You and I, as individuals, can, by borrowing, live beyond our means, but for only a limited period of time. Why, then, should we think that collectively, as a nation, we're not bound by that same limitation? We must act today in order to preserve tomorrow.
About this quote
- What does it mean?
- Reagan argues nations, like individuals, cannot sustainably live beyond their means.
- In plain terms
- Nations have limits on borrowing just like people.
- What can you take from it?
- Fiscal responsibility requires acting now to secure the future.
Where it applies
Putting it to work
Questions to consider
- Can nations live beyond their means?
- How do we balance today's needs with tomorrow's?
Another view
It assumes nations are bound by the same constraints as individuals.
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