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.
The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital - capital invested for the long-term in empowering innovations.
There can be economy only where there is efficiency.
If you don't talk about families, then it's easy to disembody subprime mortgages and asset securitization and unemployment rates without remembering that every one of those numbers is a million families.
We must lay hold of the fact that economic laws are not made by nature. They are made by human beings.
In a world with weak aggregate demand, countries are engaging in a futile competition for a greater share of it. In the process, they are creating financial-sector and cross-border risks that will become increasingly apparent as countries exit their unconventional policies.
It's one thing to recognize that the gap between the rich and everybody else is growing like a cancer; it's another thing to come up with useful solutions.
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