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Paine's exact words are "The debt we may contract doth not deserve our regard, if the work be but accomplished. No nation ought to be without a debt. A national debt is a national bond; and when it bears no interest, is in no case a grievance." He recognises that a country needs to spend money on certain public works such as national defense and provision for the poor. He also seems to think the debt will give its holders a stake in the country and thus contribute to social cohesion. However, his hope that these holders will charge no interest is not especially realistic. And he devotes considerable energy to showing the damage that can be done if the debt gets out of control.

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16y ago

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