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Sticking it to our kids

Discussion in 'Members' Lounge' started by jeffie7, Feb 21, 2009.

  1. jeffie7

    jeffie7 Wrong Whole! VIP

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    Sep 28, 2002
    The national spending spree, by which the U.S. government will seek to get the country out of a slump caused by too much spending and debt by running up the credit cards and letting the kids and grandkids worry about the bills, is now law. It's a truly remarkable effort, not just because of the questionable economics behind the whole idea of stimulus spending, but because of the troubling ethical implications of trying to buy our way out of today's problems by binding the Americans of tomorrow to foot the bill for our idiocy. By doing so, it spends not just money, but the liberty of generations to come.

    Respected economist Robert Barro calls the massive spending bill "probably the worst bill that has been put forward since the 1930s." Hundreds of economists, including three Nobel Laureates, joined Barro in denouncing the bill and calling instead for lower taxes and reduced government spending. Many of them say the spending spree is a doomed effort (PDF) to prop up a bubble economy that bad government policies created to begin with.

    But even if (unlikely) there's some small degree of truth to Keynesian fantasy that prosperity can be purchased through a ritual involving throwing stacks of cash out the window, the money we've just committed to throwing out the window doesn't exist. The cash will have to be borrowed from people who expect a return on the investment. With interest, the cost of the final $789 billion stimulus bill rises to over a trillion dollars. And if, as is likely, the new spending programs created in the bill prove as hard to kill as government boondoggles of the past, the cost rises, according to the Congressional Budget Office (PDF), to include $820 billion in planned deficits, $1.7 trillion in additional deficits for the extended spending, plus $745 billion in interest costs. Total cost: In the neighborhood of $3.27 trillion. And that's on top of the existing national debt.

    Do you have children? Do you have grandchildren? Cute buggers, aren't they? Let them enjoy themselves now, because they're going to have to work hard to pay off that bill.

    That means higher taxes for years to come. That means an intrusive tax collection apparatus to service the endless demands of interest and principal payments. That means constrained choices and a big hole in the nation's wealth dedicated to paying bills the politicians ran up long years in the past.

    It means life with a big, fat monkey on your back, placed their by your irresponsible parents.

    If they choose to accept the burden.

    I don't think they should. I've written before that I think those of us disgusted by the government's efforts to bind us into debt slavery should make it clear that we won't accept the obligation to pay of that sea of red ink. That goes double for my three-year-old son and all the other children living and yet to be born who had no say in this act of insanity.

    My son can't be compelled to pay off my credit card bills or his mother's student loans; he certainly has no obligation to shoulder the cost of bad choices made by government officials for whom he never voted.

    The "stimulus" bill signed this week is an assault on the liberty and prosperity of our children. When they grow old enough to respond, they should treat that assault with all the contempt it deserves, and shrug off the burden they've been handed.

    And if that shrug hobbles the U.S. government's future efforts at financial creativity? Well. I guess I'd call that a feature, not a bug.
  2. George777

    George777 ^^ Likes Bewbies

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    Aug 17, 2005
    With your mom
    It's a scary thought. I've got a kid coming in about 6 weeks, and I wonder what it will be like when it's time for college or time for him to start looking for a house or financing something. But outside of him, it's going to be tough for people to not be forced to work until the day that they die depending what the outcome of all this is...
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