Author Topic: Economics Culture  (Read 2388 times)

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Offline wilber

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Re: Economics Culture
« Reply #75 on: March 08, 2020, 06:29:42 pm »
per UBC Econ Prof Kevin Milligan: Don’t Worry About the Federal Deficit --- Politicians often argue that government debt will cause hardship for future generations. They’re wrong



Which is bullshit. As I have already stated, 26 billion in revenues go to service the federal debt each year. Even if that stays the same and we don't borrow any more, by the time they are 80, a child born today will see over two trillion in federal revenues (tax dollars) go to pay interest on money that was borrowed and spent before they were born. If you don't think that is inheriting a financial burden, you and the professor have rocks in you heads. That is simple arithmetic and what this debt to GDP bullshit is really about.

No fiscal obligation maybe but obviously the borrow and spenders without paying it back see no moral obligation either. The professor may have a problem with sticking his kids with his personal debt but he has no issue with sticking them with a ton of government debt to service for the rest of their lives.

That 26 billion deficit the government was forecasting for this year will seem like peanuts after protestors and Covid-19 get finished trashing the economy.

« Last Edit: March 08, 2020, 06:50:24 pm by wilber »
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