--- title: "Meaning & Key Takeaway of: Yes, it is long past time we get serious…" description: "\"Yes, it is long past time we get serious about tackling the nation's ever-growing deficits. But the average American family drawn into serious debt can..." image: "https://sms4smile.com/quotes/i/c27/peter-welch-23209_about_yes-it-is-long-past-time-we-get-serious_2396886.jpg" --- # Yes, it is long past time we get serious about tackling… ![“Yes, it is long past time we get serious about tackling the nation's ever-growing deficits. But the average American family drawn into serious debt cannot just threaten to stiff its creditors. It must cut its spending in the future, but also take responsibility for the debt incurred in the past.” quote by Peter Welch](https://sms4smile.com/quotes/i/c27/peter-welch-23209_about_yes-it-is-long-past-time-we-get-serious_2396886.jpg) [Download](https://sms4smile.com/quotes/i/c27/peter-welch-23209_about_yes-it-is-long-past-time-we-get-serious_2396886.jpg) [Open image](https://sms4smile.com/quotes/i/c27/peter-welch-23209_about_yes-it-is-long-past-time-we-get-serious_2396886.jpg) > “Yes, it is long past time we get serious about tackling the nation's ever-growing deficits. But the average American family drawn into serious debt cannot just threaten to stiff its creditors. It must cut its spending in the future, but also take responsibility for the debt incurred in the past.” [Peter Welch](https://sms4smile.com/quotes/author/peter-welch/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Addressing national deficits requires both future spending cuts and accountability for past borrowing. **In simple terms:** Cut spending and own past debt to fix deficits. Key Takeaway Balance fiscal responsibility with realistic budgeting. Themes economics public policy responsibility Mood serious concerned Type political analytical When to use this quote - government budgeting - household finance - corporate debt - public discourse Key Concepts budgeting debt management political negotiation Questions to Reflect On - What compromises are acceptable for fiscal health? - How can citizens influence debt policy? A Different Perspective Political opposition may block necessary reforms. ★ ★ ★ ★ ★ No ratings yet [About](https://sms4smile.com/quotes/about/about/) [Also](https://sms4smile.com/quotes/about/also/) [American](https://sms4smile.com/quotes/about/american/) [American family](https://sms4smile.com/quotes/about/american-family/) [Average](https://sms4smile.com/quotes/about/average/) [Average american](https://sms4smile.com/quotes/about/average-american/) [Cannot](https://sms4smile.com/quotes/about/cannot/) [Creditors](https://sms4smile.com/quotes/about/creditors/) [Cut](https://sms4smile.com/quotes/about/cut/) [Cut Spending](https://sms4smile.com/quotes/about/cut-spending-762239/) [Debt](https://sms4smile.com/quotes/about/debt/) [Debt Just](https://sms4smile.com/quotes/about/debt-just-242855/) [Deficits](https://sms4smile.com/quotes/about/deficits/) [Drawn](https://sms4smile.com/quotes/about/drawn/) [Family](https://sms4smile.com/quotes/about/family/) [Future](https://sms4smile.com/quotes/about/future/) [Get](https://sms4smile.com/quotes/about/get/) [Growing Deficits](https://sms4smile.com/quotes/about/growing-deficits-1663643/) [In the past](https://sms4smile.com/quotes/about/in-the-past/) [Just](https://sms4smile.com/quotes/about/just/) [Long](https://sms4smile.com/quotes/about/long/) [Must](https://sms4smile.com/quotes/about/must/) [Nation](https://sms4smile.com/quotes/about/nation/) [Past](https://sms4smile.com/quotes/about/past/) [Past time](https://sms4smile.com/quotes/about/past-time/) [Responsibility](https://sms4smile.com/quotes/about/responsibility/) [Responsibility Debt](https://sms4smile.com/quotes/about/responsibility-debt-5989668/) [Serious](https://sms4smile.com/quotes/about/serious/) [Spending](https://sms4smile.com/quotes/about/spending/) [Stiff](https://sms4smile.com/quotes/about/stiff/) [Tackling](https://sms4smile.com/quotes/about/tackling/) [Take](https://sms4smile.com/quotes/about/take/) [Taxes](https://sms4smile.com/quotes/about/taxes/) [Threaten](https://sms4smile.com/quotes/about/threaten/) [Time](https://sms4smile.com/quotes/about/time/) [Yes](https://sms4smile.com/quotes/about/yes/) ## Related quotes > [We cannot win the future, expand the economy and spur job creation if we are saddled with increasingly growing deficits. That is why the…](https://sms4smile.com/quotes/anonymous/we-cannot-win-the-future-expand-the-economy-and-spur-job-creation-if/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [Our priority must be to build a path towards balancing the budget, and we cannot tolerate growing deficits.](https://sms4smile.com/quotes/anonymous/our-priority-must-be-to-build-a-path-towards-balancing-the-budget-and/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [One truism of federal budgeting is that growing deficits force difficult spending decisions, and when they do, programs to help the poor are usually…](https://sms4smile.com/quotes/brian-deese/one-truism-of-federal-budgeting-is-that-growing-deficits-force/) [Brian Deese](https://sms4smile.com/quotes/author/brian-deese/) > [A debt is just as hard for a Government to pay as it is for an individual. No debt ever comes due at a…](https://sms4smile.com/quotes/will-rogers/a-debt-is-just-as-hard-for-a-government-to-pay-as-it-is-for-an/) [Will Rogers](https://sms4smile.com/quotes/author/will-rogers/) > [“I can always tell which ones are serious and which aren’t. There’s something in their voices that communicates passion and conviction when they’re really…](https://sms4smile.com/quotes/dave-ramsey/i-can-always-tell-which-ones-are-serious-and-which-aren-t-there-s/) [Dave Ramsey](https://sms4smile.com/quotes/author/dave-ramsey/) > [Even if you feel like your debt is just never going to go away, think long and hard before declaring bankruptcy. Declaring bankruptcy means…](https://sms4smile.com/quotes/alexa-von-tobel/even-if-you-feel-like-your-debt-is-just-never-going-to-go-away-think/) [Alexa Von Tobel](https://sms4smile.com/quotes/author/alexa-von-tobel/) > [What is debt anyway? A debt is just the perversion of a promise. It is a promise corrupted by both math and violence.](https://sms4smile.com/quotes/david-graeber/what-is-debt-anyway-a-debt-is-just-the-perversion-of-a-promise-it-is/) [David Graeber](https://sms4smile.com/quotes/author/david-graeber/) > [A debt ... is just an exchange that has not been brought to completion.](https://sms4smile.com/quotes/david-graeber/a-debt-is-just-an-exchange-that-has-not-been-brought-to-completion/) [David Graeber](https://sms4smile.com/quotes/author/david-graeber/) > [Refinancing doesn't reduce your debt, it just restructures it, so be clear about what you want to achieve with a refi.](https://sms4smile.com/quotes/barbara-corcoran/refinancing-doesn-t-reduce-your-debt-it-just-restructures-it-so-be/) [Barbara Corcoran](https://sms4smile.com/quotes/author/barbara-corcoran/) > [“The debt we owe our parents can never be squared, and jolly good too, because doing so would threaten to nullify all relationship, all…](https://sms4smile.com/quotes/robert-rowland-smith/the-debt-we-owe-our-parents-can-never-be-squared-and-jolly-good-too/) [Robert Rowland Smith](https://sms4smile.com/quotes/author/robert-rowland-smith/) > [Debt is not just a money thing. It's about owing and being owed. Money is just one thing you can exchange. You can exchange…](https://sms4smile.com/quotes/margaret-atwood/debt-is-not-just-a-money-thing-it-s-about-owing-and-being-owed-money/) [Margaret Atwood](https://sms4smile.com/quotes/author/margaret-atwood/) > [When Americans think of college these days, the first word that often comes to mind is 'debt.' And from 'debt' it's just a short…](https://sms4smile.com/quotes/james-surowiecki/when-americans-think-of-college-these-days-the-first-word-that-often/) [James Surowiecki](https://sms4smile.com/quotes/author/james-surowiecki/) > [Thousands of Ohio families are going deeper and deeper in debt just trying to pay their heating bills, fill prescriptions, and buy groceries. The…](https://sms4smile.com/quotes/sherrod-brown/thousands-of-ohio-families-are-going-deeper-and-deeper-in-debt-just/) [Sherrod Brown](https://sms4smile.com/quotes/author/sherrod-brown/) > [Love is free in this world, so do not let it become debt just evil.](https://sms4smile.com/quotes/meicee/love-is-free-in-this-world-so-do-not-let-it-become-debt-just-evil/) [Meicee](https://sms4smile.com/quotes/author/meicee/) > [Our whole Depression was brought on by gambling, not in the stock market alone but in expanding and borrowing and going in debt... all…](https://sms4smile.com/quotes/will-rogers/our-whole-depression-was-brought-on-by-gambling-not-in-the-stock/) [Will Rogers](https://sms4smile.com/quotes/author/will-rogers/) ## More by Peter Welch > [Historically, the minority party in Congress votes against raising the debt limit, forcing the majority party to whip its members into casting politically painful…](https://sms4smile.com/quotes/peter-welch/historically-the-minority-party-in-congress-votes-against-raising-the/) [Peter Welch](https://sms4smile.com/quotes/author/peter-welch/) > [In Washington, 'delay' is too often code for 'derail.' Wink, wink.](https://sms4smile.com/quotes/peter-welch/in-washington-delay-is-too-often-code-for-derail-wink-wink/) [Peter Welch](https://sms4smile.com/quotes/author/peter-welch/) > [America pays its bills. It always has. It always will. The fact that Washington is now debating whether to honor its debts and obligations,…](https://sms4smile.com/quotes/peter-welch/america-pays-its-bills-it-always-has-it-always-will-the-fact-that/) [Peter Welch](https://sms4smile.com/quotes/author/peter-welch/) > [Last night, I had a telephone townhall for my constituents back in Vermont, and we had 11,500 people on it. And I had people…](https://sms4smile.com/quotes/peter-welch/last-night-i-had-a-telephone-townhall-for-my-constituents-back-in/) [Peter Welch](https://sms4smile.com/quotes/author/peter-welch/) > [The rhetoric on the Hill is getting very heated and it's getting quite dangerous. The gun is at the head of the American economy…](https://sms4smile.com/quotes/peter-welch/the-rhetoric-on-the-hill-is-getting-very-heated-and-it-s-getting/) [Peter Welch](https://sms4smile.com/quotes/author/peter-welch/) > [Home Star is a common sense idea that would create jobs and provide a boost to local economies, while helping families afford their energy…](https://sms4smile.com/quotes/peter-welch/home-star-is-a-common-sense-idea-that-would-create-jobs-and-provide-a/) [Peter Welch](https://sms4smile.com/quotes/author/peter-welch/) > [The potential for Home Star to create jobs is proven and real. In Vermont, our statewide energy efficiency utility, Efficiency Vermont, created more than…](https://sms4smile.com/quotes/peter-welch/the-potential-for-home-star-to-create-jobs-is-proven-and-real-in/) [Peter Welch](https://sms4smile.com/quotes/author/peter-welch/) > [Last year, Congress passed a law that directs the Federal Reserve to set limits on debit card swipe fees that are reasonable and proportional…](https://sms4smile.com/quotes/peter-welch/last-year-congress-passed-a-law-that-directs-the-federal-reserve-to/) [Peter Welch](https://sms4smile.com/quotes/author/peter-welch/) > [If you ask the question of Americans, should we pay our bills? One hundred percent would say yes. 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