Friday, January 27, 2012

The Cost of Freedom?

   It's official.  The debt limit of the USA is now $16.4 trillion.  That's $16,400,000,000,000.  It comes to $8,000,000 for every hour our country has been in existence.  But it didn't beginning in July 1776.  John Hancock and his compatriots didn't think they were signing loan papers that day in Philadelphia.  But 100 or so years ago, things began to change:

Graph created at http://www.usgovernmentdebt.us/

Now it's difficult to tell exactly where the blue appears on the chart, but it looks to be roughly 1910-1920 or so. Quick history quiz!  What Constitutional Amendment was ratified in 1913?  If you said the 16th, the amendment that authorized the income tax, you are right!  So, still think raising taxes is going to help reduce the national debt?

 (HT: Keith Myer) 

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