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Monday, 14 April 2008 |
By Jerry Work
 "I place economy among the first and most important virtues, and debt as the greatest of dangers to be feared." - Thomas Jefferson
We have a full-blown debt crisis in the United States. But lest you condemn my words as those of a zero-debt zealot, let me first make it clear that I do not consider debt in and of itself to be a bad thing. On the contrary, we need debt. Without the use of leverage, our society would never have advanced as far as it has in the last couple hundred years. Without debt, most of our great buildings would not have been built; nor our interstate system and highways. Many businesses would not survive without the use of debt. So no, debt itself is not the problem - it's America's abuse of it that is the problem.
Consider these facts:
According to the Grandfather Economic Report Series, counting the combined debt of its citizens, the United States owes a total of $53 trillion, or $175 thousand per man, woman, and child living in the U.S. That is a staggering amount of |
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Last Updated ( Monday, 14 April 2008 )
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