"while future generations find themselves paying a bill that increasingly preempts other uses of their tax dollars."
This is not quite true. The future generations that "pay the bill" also receive the payment.
The way that a deficit weighs on the real incomeof future generations is when (as is our case) a deficit pays for current expenditures and not public investment that has a return equal to the return of what the borrowed resources woud have financed.
That’s a governance issue isn’t it? Rather than a budget issue. Is the deficit matched with a certain expenditure? Is expenditure for Social Security a sunk cost? The scarce resource may be time.
"while future generations find themselves paying a bill that increasingly preempts other uses of their tax dollars."
This is not quite true. The future generations that "pay the bill" also receive the payment.
The way that a deficit weighs on the real incomeof future generations is when (as is our case) a deficit pays for current expenditures and not public investment that has a return equal to the return of what the borrowed resources woud have financed.
That’s a governance issue isn’t it? Rather than a budget issue. Is the deficit matched with a certain expenditure? Is expenditure for Social Security a sunk cost? The scarce resource may be time.