..."No generation can contract debts greater than may be paid during the course of its own existence." Thomas Jefferson in a letter to James Madison.
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..."Today, the child born in America practically has an electronic ankle tag put on him immediately. He’s got his share of about $50 trillion in obligations to pay; they need to make sure he doesn’t get away. As far as we can tell, no other generation in history has ever been burdened to such an extent with the expenses of its parents." Bill Bonner in today's Daily Reckoning.
...“America’s debt will not be paid by those currently working, nor even by those currently breathing. It will be pushed on to the next generation…and the next. One generation consumes, the other pays. What the first enjoys as a blessing comes to the next as a curse.” Bill Bonner in today's Daily Reckoning.
...Today's Daily Reckoning is a recommended read. I check them out on a regular basis. I don't always agree with their assessments, and I certainly don't appreciate some of their opinions, but I usually find them interesting. I like getting a viewpoint that is often the polar opposite of the mainstream media. And I think that Bill Bonner turns a phrase as well as about anyone out there, so I tune in sometimes just for his writing.
...Here's some tidbits from the article: American households spent $531 billion dollars more than their after tax income in the 3rd quarter 2005... According to the Heritage Foundation, national debt is expected to be $16 trillion by 2017.
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