It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.
Sentiment: NEGATIVE
Debt is part of the human condition. Civilization is based on exchanges - on gifts, trades, loans - and the revenges and insults that come when they are not paid back.
We have been maintaining a standard of living by putting things on the debt of the next generation.
I don't mind the government accruing debts as long as every dollar is spent effectively with a high return. That works out fine. If you accumulate debts and waste your money, that's, of course, a disaster.
The human world is a long way from meeting the needs of the present, and it is borrowing massively from the future - not only by piling up money debt, but also by degrading the resources from which all real wealth ultimately comes.
The problem is that the U.S. government is the biggest debtor in the world, and those depending on it to take care of them will only become poorer.
The idea that growth will remedy our debts is so addictive for politicians, but the citizens end up paying the price.
The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.
Everyone in our society has had to make a contribution towards dealing with the debts.
All of the problems we're facing with debt are manmade problems. We created them. It's called fantasy economics. Fantasy economics only works in a fantasy world. It doesn't work in reality.
The biggest change we have to tackle that's out there is that we're digging the hole deeper and deeper and spending is totally out of control. And that's something that, quite frankly, is affecting future generations. You're giving a lot of debt to them and you can't keep doing it. It's not helping anybody.
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