Government Borrowing Quotes

Let us never forget this fundamental truth: the State has no source of money other than money which people earn themselves. If the State wishes to spend more it can do so only by borrowing your savings or by taxing you more. It is no good thinking that someone else will pay - that 'someone else' is you. There is no such thing as public money; there is only taxpayers' money.

The banks have discontinued themselves. We are now without any medium … necessity, as well as patriotism and confidence will make us all eager to receive Treasury notes if founded on specific taxes. Congress may now borrow of the public, and without interest, all the money they may want … by merely issuing their own promissory notes ….

I think it's important that people know what raising the debt ceiling is. It's Congress giving permission to the federal government to borrow more money that we don't have, and we borrow it for the purpose of spending it.

I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.

If the US government spends 40 percent of the nation's income, as it does through either borrowing or taxes, that income is not available for people to spend. The deficit is an indirect method of taxation. Of course, politicians prefer to borrow instead of tax because then someone down the road has to deal with the consequences.

A public debt is a public curse.

The ingenious slogan that the public debt does not matter because 'we owe it to ourselves' is clearly absurd.

Essentially, when we run a deficit, we are borrowing money to buy things that are made overseas.

Almost all war making states borrow extensively, raise taxes, and seize the means of combat - including men - from reluctant citizens.

To finance deficits, the government must sell bonds to investors, competing for capital that could otherwise be used to invest in stocks or corporate bonds. Government borrowings raise long-term interest rates, stifling economic growth.

Public debt [is] a burden on all the people.

Spain is finding it very difficult to finance itself with sovereign debt risk premium so high.

Solvency is maintained by means of a national debt, on the principle, "If you will not lend me the money, how can I pay you?"

I'd like my grandkids to be able to watch PBS. But I'm not willing to borrow money from China, and make my kids have to pay the interest on that, and my grandkids, over generations, as opposed to saying to PBS, 'Look, you're going to have to raise more money from charitable contributions or from advertising.'

One of the commonest things to do with savings is to lend them to some Government. In view of the fact that the bulk of the public expenditure of most civilized Governments consists in payment for past wars or preparation for future wars, the man who lends his money to a Government is in the same position as the bad men in Shakespeare who hire murderers. The net result of the man's economical habits is to increase the armed forces of the State to which he lends his savings. Obviously it would be better if he spent the money, even if he spent it in drink or gambling.

Any man who lends his money to the government at the present time will forfeit all claim to common honesty and common courtesy among all true friends to the country.

Wars have been fought with borrowed money ever since Rome instituted the practice of forcing its richer citizens to loan the state money to help fund the conflict with Carthage in the third century BC.

The debt ceiling serves no useful purpose.

Nobody gets to threaten the full faith and credit of the United States just to extract political concessions.

Going to war accelerated the move from indirect to direct rule. Almost any state that makes war finds that it cannot pay for the effort from its accumulated reserves and current revenues. Almost all war-making states borrow extensively, raise taxes, and seize the means of combat - including men - from reluctant citizens who have other uses for their resources.

It is a wise rule and should be fundamental in a government disposed to cherish its credit, and at the same time to restrain the use of it within the limits of its faculties, "never to borrow a dollar without laying a tax in the same instant for paying the interest annually, and the principal within a given term; and to consider that tax as pledged to the creditors on the public faith."

I just believe that government borrowing and spending doesn't lead to economic prosperity, growth, or sustainable jobs. I know that it comes from the private sector: people who invest in their businesses and ideas.

That is to say, under the old way any time we wish to add to the national wealth we are compelled to add to the national debt. Now, that is what Henry Ford wants to prevent. He thinks it is stupid, and so do I, that for the loan of $30,000,000 of their own money the people of the United States should be compelled to pay $66,000,000 - that is what it amounts to, with interest.

I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money. I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with the Congress for sitting idly by and permitting such an idiotic system to continue.

The shutdown itself is bad but not devastating. The real danger will come up in a couple of weeks. There's legislation which is in fact routine - it's passed every year - which allows the government to borrow money, otherwise it can't function. If Congress does not approve this budget request, the government may have to default.