…The nation is now in debt for money applied to the benefit of these so-called seceding States, in common with the rest. Is it just, either that creditors shall go unpaid, or the remaining States pay the whole?…
Again, if one State may secede, so may another; and when all shall have seceded, none is left to pay the debts. Is this quite just to creditors? Did we notify them of this sage view of ours, when we borrowed their money? If we now recognize this doctrine, by allowing the seceders to go in peace, it is difficult to see what we can do, if others choose to go, or to extort terms upon which they will promise to remain…
– Message to Congress in Special Session: President Abraham Lincoln, July 4, 1861
The US national debt was 90,580,873 on July 1,1861. When adjusted for inflation it was about $2 billion.
Century and a half later the US national debt is $15.6 trillion.
In 1861 America was too indebted to fail. Today the USA may become too indebted to stand, if the US Congress fails to put the People’s House in fiscal order soon.
- Student Loan Debt Breaches $1 Trillion (loans.org)
- US national debt now 101% of GDP (fellowshipofminds.wordpress.com)
- Gov. Mitch Daniels: U.S. Debt Is Accumulating At A Terrifying Rate: Obama Prints $110 Billion Each Month! (politicalvelcraft.org)