“Allow a government to decline paying its debts and you overthrow all public morality — you unhinge all the principles that preserve the limits of free constitutions. Nothing can more affect national prosperity than a constant and systematic attention to extinguish the present debt and to avoid as much as possibly the incurring of any new debt.”-Alexander Hamilton
“Avoid occasions of expense. . . and avoid likewise the accumulation of debt not only by shunning occasions of expense but by vigorous exertions to discharge the debts, not throwing upon posterity the burden which we ourselves ought to bear.”– George Washington
“I go on the principle that a public debt is a public curse, and in a Republican Government a greater curse than any other.”– James Madison
“When you run in debt; you give to another power over your liberty.”– Benjamin Franklin
“Nothing is so well calculated to produce a death-like torpor in the country as an extended system of taxation and a great national debt.”– William Cobbett
Our national debt is in excess of $20 trillion today. This is greater than our Gross Domestic Product. The United States recorded a government debt equivalent to 106.10 percent of the country's Gross Domestic Product in 2016.
We not only have a debt crisis in the federal government, but many states are also facing debt crisis, primarily due to mismanagement and neglectful management. The financial crisis in Illinois has been in the headlines recently. Illinois is $65 billion in debt and trying to borrow more money to get out of the hole. The state has been threatened with a downgrade to junk bond status by credit rating agencies after two years of spending without a state budget.
OpenTheBooks.com has revealed the state’s lavish expenditures due mostly to mismanagement and neglectful management. Illinois has 63,000 government employees who are getting six-figure and higher salaries each year. A nurse in a state prison can earn more than $250,000 annually, while junior college presidents make $465,000 a year. City managers in the state out-earn every U.S. governor, and Illinois has 20,295 teachers and school administrators whose salaries are in the six-figure range. If you’re a barber in the prison, you make $100,000. Overtime is a huge expense for the Prairie State. In 2016, Chicago alone paid $283 million in overtime to 1,000 employees making around $40,000 each on top of their salaries. Altogether, Illinois directs around $12 billion in cash compensation to six-figure government workers, according to Open the Books.
The total debt for the state government of Illinois is reported to be $66 billion. Other states top that number. California has debt in excess of $157 billion. The state debt in New York tops $137 billion. Massachusetts has a debt greater than $75 billion, and New Jersey tops $67 billion.
All of these states are automatically counted in the electoral column of the Marxist/Progressive (Democrat) candidate for president every four years. These states have been dominated by the Collectivist (Communist, Marxist, Socialist, Progressive, Liberal, Democrat) party for the last many years. Share the wealth policies these groups advocate never work. They do not promote prosperity and always result in massive government debt which results in financial crisis. Poverty is increased and suffering is the result.
This has proven to be the truth time after time. We have never witnessed a long term financially successful collectivist government where the standard of living for all has steadily increased. Yet time after time this Collectivist song is sung and populations believe it. COLLECTIVISM IS AN EASY SELL FOR POWER HUNGARY POLITICIANS BUT IT ALWAYS FAILS. Please, Freedom Loving Americans understand this fact. Learn the facts behind why it fails. It cannot succeed. Then tirelessly proclaim these facts while you set brush fires of freedom in the hearts of your fellow Americans.