George Washington Quotes
There is no practice more dangerous than that of borrowing money; for when money can be had in this way, repayment is seldom thought of in time, the interest becomes a loss, exertions to raise it by dent of industry cease, it comes easy and is spent freely, and many things (are) indulged in that would never be thought of if (they were) to be purchased by the sweat of the brow.
Washington, George. The Writings of George Washington. Edited by John C. Fitzpatrick, Vol. 36, U.S. Government Printing Office, 1941, p. 34.
Almost every major corporation that is growing must borrow money to finance the growth. There is a great temptation to do this continuously, as if all works out the borrowed money is paid back and the nation has grown. However, not every investment succeeds, and when they do, few nations will take the growth and save it for a future date when a national investment does not work out as well as hoped. Gradually national debt as a proportion of the economy gets larger and larger and it makes mew investments more and more difficult to succeed because of the higher rates of interest that must be paid. Every modern country must find a balance. Those that do not can have a financial disaster such as Greece in the early part of the 21st century.
George Washington was the first President of the United States (1789-97), the Commander-in-Chief of the Continental Army during the American Revolutionary War, and one of the Founding Fathers of the United States. He presided over the convention that drafted the current United States Constitution and during his lifetime was called the "father of his country".
