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View Diary: Lawrence O’Donnell Schooled GOP Strategists on Bill Maher On Republican Big Lie (VIDEO) (33 comments)

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  •  1835 was the only time (8+ / 0-)

    At Andrew Jackson's insistence. He vetoed every spending bill he could, including one to fund the first national highways. This was during a speculative land bubble. The crash that followed the bubble created predictable monster deficits, and nobody has tried to pay off the debt since.

    Jackson also shut down the Bank of the United States and gave state banks authority to issue bank notes, with equally predictable and disastrous consequences.

    When The U.S. Paid Off The Entire National Debt (And Why It Didn't Last)

    See also A Nation of Deadbeats: An Uncommon History of America's Financial Disasters by Scott Reynolds Nelson for the story of the Continental currency and the rest of the major financial catastrophes in US history.

    Ceterem censeo, gerrymandra delenda est

    by Mokurai on Sat May 04, 2013 at 09:33:49 PM PDT

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    •  Exactly (4+ / 0-)
      Recommended by:
      fumie, caul, elwior, GreyHawk

      This is why I asked. The only other time we did this was under Jefferson, with similarly disastrous results. Apparently capitalism requires continual public debt and frequent large deficits to function properly. To demand the retirement of the public debt and putting deficits ahead of stimulus is to reveal oneself to be either a fool or a tool. Yet another reason I'm not especially fond of Jefferson or Jackson as presidents (not a big fan as people, either).

      "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

      by kovie on Sat May 04, 2013 at 09:57:14 PM PDT

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    •  Even the conservatives know this. Remember (1+ / 0-)
      Recommended by:

      Greenspan testifying for the Bush tax cuts.  He warned of the dangers of paying down the debt too quickly.

      With the Decision Points Theater, the George W. Bush Presidential Library becomes the very first Presidential Library to feature a Fiction Section.

      by Its the Supreme Court Stupid on Sun May 05, 2013 at 03:16:48 AM PDT

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      •  Or ever (0+ / 0-)

        Debt is what fuels modern capitalism, and has been for centuries. If you can only spend what you have on hand, you'll be spinning your wheels. Debt is the mechanism by which excess capital is reallocated, presumably efficiently and productively even if obviously not always. That wingnuts cannot grasp this or that it goes against their biblical moral code doesn't make it less so.

        "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

        by kovie on Sun May 05, 2013 at 06:11:19 AM PDT

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