President Thomas Jefferson wrote warning against confiscatory taxation and deficit spending. He said it was immoral for one generation to pass on the results of its extravagance in the form of debts to the next generation.
He wrote: "...we shall all consider ourselves unauthorized to saddle posterity with our debts, and morally bound to pay them ourselves; and consequently within what may be deemed the period of a generation, or the life expectancy of the majority." -This text was taken from the book, 5000 Year Leap page 29.
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