Wednesday, July 27, 2011

Whatever is unfinished in our system of public credit, cannot be benefited by procrastination

“Indeed, whatever is unfinished in our system of public credit, cannot be benefited by procrastination; and, as far as may be practicable, we ought to place that credit on grounds which cannot be disturbed, and to prevent that progressive accumulation of debt which must ultimately endanger all governments.”
-George Washington

Our founding fathers were amazingly far sited, as demonstrated by this quote from Washington. Politicians and constituents have for a long time responded to short-term needs or immediate gratification, growing deficits and accumulating debts as if there would never be a price to pay or the revenue would easily materialize when it would be needed. Let us pray that our leaders today will see the folly of that path and put in place policies now that will put us on secure footing for the future.