If the Nation is living within its income, its credit is good. If, in some crises, it lives beyond its income for a year or two, it can usually borrow temporarily at reasonable rates. But if, like a spendthrift, it throws discretion to the winds, and is willing to make no sacrifice at all in spending; if it extends its taxing to the limit of the peoples power to pay and continues to pile up deficits, then it is on the road to bankruptcy.
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Source Notes: Source: FRANKLIN D. ROOSEVELT, governor of New York, campaign address on the federal budget, Pittsburgh, Pennsylvania, October 19, 1932.The Public Papers and Addresses of Franklin D. Roosevelt, 19281932, p. 797 .
Franklin Delano Roosevelt (January 30, 1882 April 12, 1945), 32nd President of the United States (1933-1945), is best known for his leading the U.S. through the Great Depression via his New Deal, his building a powerful political coalition, the New Deal Coalition, that dominated American politics for decades, and for playing a significant role in a grand coalition that defeated Nazi Germany, Italy and the Empire of Japan in World War II and created the United Nations. Born to wealth and privilege, he overcame a crippling illness to place himself at the head of the forces of reform. Universally called FDR, he was both loved and hated in his day, and now is considered by many to be in the top tier of American presidents.