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A national debt, if it is not excessive, will be to us a national blessing.
--
Letter to Robert Morris (1781-04-30)

 

Alexander Hamilton

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The gentleman has not seen how to reply to this, otherwise than by supposing me to have advanced the doctrine that a national debt is a national blessing.

 

Daniel Webster

 

In numerous years following the war the Federal government ran a heavy surplus. It could not pay off it's debt, retire its securities, because to do so meant there would be no bonds to back the national bank notes. To pay off the debt was to destroy the money supply.

 

John Kenneth Galbraith

 

My plan reduces the national debt, and fast. So fast, in fact, that economists worry that we're going to run out of debt to retire.

 

George W. Bush

 

The National Government belongs to the whole American people; and where the whole American people are interested that interest can be effectively guarded only by the National Government. We ought to use the National Government as an agency, a tool, wherever it is necessary, in order that we may organize our entire political, economical, and social life in accordance with a far-reaching democratic purpose. We should make the National governmental machinery an adequate and constructive instrument for constructive work in the realization of a National democratic ideal.

 

Theodore Roosevelt

 

The art and mystery of banks... is established on the principle that 'private debts are a public blessing.' That the evidences of those private debts, called bank notes, become active capital, and aliment the whole commerce, manufactures, and agriculture of the United States. Here are a set of people, for instance, who have bestowed on us the great blessing of running in our debt about two hundred millions of dollars, without our knowing who they are, where they are, or what property they have to pay this debt when called on; nay, who have made us so sensible of the blessings of letting them run in our debt, that we have exempted them by law from the repayment of these debts beyond a give proportion (generally estimated at one-third). And to fill up the measure of blessing, instead of paying, they receive an interest on what they owe from those to whom they owe; for all the notes, or evidences of what they owe, which we see in circulation, have been lent to somebody on an interest which is levied again on us through the medium of commerce. And they are so ready still to deal out their liberalities to us, that they are now willing to let themselves run in our debt ninety millions more, on our paying them the same premium of six or eight per cent interest, and on the same legal exemption from the repayment of more than thirty millions of the debt, when it shall be called for.

 

Thomas Jefferson