Political Quotes

“If you were to look back 400 or 500 years, to the nations that our forefathers left, many of them in Europe, a common practice then was that children would inherit the debts of their parents. If they did not have the money to repay those debts, then they became indentured servants for some lord or king. Amongst the many decisions our founding fathers made when they wrote America's constitution was they had to wrestle with whether or not one generation should be able to burden the next generation with its debts. They decided they would not; that the debt dies with the estate, and that once an estate's taxes are paid, the children are not responsible for the debts of their parents. I say this because we have seen a dramatic change in our Nation in the past 25 years, in particular, in the past 3 years. I have a 25-year-old daughter. On the day she was born, our Nation was less than $1 trillion in debt. We had gone all the way from the American Revolution, the War of 1812, the Mexican-American War, the Civil War, the Spanish-American War, World War I, World War II, Korea and Vietnam, escaped the Great Depression, built the intercoastal waterways, and the Golden Gate Bridge and borrowed less than $1 trillion. It first started with the Reagan administration, a Democratic House and a Republican Senate. In the span of 8 years, they doubled that debt to $2 trillion. Ah, but they were just pikers when it came to the Bush administration.”