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Thomas Jefferson once said I place economy among the first and most important virtues and public debt as the greatest of dangers To preserve our independence we must not let our rulers load us with perpetual debt Crushing Public Debt In 1870 the National Debt was 24 billion decreasing to 11 billion by 1910 and rising to 24 billion during World War II National Debt Clock FAQ Feb 111996 In 1996 this debt was reaching 5 trillion at that time a law which limited the National Debt to under 5 trillion kicked in until Congress had time to amend this law NDC FAQ Feb 2 1996 When doing so the limit was raised to 595 trillion which has allowed our National Debt to grow to the substantial sum of 565832063486701 National Debt Clock Oct 6 1999 and keeps increasing at a rate of 3517 per second The Concord Coalition Trumpets The graph above tracks the debt to citizen rate from 1929 to the present It also shows the tremendous increase in that rate since the 1980s If this debt were to be equally divided between all citizens in the United States each man woman and child would owe 20870 I am sure that my bank account will be depleted enough paying my own bills and does not need the added burden of paying off this debt Congress cannot be allowed to keep increasing the Public Debt limit there by increasing the National Debt Currently over 40 of this debt is owed to the Federal Reserve Bank and to other government accounts This is due to the Balanced Budget Act which is actually a unified budget that lumps together all revenue with all spending from both federal and trust funds NDC FAQ Oct 6 1999 During the year a fund receives and spends tax money Any unspent revenue is by law turned over to the Treasury as debt But that is not all because each
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