Our national debt of $21 Trillion–and rising rapidly–will be paid by our kids and grandkids. The much talked about 1% and the corporations will not be the ones picking up the tab; our heirs will get the check. Quick math shows that the about owed by each of one us, man, woman and child, is $60K. A family of 5 currently owes $300K. And we are the ones creating this debt.
Governments, corporations and, yes, even the 1% are made up of nothing but individuals. Individuals are the only entities who can create wealth for themselves and corporations; clearly they are the only ones who can create taxable income. And it has to follow that if individuals are the taxpayers, individuals owe the money.
Right now, we are spending money we don’t have–adding constantly to the national debt–obviously living better lives than we can afford. Our kids and their kids will be stuck leading lives that are less that they would have been able to afford because they are paying off past debts–our debts. “Fly now, pay later” is becoming we fly now, they pay later.
Is that at all reasonable and responsible? Is that what we want? Because it is what we are doing.
Politicians love to spend tax money to look like good guys and buy votes. That part of the fault lies with them. The greater fault lies with us; we vote for them over and over, knowing exactly what they are going to so. We know the debt will keep rising, buying our current generations things we can’t afford–passing a mounting and devastating debt burden onto future generations. Our kids. And their kids.
We can fix this. We must fix this.
Will Luden, writing from my home office at 7,200 feet in Colorado Springs.