A Debt Without End? - MSNewsNow.com - Jackson, MS

A Debt Without End?

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When I was attending a fellowship in economics and business at Columbia University in '78 and '79, I had the occasion to sit across from the brilliant liberal economist, John Kenneth Galbraith at a dinner one evening.

I asked him why the government didn't pay more attention to paying off the national debt.

He replied that it would eventually take care of itself as the economy and federal taxes grew stronger.

I certainly felt otherwise.

At that time, the National Debt was around 800 billion dollars.

The National Debt per person in America was around $3500.

Today the National Debt is over 14 trillion dollars with the National Debt per person over $46,000.

What's truly frightening is that our interest alone on the National Debt is over a billion dollars a day or 96% of the total value of the output of our goods and services.

I wonder what Galbraith would say today.

That's my Point of View.

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