Nothing is so well calculated to produce a death-like torpor in the country as an extended system of taxation and a great national debt.william cobbett
If you want to continue being leaders in the world, start by getting some of that [Federal] debt off your backs. Debtors can't be leaders. It's the guy holding the IOUs who can call the shots; the other guy is called a hostage.1992 Quoted in the NewYork Times, 26 May.
'Is there no more?' She cries.'All this to love, and rapture's due, Must we not paya debt to pleasure too?'Rochester,JohnWilmot, 2nd Earl of
Apromisemadeisa debt unpaid,andthetrail hasits own stern code.1907 Songs of a Sourdough,'The Cremation of Sam McGhee'.
"Now, Halford, I bid you adieu for the present. This is the first instalment of my debt. If the coin suits you, tell me so, and I'll send you the rest of my leisure: if you would rather remain my creditor than stuff your purse with such ungainly heavy pieces — tell me still, and I'll pardon your bad taste, and willingly keep the treasure to myself."anne brontë
Life to each individual is a scene of continued feasting in a region of plenty; and when unexpected death arrests its course, it repays with small interest the large debt which it has contracted to the common fund of animal nutrition, from whence the materials of its body have been derived. Thus the great drama of universal life is perpetually sustained; and though the individual actors undergo continual change, the same parts are filled by another and another generation; renewing the face of the earth and the bosom of the deep with endless successions of life and happiness.william buckland
In numerous years following the war the Federal government ran a heavy surplus. It could not pay off it's debt, retire its securities, because to do so meant there would be no bonds to back the national bank notes. To pay off the debt was to destroy the money supply.john kenneth galbraith
The economic success of the Reagan Administration was largely dependent upon the pyramiding of massive debt and the siphoning of capital from the rest of the world.robert gilpin
So the Bush-Obama administration has taken a fiscal stance diametrically opposed to that of the patron saint of free enterprise. While escalating war in Afghanistan and maintaining over 850 military bases around the world, the administration has run up the national debt that Smith decried. By shifting the tax burden off property and off rent-seeking monopolies – above all, off the financial sector – this policy has raised America’s cost of living and doing business, thereby undercutting its competitive power and running up larger and larger foreign debt.michael hudson
First in point of time and interest comes the mortgage debt, i.e. the claim for the return of money lent on the security of some tangible object. Such claims are among the earliest fruits of a commercial civilization, and are nearly always affected the same way, viz. by the deposit or pledge of the security with the creditor, to be redeemed or returned on the payment of the debt.edward jenks
One day Donald Trump discovers that he is owned, lock, stock, and roulette wheel, by Lutheran Brotherhood, and must renegotiate his debt load with a committee of silent Norwegians who don't understand why anyone would pay more than $120 for a suit.garrison keillor
The more debt we owe, the wealthier we are.pete stark
It is better to have a plain, substantial building, with no extravagance about it, but without a debt, than to have the most splendid specimen of Gothic architecture that is overlaid by a mortgage.william mackergo taylor
The fact that previous generations have handed down to us a substantial public heritage by way of roads, port, etc. almost completely free of debt, seems to me to impose some limitation on the validity of the theory that by borrowing we should, or could, pass on the burden of development to the next generation.john james cowperthwaite
There can be no freedom or beauty about a home life that depends on borrowing and debt.henrik ibsen
I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared.thomas jefferson
Reckless people have deluded themselves that this was a subprime crisis. But we have problems with credit-card debt, student-loan debt, auto loans, commercial real estate loans, home-equity loans, corporate debt and loans that financed leveraged buyouts... We have a subprime financial system, not a subprime mortgage market.nouriel roubini
The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.nouriel roubini
He who receives a benefit with gratitude repays the first installment on his debt.seneca the younger
Ill husbandry lieth In prison for debt: Good husbandry spieth Where profit to get.thomas tusser
It shows nobility to be willing to increase your debt to a man to whom you already owe much.Cicero, Epistulae ad Familiares, II, 6, 2 (43 BC).
You must pay at last your own debt. If you are wise, you will dread a prosperity which only loads you with more.ralph waldo emerson
I am for a government rigorously frugal & simple, applying all the possible savings of the public revenue to the discharge of the national debt; and not for a multiplication of officers & salaries merely to make partisans, & for increasing, by every device, the public debt, on the principle of it's being a public blessing.Thomas Jefferson, letter to Elbridge Gerry, January 26, 1799, reported in ed., The Writings of Thomas Jefferson, Paul L. Ford, vol. 7, p. 327 (1896).
I, however, place economy among the first and most important of republican virtues, and public debt as the greatest of the dangers to be feared.Thomas Jefferson, letter to William Plumer, July 21, 1816, reported in ed., The Writings of Thomas Jefferson, Andrew A. Lipscomb, vol. 15, p. 47 (1903).
The United States has already passed on as the world’s economic leader. Having flouted Thomas Jefferson for too long, America has succumbed to public debt, the 'fore horse for oppression and despotism,' after which 'taxation will follow, and in its train wretchedness and oppression.“Economic Apocalypse Now,” WorldNetDaily.com, June 3, 2011.
Altho' the surety is not troubled or molested for the debt, yet at any time after the money becomes payable on the original bond, this Court will decree the principal to discharge the debt; it being unreasonable that a man shall always have such a cloud hang over him.Lord Keeper North, Kanelaugh v. Hayes (1683), 1 Vern. 189, 190; this illustrates the exclusive coercive jurisdiction of equity in cases where it is against conscience to permit a passive state of things to continue.
Drinking water neither makes a man sick, nor in debt, nor his wife a widow.John Neal, reported in Josiah Hotchkiss Gilbert, Dictionary of Burning Words of Brilliant Writers (1895), p. 576.
Meanwhile, the U.S. debt remains, as it has been since 1790, a war debt; the United States continues to spend more on its military than do all other nations on earth put together, and military expenditures are not only the basis of the government's industrial policy; they also take up such a huge proportion of the budget that by many estimations, were it not for them, the United States would not run a deficit at all.David Graeber, Debt: The First 5000 Years (2011), p. 365.
The National debt is a very Good Thing, and it would be dangerous to pay it off for fear of Political Economy.J(ulian)
debt is the prolific mother of folly and of crime.benjamin disraeli