Some Wisdom from Lew Lehrman

In a piece in the April 26 Wall Street Journal in which he proposes tying the dollar to gold, Lew Lehrman makes a great point: "What persistent debtor could resist permanent credit financing? For a government, an individual or an enterprise, 'a deficit without tears' leads to the corrupt euphoria of limitless spending." That is the approach of our government. According to Lehrman, it is for this reason that if we don't tie the dollar to gold, our deficits will persist. The government can just keep "printing" money.