I hear all the time our out of control spending described as "putting it on a credit card." That analogy fails, IMO.
If I run up debt on my credit card, I'll either pay it back or I won't. If I die owing thousands in credit card debt, that's not a concern of my daughter's. She's only responsible for the debt she enters into voluntarily.
With our national debt, our parents and grandparents consistently decided and constructed the government in such a way that they didn't have to pay the costs of the benefits they received. They voted to make me and my daughter pay for the benefits they enjoyed.
Many of these entitlements, like lavish public pensions, are presented as a contract, and as a debt owed to those to whom they were promised.
How can my parents promise that my daughter will someday pay for the promises they made but couldn't afford?
If the analogy were correct, our kids should also be responsible for our credit card debt.
If I run up debt on my credit card, I'll either pay it back or I won't. If I die owing thousands in credit card debt, that's not a concern of my daughter's. She's only responsible for the debt she enters into voluntarily.
With our national debt, our parents and grandparents consistently decided and constructed the government in such a way that they didn't have to pay the costs of the benefits they received. They voted to make me and my daughter pay for the benefits they enjoyed.
Many of these entitlements, like lavish public pensions, are presented as a contract, and as a debt owed to those to whom they were promised.
How can my parents promise that my daughter will someday pay for the promises they made but couldn't afford?
If the analogy were correct, our kids should also be responsible for our credit card debt.