James G. Miles saw it coming.
A visionary who helped found the Control Data Corporation and Children's Hospital, Miles has long warned of the rising public debt. He first sounded the alarm 14 years ago in his book, "Five Trillion Dollars and Ever Deeper in Debt," in which he worried about a nation that was borrowing against future generations.
Since Miles' first predictions, the national debt has indeed mushroomed -- in fact, it's doubled to $10 trillion. And now, the government has stepped in with a $700 billion rescue plan for the financial markets, amid the mortgage foreclosure crisis and credit crunch that threaten the economy.
Miles, who ran for Minnesota governor as an independent against Wendell Anderson, has been unable to speak more than a few words since a stroke and attendant brain injury from a fall left him partially paralyzed a few years ago. Still, his words ring out in his three published books and memoirs, and through those who know him well.
Miles, 87, is someone who commands attention, in his quiet and dignified way. He's had numerous patents in his name, including those that have helped advance technology in huge ways, from airplane safety to computers.
He's led fundraising efforts for the building of Children's Hospital. Among priorities he still pushes is the need to shape up the nation's finances. The national debt, he wrote, hits middle-class taxpayers and those on fixed incomes especially hard.
"He's always been a visionary," said his wife, Laura Miles, who with son Henry helped articulate Jim Miles' views in a recent interview in the elder Miles' Deephaven home.
His family said Jim Miles would be horrified at today's economic tailspin and lack of regulation. In his 1994 book, he proposed a new tax on wealth as part of his plan to reduce the federal debt and annual deficits to zero in six to 10 years. His "net-worth tax law" would apply to all households with a net worth of more than $150,000, which now, 14 years later, would be set higher.