A Quote by Marcus Tullius Cicero
Cannot people realize how large an income is thrift?
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Men do not realize how great an income thrift is.
Waste cannot be accurately told, though we are sensible how destructive it is. Economy, on the one hand, by which a certain income is made to maintain a man genteelly; and waste, on the other, by which on the same income another man lives shabbily, cannot be defined. It is a very nice thing; as one man wears his coat out much sooner than another, we cannot tell how.
Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?
You cannot bring about prosperity by discouraging thrift. You cannot establish sound security on borrowed money. You cannot keep out of trouble by spending more than you earn.
You cannot bring about prosperity by discouraging thrift. You cannot help small men by tearing down big men. You cannot strengthen the weak by weakening the strong. You cannot lift the wage-earner by pulling down the wage-payer. You cannot help the poor man by destroying the rich. You cannot keep out of trouble by spending
It was shocking to realize how many low-income Americans don't have savings accounts.
We commonly say that the rich man can speak the truth, can afford honesty, can afford independence of opinion and action;--and that is the theory of nobility. But it is the rich man in a true sense, that is to say, not the man of large income and large expenditure, but solely the man whose outlay is less than his income and is steadily kept so.
Growth is a substitute for equality of income. So long as there is growth there is hope, and that makes large income differentials tolerable.
Housing Works is the coolest thrift store in the world, because not only are they the best thrift store - they're not the most thrifty thrift store - but they have amazing stuff and all of their proceeds go directly to kids, mostly homeless kids, living with AIDS and HIV in New York, in the metropolitan area.
There are but two ways of paying debt: Increase of industry in raising income, increase of thrift in laying out.
Thrift shopping is all about going into the thrift shop and having no expectation of what you might find.
The welfare state is collapsing all around us. There are people that realize that we can't go on this way, but I'm not sure how many people realize how close we are to the collapse of the U.S. financial system.
A lot of our sources for income-inequality measures come from household surveys in which people report how much they earned in the last year, how much income they have, and so on. Those are not as well funded as they should be. We need to have those numbers.
People don't realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but that's as far as we go. And I've had a very successful career as a forecaster, starting in 1948 forward. The number of mistakes I have made are just awesome. There is no number large enough to account for that.
Large enterprises make the few rich, but the majority prosper only through the carefulness and detail of thrift.
There is the general belief that the corporation income tax is a tax on the "rich" and on the "fat cats." But with pension funds owning 30% of American large business-and soon to own 50%-the corporation income tax, in effect, eases the load on those in top income brackets and penalizes the beneficiaries of pension funds.
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