Jefferson’s views on debt was the critical point that Jackson followed. Debts passed on to children that they neither voted for nor approved of, are a blatant example of taxation without representation in the Jeffersonian view of life. When Jackson first ran for president in 1824, he denounced the debt as a “national curse.” He vowed to, “…pay the national debt, to prevent a monied aristocracy from growing up around our administration that must bend to its views, and ultimately destroy the liberty of our country.”
And Jackson, in spite of all the wrong he did, did one very great thing that was erased by Wilson. Jackson took away the fed’s charter, a license to print money they had since Washington got taken by Hamilton because Washington was so troubled by the war debts of the Revolution.
I am fearful that a lackluster market is being created as the one we had in the 60s and 70s. Horrible times for investors and retires.
The U.S. Constitution prohibits this in Article Four, Section Four.
The United States shall guarantee to every State in this Union a Republican Form of Government
a "Republican" form of government is one in which citizens elect someone to represent their interest at the big table in Washington, D.C. Everyone seated at that table is there to represent the interest of the people who voted them in. How then can you say you are representing the interest of someone who is not yet born? You can't. This means that for those who are not yet born to receive the GUARANTEE of a republican form of government, you cannot burden them with debt they were not present to express their interest in. That guarantee has been broken as it pertains to them. The U.S. Constitution clearly says that this is GUARANTEED. We can't pass our debt on to them if it is to be kept.