Ronald Reagan, First Inaugural Address

The two paragraphs below are taken from Ronald Reagan’s Inaugural Address, dating back to Tuesday, January 20th, 1981. Though the speech may have taken place more than thirty years ago, does its message not seem pertinent with regard to the unstable economic situation in Europe and the United States?

“For decades, we have piled deficit upon deficit, mortgaging our future and our children’s future for the temporary convenience of the present. To continue this long trend is to guarantee tremendous social, cultural, political, and economic upheavals.

You and I, as individuals, can, by borrowing, live beyond our means, but for only a limited period of time. Why, then, should we think that collectively, as a nation, we are not bound by that same limitation?”

It appears that ‘we, the people’, to quote Reagan, are headed for ‘tremendous social, cultural, political and economic upheavals’, then. However, with Greece, Italy and Spain floundering financially (and the United States shouldering a debt of over two trillion), it seems the process – a frightening, crippling one – has already begun, and nobody knows when it will end…