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Politics : Formerly About Applied Materials

AMAT 222.24

-2.8%

11:49 AM EST

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To: Katherine Derbyshire who wrote (42992)	3/3/2001 8:57:34 PM
From: Jacob Snyder	Read Replies (1) of 70976

OT re consumer spending and national savings rate: The best way to increase the overall savings rate is to put every penny of the surplus into debt reduction. This is a form of enforced savings. Thomas Jefferson recognized the danger, in a democracy, of the present (voting) generation spending on itself, at the expense of future (not yet voting) generations (who would be expected to pay back the debt, without getting any of the benefits). He said it was immoral for a government to get into debt, without paying it off within 17 years. Not "bad policy", or "not good for the economy", but immoral. For most of our history, we had zero federal debt. Small debts built up during depressions and wars would be paid off in the years right after the emergency. I'm not sure how Jefferson came up with his 17-year limit, but we are way over it now. Our generation is, as far as public fiscal policy, the most irresponsible, ever.

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