“…I know nothing more important to inculcate into the minds of young people than the wisdom, the honor, and the blessed comfort of living within their income…”
In other words, the most important part of life is to live within your means! If you want to improve your lifestyle, first increase your income, then enjoy your new lifestyle.
This is part of a much larger speech he gave at the time, but it sums up his, and most of America’s founding fathers beliefs, that the worst thing our nation could do was to go into debt and saddle those not responsible for that debt, with that debt.
They knew that for a nation, deficit spending was even easier than it is for an individual. And, that kind of spending ALWAYS has to be repaid!
Who repays it?
That all depends on how far out (how many years) the agreement(s) is for, but usually those politicians that were responsible for creating the debt are already out of office and it is up to the next generation to pay that debt.
This is truly a man made problem, and it seems as if the only politicians that understood this are the few that put their lives on the line to create the country and attempt to guarantee our liberty and freedom in posterity!
I believe, in the 2012 Presidential Election (I know, I know, it’s actually the 2012 General Election), it’s time to elect not only a President, but also a Senate and House that understands this!
Let us know what you think by leaving a comment below.