Tuesday, September 27, 2011

Thomas Jefferson spoke against deficit spending

A friend sent me this quote:

"The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."
--Thomas Jefferson, letter to John Taylor, 1816

2 comments:

Kim Catacutan said...

He also wrote:

"I wish it were possible to obtain a single amendment to our Constitution....I mean an additional article, taking from the federal government their power of borrowing." - 1789 letter to John Taylor from Thomas Jefferson

"And the forehorse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression." - 1816 letter to Sam Kercheval from Thomas Jefferson

Henry Cate said...

Oh, that would have been so cool to have an amendment prohibiting debt.