Long-Term Debt
Letter to the Editor

David Hume correctly predicted 250 years ago that the government would infallibly abuse the privilege of incurring debt.

Resident Fellow
Alex J. Pollock

To the Editor:

The depressing summation of the government's vast future obligations ("Chump Change," Editorial Commentary, October 20) confirms a prediction made by David Hume about 250 years ago:

"The practice of contracting debt will almost infallibly be abused in every government. It would scarcely be more imprudent to give a prodigal son a credit in every banker's shop in London, than to empower a statesman to draw bills upon posterity."

Alex J. Pollock is a resident fellow at AEI.

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Thursday, October 02, 2014 | 9:00 a.m. – 10:30 a.m.
Campbell Brown talks teacher tenure

We welcome you to join us as Brown shares her perspective on the role of the courts in seeking educational justice and advocating for continued reform.

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Friday, October 03, 2014 | 12:00 p.m. – 1:00 p.m.
Harnessing the power of markets to tackle global poverty: A conversation with Jacqueline Novogratz

AEI welcomes you to this Philanthropic Freedom Project event, in which Novogratz will describe her work investing in early-stage enterprises, what she has learned at the helm of Acumen, and the role entrepreneurship can play in the fight against global poverty.

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