How did the national debt originate? Who said this was OK?

First, I'd like to thank you for sharing your wealth of knowledge with us and for all you do for our country and the world. I listen to Economic Update with my 10 year old son Josh(by choice) every Friday after school. He asked me who started the idea of spending money we don't have as a nation. Like who was the president and what the argument looked like. Did anyone oppose it? I couldn't answer him very well and would love if you did a segment on it. Josh would be thrilled that you answered him too. I also would like to voice my agreement with Lionel of Lionel Media that you should be in office. I know alot of people who would enthusiastically support your effort. Thank you again. Chris Cull Michigan

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  • Christopher Kavanaugh
    commented 2017-03-10 16:12:19 -0500
    If I recall correctly, we once did pay off our national debt which precipitated a economic downturn. CC companies actually refer to customers with paid up accounts as deadbeats.
    I cut mine up as part of fiscal frugality. My reward is a Sean Queesenberry using my phone number and receiving multiple calls daily from collection agencies for his student loans in NYC. Sean, if you see this, I have an additional life lesson I would love to demonstrate; free of tuition.
  • Christopher Kavanaugh
    tagged this with good 2017-03-10 16:12:19 -0500
  • Christopher Cull
    published this page in Ask Prof. Wolff 2017-03-09 13:16:08 -0500