This is CBS I on the World with John Bachelor.

Here's John Bachelor.

Alexander Hamilton. Here's John Bachelor.

Alexander Hamilton, the centerpiece of a very famous production on Broadway, at the same time informing a new essay by

Verenique to receive the Mercata Center about Hamilton's better idea,

a fully funded permanent public debt.

Now this is the end of the 18th century and a lot of things have moved since then but a

fully funded permanent public debt is still an ideal. I learned from

Verenique we've lost the ideal. Verenica, very good evening to you.

Translate for me.

Fully funded means that you're going to have debt,

but that you can pay for it.

Is that what it means?

Good evening to you.

Good evening. That it means that what it means good evening to you good evening that it means that you

can accumulate that but you have to ultimately always have a plan to pay it back so

it has to be very clear if you're going to have a debt that you're going to be making it good on your investors, that you're committing to never default on that promise.

And that means the way you raise revenue is taxes.

Alexander Hamilton had taxes.

Now they didn't have income taxes. They had taxes at the ports for

example. However they did balance well no I don't want to use the word balance. They

did not spend more than they could adequately refund and that yeah but it's also it's

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