59 Debt Quotes

We pay for the mistakes of our ancestors, and it seems only fair that they should leave us the money to pay with.

Before hastening to secure a possible reward of five taels by dragging an unobservant person away from a falling building, examine well his features lest you find, when too late, that it is one to whom you are indebted for double that amount.

As we drive down the freeways, we see the new cars, but not the massive new-car loans that enslave their drivers to the banks.

The American people do not like privatization. They are afraid of the debt the president's willing to do. And they don't like benefit cuts. And everyone here should understand all 45 Senate Democrats are united. We are not going to let this happen.

To avoid the necessity of a permanent debt and its inevitable consequences, I have advocated and endeavored to carry into effect the policy of confining the appropriations for the public service to such objects only as are clearly with the constitutional authority of the Federal Government.

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.

I regard the inflation acts as wrong in all ways. Personally I am one of the noble army of debtors, and can stand it if others can. But it is a wretched business.

Let every man, every corporation, and especially let every village, town, and city, every county and State, get out of debt and keep out of debt. It is the debtor that is ruined by hard times.

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.

A man who murders another shortens by a few brief years the life of a human being; but he who votes to increase the burden of debts upon the people of the United States assumes a graver responsibility.

Everybody in Vanity Fair must have remarked how well those live who are comfortably and thoroughly in debt; how they deny themselves nothing; how jolly and easy they are in their minds.

There is, of course, a gold mine or a buried treasure on every mortgaged homestead. Whether the farmer ever digs for it or not, it is there, haunting his daydreams when the burden of debt is most unbearable.

I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared.

You don't pay back your parents. You can't. The debt you owe them gets collected by your children, who hand it down in turn. It's a sort of entailment. Or if you don't have children of the body, it's left as a debt to your common humanity. Or to your God, if you possess or are possessed by one.

The system of banking we have both equally and ever reprobated. I contemplate it as a blot left in all our Constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens. Funding I consider as limited, rightfully, to a redemption of the debt within the lives of a majority of the generation contracting it; every generation coming equally, by the laws of the Creator of the world, to the free possession of the earth he made for their subsistence, unincumbered by their predecessors, who, like them, were but tenants for life.

We may say with truth and meaning that governments are more or less republican, as they have more or less of the element of popular election and control in their composition; and believing, as I do, that the mass of the citizens is the safest depository of their own rights, and especially, that the evils flowing from the duperies of the people are less injurious than those from the egoism of their agents, I am a friend to that composition of government which has in it the most of this ingredient. And I sincerely believe, with you, 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.

No generation has a right to contract debts greater than can be paid off during the course of its own existence

I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.

There's no way I can pay you back/But the plan is to show you that I understand/You are appreciated

When national debts have once been accumulated to a certain degree, there is scarce, I believe, a single instance of their having been fairly and completely paid. The liberation of the public revenue, if it has ever been brought about at all, has always been brought about by a bankruptcy; sometimes by an avowed one, but always by a real one, though frequently by a pretended payment. The raising of the denomination of the coin has been the most usual expedient by which a real public bankruptcy has been disguised under the appearance of a pretended payment.

It is a remarkable thing with reference to men who are distressed for money...they never seem at a loss for small sums, or deny themselves those luxuries which small sums purchase. Cabs, dinners, wine, theatres, and new gloves are always at the command of men who are drowned in pecuniary embarrassments, whereas those who don't owe a shilling are so frequently obliged to go without them!

Gad, sir, Lord Beaverbrook is right! A conference should be held at once for the U. S. A. to pay back the money Europe owes her.

If any one owe a debt for a loan, and a storm prostrates the grain, or the harvest fail, or the grain does not grow for lack of water; in that year he need not give his creditor any grain, he washes his debt-tablet in water and pays no rent for this year.

The only road, the sure road to unquestioned credit and a sound financial condition is the exact and punctual fulfilment of every pecuniary obligation, public and private, according to its letter and spirit.

The debt was the most sacred obligation incurred during the war. It was by no means the largest in amount. We do not haggle with those who lent us money. We should not with those who gave health and blood and life. If doors are opened to fraud, contrive to close them. But don't deny the obligation, or scold at its performance.

It is literally true that the toleration of banks of paper discount costs the United States one-half their war taxes; or, in other words, doubles the expenses of every war. Now think but for a moment, what a change of condition that would be, which should save half our war expenses, require but half the taxes, and enthral us in debt but half the time.

Put down the banks, and if this country could not be carried through the longest war against her most powerful enemy without ever knowing the want of a dollar, without dependence on the traitorous classes of her citizens, without bearing hard on the resources of the people, or loading the public with an indefinite burden of debt, I know nothing of my countrymen. Not by any novel project, not by an charlatanerie, but by ordinary and well-experienced means; by the total prohibition of all private paper at all times, by reasonable taxes in war aided by the necessary emissions of public paper of circulating size, this bottomed on special taxes, redeemable annually as this special tax comes in, and finally within a moderate period.

Necessity, as well as patriotism and confidence, will make us all eager to receive treasury notes, if founded on specific taxes. Congress may borrow of the public, and without interest, all the money they may want, to the amount of a competent circulation, by merely issuing their own promissory notes, of proper denominations for the larger purposes of circulation, but not for the small. Leave that door open for the entrance of metallic money.

The government of the United States have no idea of paying their debt in a depreciated medium, and... in the final liquidation of the payments which shall have been made, due regard will be had to an equitable allowance for the circumstance of depreciation.

My brother called and said that we owed the bank four and one half million dollars. And I began to laugh. And he said, 'What are you laughin' at?' And I said, 'I was just thinking back when we couldn't borrow a thousand dollars.'

I have also reviewed my own financial obligations, which have puffed up recently like a hammered thumb.

Thank you, good sir, I owe you one.

you've been so kind and generous I don't know how you keep on giving for your kindness I'm in debt to you for your selflessness, my admiration and for everything you've done you know I'm bound... I'm bound to thank you for it

The United States is deeply in debt -- that was part of the whole Reagan/Bush program, in fact: to put the country so deeply in debt that there would be virtually no way for the government to pursue programs of social spending anymore. And what 'being in debt' really means is that the Treasury Department has sold a ton of securities -- bonds and notes and so on -- to investors, who then trade them back and forth on the bond market. Well, according to the Wall Street Journal, by now about $150 billion a day worth of U.S. Treasury securities alone is traded this way. The article then explained what this means: it means that if the investing community which holds those securities doesn't like any U.S. government policies, it can very quickly sell off just a tiny signal amount of Treasury bonds, and that will have the automatic effect of raising the interest rate, which then will have the further automatic effect of increasing the deficit. Okay, this article calculated that if such a 'signal' sufficed to raise the interest rate by 1 percent, it would add $20 billion to the deficit overnight -- meaning if Clinton (say in someone's dream) proposed a $20 billion social spending program, the international investing community could effectively turn it into a $40 billion program instantly, just by a signal, and any further moves in that direction would be totally cut off.

The art and mystery of banks... is established on the principle that 'private debts are a public blessing.' That the evidences of those private debts, called bank notes, become active capital, and aliment the whole commerce, manufactures, and agriculture of the United States. Here are a set of people, for instance, who have bestowed on us the great blessing of running in our debt about two hundred millions of dollars, without our knowing who they are, where they are, or what property they have to pay this debt when called on; nay, who have made us so sensible of the blessings of letting them run in our debt, that we have exempted them by law from the repayment of these debts beyond a give proportion (generally estimated at one-third). And to fill up the measure of blessing, instead of paying, they receive an interest on what they owe from those to whom they owe; for all the notes, or evidences of what they owe, which we see in circulation, have been lent to somebody on an interest which is levied again on us through the medium of commerce. And they are so ready still to deal out their liberalities to us, that they are now willing to let themselves run in our debt ninety millions more, on our paying them the same premium of six or eight per cent interest, and on the same legal exemption from the repayment of more than thirty millions of the debt, when it shall be called for.

If the debt which the banking companies owe be a blessing to anybody, it is to themselves alone, who are realizing a solid interest of eight or ten per cent on it. As to the public, these companies have banished all our gold and silver medium, which, before their institution, we had without interest, which never could have perished in our hands, and would have been our salvation now in the hour of war; instead of which they have given us two hundred million of froth and bubble, on which we are to pay them heavy interest, until it shall vanish into air... We are warranted, then, in affirming that this parody on the principle of 'a public debt being a public blessing,' and its mutation into the blessing of private instead of public debts, is as ridiculous as the original principle itself. In both cases, the truth is, that capital may be produced by industry, and accumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper.

It's easy to forget you are in debt to the tune of ?10, and to a woman who never forgets anything. Crikey, she can even tell you which Coronation Street character was the first one to have their brain removed (Footnote: And not have it replaced by acting talent unfortunately.)

The guy owes me $6.80 for a footlong tuna with extra pickle

Perl is another example of filling a tiny, short-term need, and then being a real problem in the longer term. Basically, a lot of the problems that computing has had in the last 25 years comes from systems where the designers were trying to fix some short-term thing and didn't think about whether the idea would scale if it were adopted. There should be a half-life on software so old software just melts away over 10 or 15 years.

A national debt, if it is not excessive, will be to us a national blessing.

The life of a republic lies certainly in the energy, virtue, and intelligence of its citizens; but it is equally true that a good revenue system is the life of an organized government. I meet you at a time when the nation has voluntarily burdened itself with a debt unprecedented in our annals. Vast as is its amount, it fades away into nothing when compared with the countless blessings that will be conferred upon our country and upon man by the preservation of the nation's life. Now, on the first occasion of the meeting of Congress since the return of peace, it is of the utmost importance to inaugurate a just policy, which shall at once be put in motion, and which shall commend itself to those who come after us for its continuance. We must aim at nothing less than the complete effacement of the financial evils that necessarily followed a state of civil war.

Debt is the prolific mother of folly and of crime.

Tel homme est ingrat, qui est moins coupable de son ingratitude que celui qui lui a fait du bien.

The sum which two married people owe to one another defies calculation. It is an infinite debt, which can only be discharged through all eternity.

If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.

The fears of recession in the aftermath of Black Monday have turned to fears of the economy racing ahead too fast, with inflation edging up and a substantial current account deficit...people understandably feel more confident about their future than they've done for decades, but as a result they have been borrowing more and saving less...coming on top of a massive income investment boom, it's all been just a bit too much of a good thing.

I am dying as I have lived: beyond my means.

Between 1999 and 2004 there was no investment in Australia, it all went into housing and consumption all borrowed on the current account. When Peter Costello runs around saying, 'Oh we've paid off the debt,' it's like the pea and thimble trick. The Government debt or the massive private debt abroad? It's continuing to grow.

A paper monetary standard means there are no restraints on the printing press or on federal deficits. In 1971, M3 was $776 billion; today it stands at $8.9 trillion, an 1100% increase. Our national debt in 1971 was $408 billion; today it stands at $6.8 trillion, a 1600% increase. Since that time, our dollar has lost almost 80% of its purchasing power. Common sense tells us that this process is not sustainable and something has to give. So far, no one in Washington seems interested.

The do-good liberal who said we have to take care of everybody -- and they are well intentioned -- the more debt they run up to give to the poor, the poorer the people get because they cannot keep up.

Question: You wanna gut that safety net... Ron Paul: But the safety net doesn't work. Question: Tell me why it doesn't work. Ron Paul: It does work for some people, but overall it ultimately fails, because you spend more money than you have, and then you borrow to the hilt. Now we have to borrow $800 billion a year just to keep the safety net going. It's going to collapse when the dollar collapses, you can't even fight the war without this borrowing. And when the dollar collapses, you can't take care of the elderly of today. They're losing ground. Their cost of living is going up about 10%, even though the government denies it, we give them a 2% cost of living increase. Question: So do you think the gold standard would fix that? Ron Paul: The gold standard would keep you from printing money and destroying the middle class. Every country where you have runaway inflation, there's no middle class. Mexico, there's no middle class, you have a huge poor class, and a lot of wealthy people. Today we have a growing poor class, and we have more billionaires than ever before. So we're moving into third world status... Question: Who is the safety net that you're speaking of, who does benefit from all those programs and all those agencies? Ron Paul: Everybody on a short term benefits for a time. If you build a tenement house by the government, for about 15 or 20 years somebody might live there, but you don't measure who paid for it: somebody lost their job down the road, somebody had inflation, somebody else suffered. But then the tenement house falls down after about 20 years because it's not privately owned, so everybody eventually suffers. But the immediate victims aren't identifiable, because you don't know who lost the job, and who had the inflation, the victims are invisible. The few people who benefit, who get some help from government, everyone sees, 'oh! look what we did!', but they never say instead of what, what did we lose. And unless you ask that question, we'll go into bankruptcy, we're in the early stages of it, the dollar is going down, our standard of living is going down, and we're hurting the very people that so many people wanna help, especially the liberals...