Research Fellows Jonathan Bean and David Beito: Like most men of his time, Washington did not believe that anyone could spend their way to success. Progress ultimately rested on a solid foundation of hard work, thrift, and production. Excessive debt, especially without the means to repay it, only created a trap leading to more debt and regress. It is doubtful that Washington could imagine the endless bailouts of our own day. They certainly would have appalled him.
Posted on: Tue, 23 Sep 2014 01:00:00 +0000
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