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Investing and Economics Blog

Raising Taxes on Future Generations

A Washington official dares to tell the truth

Washington is bankrupting future generations. The longer we wait to address the $9 trillion national debt and ongoing annual budget deficits, the more taxes our children and grandchildren will have to pay, says David M. Walker, comptroller general of the United States, head of the General Accountability Office and just about the only public official in Washington these days telling the truth about the country’s fiscal situation. We’re basically taxing future generations without representation (because they can’t vote or haven’t been born), which he says is immoral.
…
Walker: The present value of future unfunded liabilities for Medicare, Social Security and other plans is $53 trillion.
Walker: “You’re supposed to leave the country not just the way you found it, but better prepared for the future. The baby boom generation is failing on that.”
Walker: President Bush’s Medicare drug plan and the way it was sold to Congress and the public was “unconscionable.” The true, $8 trillion pricetag “was never calculated, disclosed or debated.”
Walker: The $9 trillion national debt is much more important than the budget deficit. Through the miracle of compound interest on the debt, he says, it will eat up more and more of the country’s resources.

Right. I keep posting on this because it is very important. To understand economics you need to understand the true shape of the economy. And to manage your investments you need to understand the great risk of a rising debt load (whether it is you personally or a country). Charge It to My Kids – USA Federal Debt Now $516,348 Per Household – Why Investing is Safer Overseas – Lobbyists Keep Tax Off Billion Dollar Private Equities Deals and On For Our Grandchildren – Broke Nation

November 4th, 2007 John Hunter | 2 Comments | Tags: Economics, quote, Taxes

Comments

2 Comments so far

  1. 401k’s are a Great Investment Option at Curious Cat Investing and Economics Blog on February 21, 2008 6:46 pm

    […] tax rates will go up – we are passing higher taxes onto the future by not paying our bills now the tax deferral is a huge benefit – often minimized when people discuss the benefits of IRAs 401(k) employer matches are another huge benefit […]

  2. Government Debt as a Percentage of GDP at Curious Cat Investing and Economics Blog on November 26, 2009 11:31 am

    […] USA federal government debt is far too large, in my opinion. We have been raising taxes on future taxpayers for several decades, to finance our current spending. Within reason deficit spending is fine. What […]

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