The problem is, is that the way 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 for the first 42 presidents -- #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic.
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(July 3, 2008): Obama says adding $4 trillion to debt is unpatrioticBarack Obama
A paper monetary standard means there are no restraints on the printing press or on federal deficits. In 1971, M3 was $776 billion; today it stands at $8.9 trillion, an 1100% increase. Our national debt in 1971 was $408 billion; today it stands at $6.8 trillion, a 1600% increase. Since that time, our dollar has lost almost 80% of its purchasing power. Common sense tells us that this process is not sustainable and something has to give. So far, no one in Washington seems interested.
Ron Paul
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
During the last 100 days we have seen an orgy. It would make any local smorgasbord embarrassed if you looked at this spending orgy we've seen in Washington. So it's no surprise our national debt is now soaring over $11 trillion dollars. The government spent its wad by April 26. Every dime government spends after April 26 throughout the rest of this fiscal year is borrowed money.
Michele Bachmann
The last best hope on earth, two trillion dollars in debt, is spinning out of control, and all we can do is stare at a flickering cathode-ray tube as Ollie "answers" questions on TV while the press, resolutely irrelevant as ever, asks politicians if they have committed adultery. From V-J Day 1945 to this has been, my fellow countrymen, a perfect nightmare.
Gore Vidal
Reckless people have deluded themselves that this was a subprime crisis. But we have problems with credit-card debt, student-loan debt, auto loans, commercial real estate loans, home-equity loans, corporate debt and loans that financed leveraged buyouts... We have a subprime financial system, not a subprime mortgage market.
Nouriel Roubini
Obama, Barack
Obama, Michelle
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