In time of peace there can, at all events, be no justification for the creation of a permanent debt by the Federal Government. Its limited range of constitutional duties may certainly under such circumstances be performed without such a resort.
Interpretation
The quote asserts that in peaceful times, the government should not create permanent debts, as it can fulfill its responsibilities without resorting to borrowing.
Martin Van Buren emphasizes that during times of peace, it is unjustifiable for the government to incur a permanent debt since it can meet its constitutional obligations without financial strain. This reflects a belief in fiscal responsibility and the importance of maintaining a balanced budget while ensuring that government functions are sustained without unnecessary borrowing.
In practice
During a public debate on fiscal policy, a politician might quote this to advocate for responsible budgeting.
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.
It is easier to do a job right than to explain why you didn't.
The less government interferes with private pursuits, the better for general prosperity.
Those who have wrought great changes in the world never succeeded by gaining over chiefs; but always by exciting the multitude. The first is the resource of intrigue and produces only secondary results, the second is the resort of genius and transforms the universe.
I tread in the footsteps of illustrious men, whose superiors it is our happiness to believe are not found on the executive calendar of any country.
The government should not be guided by Temporary Excitement, but by Sober Second Thought.
Tax laws favor capital over labor, giving capital gains a lower rate than ordinary income. The rich get humongous mortgage interest deductions while renters get no deduction at all.
Let us never forget this fundamental truth: the State has no source of money other than money which people earn themselves. If the State wishes to spend more it can do so only by borrowing your savings or by taxing you more. It is no good thinking that someone else will pay - that 'someone else' is you. There is no such thing as public money; there is only taxpayers' money.
The recurrence of periods of depression and mass unemployment has discredited capitalism in the opinion of injudicious people. Yet these events are not the outcome of the operation of the free market. They are on the contrary the result of well-intentioned but ill-advised government interference with the market.
It is a [disputed] question, whether the circulation of paper, rather than of specie [gold and silver coin], is a good or an evil I believe it to be one of those cases where mercantile clamor will bear down reason, until it is corrected by ruin.
President Bush announced his new economic plan. The centerpiece was a proposed repeal of the dividend tax on stocks, a boon that could be worth millions of dollars to average Americans. Well, average stock-owning Americans. Technically, Americans who own a significant amount of shares in dividend-dealing companies. Well, rich people, that's what I'm trying to say. They're going to do really well with this.
Before the 1970s, banks were banks. They did what banks were supposed to do in a state capitalist economy: they took unused funds from your bank account, for example, and transferred them to some potentially useful purpose like helping a family buy a home or send a kid to college.
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