Thomas Jefferson on contracting debt

“But with respect to future debt; would it not be wise and just for that nation to declare in the constitution they are forming that neither the legislature, nor the nation itself can validly contract more debt, than they may pay within their own age, or within the term of 19 years.”

Thomas Jefferson, letter to James Madison, 1789

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2 Responses to Thomas Jefferson on contracting debt

  1. Nestor says:

    That would be still a lot of debt!

  2. aleon says:

    Yes, you are right. In fact, that was my first thought but then, when I started thinking of all the ones who have sunk our countries in debt for many generations, I found the quote as an adequate limit. 😦

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