George Washington: Contract Debt
on Saturday, February 26, 2022George Washington Money Quote saying gaining additional debt is not the best method of payment for existing. George Washington said:
“To contract new debts is not the way to pay old ones” — George Washington
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In this quote, George Washington is expressing his view that taking on new debts is not a viable strategy for paying off existing debts. His interpretation is that piling on additional borrowing is not a real solution and will only make the overall debt situation worse over time rather than resolving the original obligations.
Washington seems to be suggesting that truly addressing debt requires finding ways to pay it off through budget surpluses, cost cuts or revenue increases, not further expanding liabilities.
The overall message is that Washington believed continuously refinancing debt or borrowing more to pay interest is unsustainable, and that debts can only be properly dealt with through genuine repayment rather than new borrowing that compounds existing liabilities.
Birthday: February 22, 1732 – Death: December 14, 1799