Our Debt to Future Generations
No one argues that policymakers should not think about future generations. But, rather than focusing narrowly on financial debt, we should consider what kind of world we are bequeathing to our descendants, and what current policies and fiscal commitments will better serve their interests.
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NEW YORK – Conservatives often make a big show of worrying about the debt burden that we are passing on to our children. This moral argument featured prominently in congressional Republicans’ refusal to support a routine increase to the US debt ceiling. The GOP supposedly is so committed to reducing spending that it is willing to hold the global economy hostage and risk permanent damage to America’s reputation.