America in Debt

“When America ceases to remember his greatness, America will be no longer great.”

—Calvin Coolidge on Alexander Hamilton

March 7, 2024 — Library of Congress

The federal debt today is reaching unimaginable levels.

But America has overcome fiscal crises before. Key in our history has been what is sometimes called the Hamiltonian Norm. That is, the rule of our first Treasury Secretary, Alexander Hamilton. Hamilton held that the United States should work to repay its debts first and thereby maintain our creditworthiness. Fiscal matters came second. 

The Coolidge Foundation assembled leading minds for a national conference on the history of the federal debt at the Library of Congress on March 7, 2024. Rich in historical research, the conference examined past public finance crises – from Hamilton’s era, to the Civil War, to the 1970s and 1980s – and their implications for social and economic growth. 

Policymakers of both parties and some hundred high schoolers and college students, including alumni of Coolidge Foundation programs, attended.

The conference agenda is available below.

Watch the Conference

Miss the conference? No worries, you can watch all the panels and addresses on our website.

Student and Panelist Interviews

Panelists and students shared their thoughts about Calvin Coolidge and the budget.

Representative Virginia Foxx and Conference director Dr. William Beach

Senator Peter Welch

Panel I Speakers Representative French Hill, Dr. Robert Bruner, Former SEC Chair Chris Cox, and Dr. Michael Caires

Panel III Speakers Steve Forbes, Eugene Scalia, John Childs, Former Representative Jeb Hensarling, and Dr. Paul Winfree

Cormac Lynch and Representative French Hill

Library of Congress Historian Dr. Ryan Reft

Panel II Speakers James Freeman, Chris DeMuth, James Grant, David Stockman, and Former Senator Phil Gramm

Panel IV Speakers Former Ambassador Richard Graber, Former House Speaker Paul Ryan, Steve Forbes, and Romina Boccia

Coolidge Alumni Sing the National Anthem

Coolidge Foundation Chair Amity Shlaes

Featured Address Speaker: Former World Bank President David Malpass

Senator Joe Manchin and Coolidge Alumni