Ike believed that the held by the public in 1954 was 鈥済igantic鈥� and could lead to a dangerous level of inflation. (Sound familiar?) Such debt also would be unfair to future generations. 鈥淢y friends,鈥� Ike began the final words of his speech, 鈥渁 century and a half ago, George Washington gave us some good advice.
He said we should keep a good national defense. He also said we should not ungenerously impose upon our children the burden which we ourselves ought to bear. I know you and I agree with him.鈥�
In his vision of a responsible government, and good citizenship, Ike summoned our better angels. Let鈥檚 hope we can summon them today.
John O. Fox is a visiting professor and tax-policy scholar at Mount Holyoke College. He is a former tax lawyer and the author of 鈥淚f Americans Really Understood the Income Tax.鈥�
