William Helms: “it was not quite 12 months ago--on Friday, February 23, 1996--that the Federal debt broke the $5 trillion sound barrier…”

“it was not quite 12 months ago--on Friday, February 23, 1996--that the Federal debt broke the $5 trillion 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. Just 20 years earlier, in 1976, the Federal debt stood at $629 billion--and that was after the first 200 years of America's history had elapsed, including two world wars. Then the big spenders really went to work and the interest on the Federal debt really began to take off--and, presto, during the past two decades the Federal debt has soared into the stratosphere, increasing by more than $4 trillion in two decades from 1976 to 1996. So, Mr. President, as of the close of business Friday, January 17, 1997, the Federal debt stood--down-to-the-penny--at $5,309,774,506,681.99. On a per capita basis, every man, woman, and child in America owes $19,917.66 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." Was Mr. Jefferson right, or what?”