I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared --Thomas Jefferson
Updated Disclaimer: THis Diary is discussing long-term budget issues and is not intended to be a discussion of the current economic crisis.
The dangers of our National Debt is the most important issue enough Americans do not know enough about. Just to grab your attention, this National Debt Crisis has the potential of simultaneously destroying the American Economy and America's National Security.
But first,in Part 1 here's a short history of America as viewed in the perspective of the National Debt!
Here' the National Debt as a percent of GDP from 1790 all the way to the present.
First things first, National Debt is the amount the federal government owes to its creditors, creditors include , foreign gvts., individual American citizens, foreign citizens, and itself ( what!more on that later).
More below the fold.
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