Saturday, September 29, 2012

November Election Issues:  The Economist sizes up the problem.

This one explains why the current economic crisis is going to be with us for the next 50 years, unless the economy collapses first.  Basically the game was for those of us in the older generations to vote all kinds of goodies for ourselves, and hand the bill to the unborn.  No doubt they will be thrilled when they figure out what happened.  Most of this is due to exorbitant public sector pensions and inflated health care bills.  The left likes to scream that not enough taxes were paid, which perhaps has some truth.  On the other hand, they may have simply taken the additional tax revenue to increase the pensions more while investing further in medical litigation.  Not quite sure.


Dee Ice Hole said...

I hate it that we have placed our kids and grandkids in financial bondage down the road. Last I looked the debt was over 16 trillion dollars. When did they increase the limit again? The interest is killing us.

Looney said...

Keep in mind that 16 trillion is only the official debt of the federal government. The states, counties and cities all have additional debts, and then there are legal commitments that are like debts, but can't be valued.