William Helms: “on Friday February 23, 1996, the Federal debt broke the 5 trillion dollar sound barrier for the first time in history.…”

“on Friday February 23, 1996, the Federal debt broke the 5 trillion dollar sound barrier for the first time in history. The records show that on that day, at the close of business, the debt stood at $5,017,056,630,040.53. Twenty years earlier, in 1976, the Federal debt stood at $629 billion, after the first 200 years of America's history, including two world wars. The total Federal debt in 1976, I repeat, stood at $629 billion. Then the big spenders went to work and the interest on the Federal debt really began to take off--and, presto, during the past 2 decades the Federal debt has soared into the stratosphere, increasing by more than $4 trillion in 2 decades--from 1976 to 1996. So, Mr. President, as of the close of business yesterday, Wednesday, April 17, 1996, the Federal debt stood--down to the penny--at $5,146,356,518,536.99. On a per capita basis, every man, woman and child in America owes $19,445.43 as his or her share of that debt. This enormous debt is a festering, escalating burden on all citizens and especially it is jeopardizing the liberty of our children and grandchildren. As Jefferson once warned, "to preserve [our] independence, we must not let our leaders load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude." Isn't it about time that Congress heeded the wise words of the author of the Declaration of Independence?”