Having just completed my colleague Jeff Mendenhall’s book, “Your Economic Destiny”, I was reminded of some of the many profound writings of Thomsa Jefferson. The following quotes appeared in Jeff’s book and no need to restate Jeff’s point for this post, since Jefferson’s words speak very clearly on debt!
“Then I say, the earth belongs to each of these generations during its course, fully and in its own right. The second generation receives it clear of the debts and incumbrances of the first, the third of the second, and so on. For if the first could charge it with a debt, then the earth would belong to the dead and not to the living generation. Then, no generation can contract debts greater than may be paid during the course of its own existence.” –Thomas Jefferson to James Madison, 1789. ME 7:455
“The conclusion then, is, that neither the representatives of a nation, nor the whole nation itself assembled, can validly engage debts beyond what they may pay in their own time.” –Thomas Jefferson to James Madison, 1789. ME 7:457
In his book, Jeff warned of a potential economic storm that is still ahead if our nation does not take immediate measures to reduce the national debt. His points in the book are well taken, but all those years ago, Thomas Jefferson spoke the words above, warning future generations not to incur debt beyond what could be paid in their lifetime. Perhaps our current govenment officials should read and reflect on some of Jefferson’s writings and teachings!
I am enjoying reading about him once again. Suggest you engage some of your free time doing so as well!
Jim Dierking
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