in politics, government, and public policy, let them pay the price of admission like everybody else. The Catholic Church alone could wipe out the national debt if all you did was tax their real estate. — George Carlin

In 2001, the oil companies, the war contractors and the Neo-Con-Artists seized the economy and added $4 trillion of unproductive spending to the national debt. We now pay four times more for defence, three times more for gasoline and home-heating oil and twice what we payed for health-care. Millions of Americans have lost their jobs, their homes, their health-care, their pensions; trillions of dollars for an unnecessary war payed for with borrowed money. Tens of billions of dollars in cash and weapons disappeared into thin air at the cost of the lives of our troops and innocent Iraqis, while all the President's oil men are maneuvering on Iraq's oil. Borrowed money to bomb bridges in Iraq, Afghanistan and Pakistan. No money to rebuild bridges in America. Borrowed money to start a hot war with Iran, now we have another cold war with Russia and the American economy has become a game of Russian roulette. — Dennis Kucinich

Blessed are the young, for they shall inherit the national debt. — Herbert Hoover

Economist Frederick Thayer has studied the history of our balanced-budget crusades and has come up with some depressing statistics. We have had six major depressions in our history (1819, 1837, 1857, 1873, 1893 and 1929); all six of them followed sustained periods of reducing the national debt. We have had almost chronic deficits since the 1930s, and there has been no depression since then - the longest crash-free period in our history. — Molly Ivins

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. — Andrew Jackson

Donald Trump got himself very far to the left. When he was considering running for president in 2000, he was for a 13 percent wealth tax on wealthy people to retire the national debt. — Chris Hayes

What were you two doing last night, discussing the national debt? — Stephenie Meyer

So it's still standing?" he managed to get out between his snickers. "I would've thought you two had knocked it to rubble by now. What were you doing last night? Discussing the national debt?" Emmett howled with laughter. — Stephenie Meyer

Mr. Obama denounced the $2.3 trillion added to the national debt on Mr. Bush's watch as 'deficits as far as the eye can see.' But Mr. Obama's budget adds $9.3 trillion to the debt over the next 10 years. What happened to Obama the deficit hawk? — Karl Rove

In FY 2006, interest payments alone on the national debt cost us $406 billion ... What a waste ... That $406 billion is pathetically squandered on interest, just because we lacked the discipline to pay our bills when due. — Bill Press

And to preserve their independence, we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts, as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses; and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes; have no time to think, no means of calling the mismanagers to account; but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers. — Thomas Jefferson

The problem is that the way [President] Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents - number 43 added $4 trillion dollars by his lonesome - so that we now have over $9 trillion dollars of debt that we are going to have to pay back. [That's] $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic. — Barack Obama

President Obama has almost doubled our national debt to more than $19 trillion, and growing. And yet, what do we have to show for it? Our roads and bridges are falling apart, our airports are in Third World condition, and forty-three million Americans are on food stamps. — Donald Trump

Bless the children, for the national debt is theirs. — Herbert Hoover

The U.S. has a law on the books called the debt limit, but the name is misleading. The debt limit started in 1917 for the purpose of facilitating more national debt, not reducing it. It still serves that purpose. It's unconnected to spending, hurts our credit rating and has been an abject failure at limiting debt. — David Malpass

Student loans have been helpful to many. But they offer neither incentive nor assistance to those students who, by reason of family or other obligations, are unable or unwilling to go deeper into debt ... It is, moreover, only prudent economic and social policy for the public to share part of the costs of the long period of higher education for those whose development is essential to our national economic and social well-being. All of us share in the benefits - all should share in the costs. — John F. Kennedy

Obviously, there has to be a profound change in direction. Otherwise, interest on the national debt will start eating up virtually every penny that we have. — Bobby Scott

When President Obama asked Congress to raise the debt ceiling $2 trillion and offered sequestration as an offset, I opposed it. I did not believe we should put the country $2 trillion deeper in debt and impose irresponsible massive cuts to our national security. — Mike Turner

The [Donald] Trump plan would increase the national debt a little over a $1 trillion a year, the Trump plan would reduce taxes at all income levels with, of course, the biggest tax cuts going to the richest taxpayers as they always do. — Lawrence O'Donnell

It is known, to the force of a single pound weight, what the engine will do; but, not all the calculators of the National Debt can tell me the capacity for good or evil, for love or hatred, for patriotism or discontent, for the decomposition of virtue into vice, or the reverse. — Charles Dickens

What we are effectively doing, I say this to the young people of America whom my colleagues represent, is leaving our children and grandchildren the tab for fighting a war, letting them pay for the lion's share of it by simply adding it to the national debt. — John Spratt

Obama does not need to worry as much as past Democratic presidents about being labeled soft on national security - not after giving the order that led to the assassination of Osama bin Laden. No, his biggest concern is being labeled tone deaf on joblessness and debt. — Ron Fournier

We don't have a trillion-dollar debt because we haven't taxed enough; we have a trillion-dollar debt because we spend too much. — Ronald Reagan

Julia progresses from cradle to grave, showing how government makes every good thing in her life possible. The weak economy, high unemployment, falling wages, rising gas prices, the national debt, the insolvency of entitlements - all these are fictionally assumed away in a cartoon that is produced by a president who wants us to forget about them. — Mitt Romney

Our health-care morass is like the problems of global warming and the national debt - the kind of vast policy failure that is far easier to get into than to get out of. Americans say that they want leaders who will take on these problems. — Atul Gawande

In Mexico, a poor country, higher education is of quite good quality
and is free. Ten years ago the government tried to impose small fees. There was a national student strike and the government backed down. High tuition is not an economic necessity, as is easy to show, but a debt trap is a good technique of indoctrination and control. And resisting this makes good sense. — Noam Chomsky