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Thrift and Economy, Denial and Sacrifice

August 13th, 2010 axiomatic,cultural,economic,historical,political,spiritual

“Let us call to all the people for thrift and economy, for denial and sacrifice, if need be, for a nation-wide drive against extravagance and luxury, to a recommittal to simplicity of living, to that prudent and normal plan of life which is the health of the Republic. There hasn’t been a recovery from the waste and abnormalities of war since the story of mankind was first written, except through work and saving, through industry and denial, while needless spending and heedless extravagance have marked every decay in the history of nations.”

Warren G. Harding’s speech during the Depression of 1920 quoted by author Tom Woods in a lecture on the fallacy of federal stimulus.