As a very important source of strength and security, cherish public credit. One method of preserving it is, to use it as sparingly as possible; avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen, which we ourselves ought to bear.
About this quote
- What does it mean?
- Washington advises protecting public credit by spending sparingly and maintaining peace, while acknowledging that preparedness costs can prevent larger future expenses.
- In plain terms
- Save money and avoid debt to keep your credit strong, but spend wisely to prevent bigger problems later.
- What can you take from it?
- Maintain fiscal responsibility and avoid passing debt to future generations.
Where it applies
Putting it to work
Questions to consider
- How do you balance saving for the future against immediate needs?
- What debts should a nation avoid passing to its children?
Another view
Strict austerity might hinder necessary investments in infrastructure or defense.
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