Here's what I can tell the American people: 95 percent of you will get a tax cut. And if you make less than $250,000, less than a quarter-million dollars a year, then you will not see one dime's worth of tax increase.
When George Bush came into office, we had surpluses. And now we have half-a-trillion-dollar deficit annually. When George Bush came into office, our national debt was around $5 trillion. It's now over $10 trillion. We've almost doubled it.
What we also have to recognize is that the deficit levels that I'm inheriting, over a trillion dollars, coming out of last year, that that is unsustainable. At a certain point, other countries stop buying our debt, at a certain point, we'd end up having to raise interest rates, and it would end up creating more economic chaos and potentially inflation.
To desire money is much nobler than to desire success. Desiring money may mean desiring to return to your country, or marry the woman you love, or ransom your father from brigands. But desiring success must mean that you take an abstract pleasure in the unbrotherly act of distancing and disgracing other men.
If our soldiers are not overburdened with money, it is not because they have a distaste for riches; if their lives are not unduly long, it is not because they are disinclined to longevity.
The true thrift is always to spend on the higher plane; to invest and invest, with keener avarice, that he may spend in spiritualcreation, and not in augmenting animal existence. Nor is the man enriched, in repeating the old experiments of animal sensation; nor unless through new powers and ascending pleasures he knows himself by the actual experience of higher good to be already on the way to the highest.
We spent as much money as we could and got as little for it as people could make up their minds to give us. We were always more or less miserable, and most of our acquaintance were in the same condition. There was a gay fiction among us that we were constantly enjoying ourselves, and a skeleton truth that we never did. To the best of my belief, our case was in the last aspect a rather common one.
Money is indeed the most important thing in the world; and all sound and successful personal and national morality should have this fact for its basis.
All the money in the world is no use to a man or his country if he spends it as fast as he makes it. All he has left is his bills and the reputation for being a fool.
The roulette table pays nobody except him that keeps it. Nevertheless a passion for gaming is common, though a passion for keeping roulette tables is unknown.
We shall take whatever action is necessary to contain the growth of the money supply. The government, unlike so many of its predecessors, will face up to economic realities.