CNBC: National Debt handed down to us by Founding Fathers!

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What lying scumbags and pricks at CNBC....

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"The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It's the national debt."
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Bullshit! Other than Hamilton, our Founders were all penny pinchers.

Temporary debt from the revolutionary war was paid off and by time Jefferson got in, he balanced the budget every year.

CNBC makes it sound like the founders started this shit!

http://www.cnbc.com/id/31723265

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“A wise and frugal government… shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government.” — Thomas Jefferson, First Inaugural Address, March 4, 1801

“The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence. If ‘Thou shalt not covet’ and ‘Thou shalt not steal’ were not commandments of Heaven, they must be made inviolable precepts in every society before it can be civilized or made free.” — John Adams, A Defense of the Constitutions of Government of the United States of America, 1787

“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.” — James Madison, 4 Annals of Congress 179, 1794

[Liberty Star]

Bastards.

[sevin]

That is the stupidest most ignorant fucking article I have ever read. The fact that CNBC actually published this trash shows that any story they report cannot be trusted and I will never ever read their shit again.

The author should resign and go into hiding, and CNBC should be shut down.

[literatim]

CNBC has proved itself to be intellectually bankrupt.

Hamilton was the only one who wanted a national bank and even among Federalists he was a piece of work, a corrupt scum bag that should have been hanged for treason.

[Pepsi]

they are justing trying to turn Americans agianst thier own roots.

[123tim]

Does anyone have a link to a graph (for the National Debt) that goes back that far? I've looked and can't find anything past more than 100 years.

I thought that the debt really took off when Nixon took us completely off the gold standard. Am I wrong about this? Probably. I'm sort of an economic idiot....trying to remedy this though.

[CCTelander]

Does anyone have a link to a graph (for the National Debt) that goes back that far? I've looked and can't find anything past more than 100 years.

I thought that the debt really took off when Nixon took us completely off the gold standard. Am I wrong about this? Probably. I'm sort of an economic idiot....trying to remedy this though.

Here's some interesting data on it. Onbly covers 1791 to 1849 but there doesn't seem to be a single year during that time period that the federal government wasn't in debt.

http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo1.htm

Like I said, interesting.

[RSLudlum]

Here's some interesting data on it. Onbly covers 1791 to 1849 but there doesn't seem to be a single year during that time period that the federal government wasn't in debt.

http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo1.htm

Like I said, interesting.



01/01/1836 37,513.05
01/01/1835 33,733.05


I thought the nat'l debt was paid off during Jackson's term after the 2nd BUS wasn't rechartered? :confused:

[CCTelander]

I thought the nat'l debt was paid off during Jackson's term after the 2nd BUS wasn't rechartered? :confused:

I thought so too.

[Texan4Life]

Propaganda...

nothing to see here folks move along.

[FindLiberty]

Yep, the button has been pressed... we are all so DOOMED.

lol. yea, blame those founders that spelled out we (the fed) are to be using only SOUND MONEY = gold/silver (much harder to inflate to grow destructive gubermint and fund war, etc.)

BTW it should be called CRUSHING National Debt even though it's really better called runaway monetary hyper-inflation - wrapped in lies.

[TastyWheat]

They don't even have a comment section. Spineless asshats.

[foofighter20x]

You guys are right in saying that they are wrong.

Several states had paid off their Revolutionary War debt when the federal government stood up. Hamilton wanted the U.S. to assume all the war debt of the states from the get-go. The states who had paid them off objected on grounds that they shouldn't be taxed for the other states' unpaid debts.

A deal was finally reached which assumed the value of all state debts as of the end of the war. State's who had paid off their debts were reimbursed by the federal government so that every state's debt was essentially purchased, and the northern states agreed to a southern federal capital.

This amount was added to the other debts carried over from the confederacy, however...

the ENTIRE national debt was paid off in the Jackson administration.

[123tim]

Here's some interesting data on it. Onbly covers 1791 to 1849 but there doesn't seem to be a single year during that time period that the federal government wasn't in debt.

http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo1.htm

Like I said, interesting.

Thanks for the help CCTelander.

[CCTelander]

Thanks for the help CCTelander.

No rpoblem.

[foofighter20x]

The debt was paid off in full.

The fact that a debt existed at the first of a single year is just a snapshot of one day. It doesn't speak for the entire year.

[CCTelander]

The was paid off in full.

The fact that a debt existed at the first of a single year is just a snapshot of one day. It doesn't speak for the entire year.

I'm not disputing that. Frankly, I don't really know for sure, but have read on several occasions that what you say is true.

[Thrashertm]

This article was picked up by the AP and printed nationally today. I saw it in my local paper in Michigan.

[Galileo Galilei]

The War of Independence ran up a gigantic debt compared to the size of the economy, which was difficult to pay off as our trade was badgered by the British, but we did pay it substantially down.

The Second War of Independence threw off the British yoke, but rang up new debts.

But the Second War of Independence was much smaller and shorter, and we soon paid off all of the national debt.

[StilesBC]

Isn't there a way to force them to publish a retraction due to misrepresentation of fact?

I mean, that is so absurd that it could only have been done intentionally.