Judge Napolitano on the Debt Deal: 'We Still Owe Money for Fighting World War One!'

[eduardo89]

Judge Napolitano on the Debt Deal: 'We Still Owe Money for Fighting World War One!'

Is raising the debt ceiling just another excuse for the government to tax you?

Judge Andrew Napolitano joined Fox and Friends Thursday morning to weigh in.

"The government today will borrow money to pay debt on money it has already borrowed and spent," he said.

"I'll give you one statistic. Woodrow Wilson borrowed 30 billion dollars to fund World War I in 1917. That money has not been paid back. And we are still paying interest on it. That's 95 years ago. The American taxpayer pays for it with cheaper dollars because the government prints money to pay its bills and that reduces the value of everything we own. The American taxpayer pays for it with higher taxes."

 

[eduardo89]

I wonder how much is still owed for WWII.

 

[mad cow]

There was a Federal tax on long-distance phone calls to pay for the Spanish-American War that wasn't repealed until 108 years later.

 

[eduardo89]

There was a Federal tax on long-distance phone calls to pay for the Spanish-American War that wasn't repealed until 108 years later.

It was repealed in 1902, but reinstated in 1918. Then it was repealed in 1924, reintrouded in 1932 and reauthorized 29 times. The GOP tried to repeal it but Clinton vetoed it.

On September 14, 2000, the House of Representatives took up legislation which included the repeal of the telephone excise tax. Under provisions contained in H.R. 4516, which was a package of both spending and tax bills, the 3% tax on communication services would be immediately repealed. After passage by the Congress, President Clinton vetoed this legislation.

http://en.wikipedia.org/wiki/Federal_telephone_excise_tax

 

[idiom]

It was repealed in 1902, but reinstated in 1918. Then it was repealed in 1924, reintrouded in 1932 and reauthorized 29 times. The GOP tried to repeal it but Clinton vetoed it.



http://en.wikipedia.org/wiki/Federal_telephone_excise_tax

Shoulda put that in the government restart bill.

 

[Grubb556]

Meh I thought we still owe money for the revolutionary war.

 

[Prog Snob]

I heard we still owe money for the buffet at the Conference House during the Constitutional Convention. Apparently Ben Franklin loves crab legs.

 

[Theocrat]

Raising the Debt Ceiling to Lower Debt?

I'm still having difficulty understanding how the ability to borrow more money allows us to pay off our debt.

 

[ClydeCoulter]

How many worms can fit in one can?

 

[heavenlyboy34]

What will happen when the printing and borrowing are impossible, you ask, judge? Bomb more foreigners! (preferably brown people on the other side of the world with a media blackout, of course)

 

[DamianTV]

How many worms can fit in one can?

If we first dehydrate the worms, I'll bet we can fit a lot more. And that is exactly what our Money has become. Dehydrated Currency.