“It Is Incumbent On Every Generation to Pay Its Own Debts As It Goes — A Principle Which If Acted On Would Save One-Half The Wars Of The World”

“It Is Incumbent On Every Generation to Pay Its Own Debts As It Goes — A Principle Which If Acted On Would Save One-Half The Wars Of The World”

by WashingtonsBlog

The Founding Fathers Knew that Debt-Financed Wars Ruin the Country

Thomas Jefferson said:

It is incumbent on every generation to pay its own debts as it goes — a principle which if acted on would save one-half the wars of the world.

He was right.
The father of modern economics – Adam Smith – agreed: