If we skip a generation, who is going to pay off all our deficit spending? Us? Hell, no!
Actually, I read the two books reviews, and find myself both agreeing and disagreeing.
For one, when was it ever easy to get ahead? Never!
Traditional benefits of health care, pensions, and stuff? These notions were initiated in the 50’s and 60’s. That is hardly ‘traditional’. They came about because of the artificial prosperity in America, due to us being the only industrial country whose factories were not bombed to hell during WWll. The rest of the world had no choice but to buy our stuff at whatever price we set.
That is why American cars were so crummy and over-priced, there was no one else to buy them from! No competition anywhere! So why try harder? And the unions and the work-force demanded a larger slice of this pie, and they got it.
Now, in recent times, we have to compete with the rest of the world, and our standard of living has to reduce itself from that artificial high, back to where it belongs. Thus, the erosion of health-care, pensions, virtually automatic promotions, etc. The money to buy all that stuff has to come from somewhere!
Now, on the other hand, peace-time deficit spending is a new calamity, began in earnest in the Reagan era, and pursued quite happily ever since. Yes, deficit spending did stop under Clinton, but remember it is Congress who controls the money, not the President, and during that time, no one thought to do something so ridiculous as pay down the deficit. Why bother? Those who will finally have to pay it off are in grade-school now, and cannot vote.
Why spend so foolishly? Because spending in one’s own congressional district secures campaign contributions from developers, unions, and whoever else is benefitted from that spending, which in turn makes it a virtual cinch to get re-elected.
And what of the debt burden that is getting created, that will inevitably become a monster that consumes us all? Congress and the White House do not care, the poor suckers that will shoulder that burden cannot vote yet! So who cares?
Taxation Without Representation! Yahoo!
Dan the Budget Analyst