We’re mortgaging the future of the younger generation - New England Patriots Forums

***patsfan13*** · 07-09-2012, 06:11 PM

Uncontrolled public debt threatens to rupture society as the older generation thrives at the expense of the young

Reith Lecture: 'We’re mortgaging the future of the younger generation' - Telegraph

Lecture by economist over in the UK talking about how the entitlement state is robbing our children and grandchildren of their future to service the current and near future retirees.

Quote:

The most recent estimate for the difference between the net present value of federal government liabilities and the net present value of future federal revenues is $200 trillion, nearly 13 times the debt as stated by the US Treasury. Notice that these figures, too, are incomplete, since they omit the unfunded liabilities of state and local governments, which are estimated to be around $38 trillion.
These mind-boggling numbers represent nothing less than a vast claim by the generation currently retired or about to retire on their children and grandchildren, who are obligated by current law to find the money in the future, by submitting either to substantial increases in taxation or to drastic cuts in other forms of public expenditure.

We need to reform the entitlement state to help our kids and grandkids have a decent future.

Long article well worth the read.

***Patters*** · 07-09-2012, 07:30 PM

Too bad we cut the top marginal tax rate from a high of over 90% to what it is now, even though when we had those high rates our economy was doing just fine. What the righties did was cut taxes to drive our economy into the ground, and now they are using that to claim it's necessary to cut programs for the poor. It's the ultimate in cynicism from the sycophants of wealth.

***DarrylS*** · 07-09-2012, 08:06 PM

Where is the Peace Dividend from Iraq?? That could be used to help pay down the debt...

***Wolfpack*** · 07-09-2012, 08:31 PM

Quote:

Originally Posted by DarrylS

Where is the Peace Dividend from Iraq?? That could be used to help pay down the debt...

***Wolfpack*** · 07-09-2012, 08:37 PM

Quote:

Originally Posted by Patters

Too bad we cut the top marginal tax rate from a high of over 90% to what it is now, even though when we had those high rates our economy was doing just fine.

Yes Patters, I'm sure you'd like a return to the 50's when you didn't have to deal with such inconveniences as civil rights for people with a different color skin than you.

***patsinthesnow*** · 07-09-2012, 08:39 PM

The War has to end, the defense has to be cut, entitlements have to be cut, useless departments need cuts, the war on drugs has to end, marijuana has to be legalized, and then we'll be somewhere economically.

Triumph · 07-09-2012, 08:54 PM

It will only get worse if Obama stays in power.

He will give everything away.

***Patters*** · 07-09-2012, 09:30 PM

Quote:

Originally Posted by Wolfpack

Yes Patters, I'm sure you'd like a return to the 50's when you didn't have to deal with such inconveniences as civil rights for people with a different color skin than you.

***Patters*** · 07-09-2012, 09:46 PM

Quote:

Originally Posted by patsinthesnow

The War has to end, the defense has to be cut, entitlements have to be cut, useless departments need cuts, the war on drugs has to end, marijuana has to be legalized, and then we'll be somewhere economically.

Yes, it's better to cut food stamps for poor kids, social security for the disabled, GED programs, affordable housing programs for the poor, and so on then to raise taxes on the rich. Let's protect the rich on the backs on the poor. While I agree with the rest of what you said, the idea of cutting entitlements to protect the rich seems easy for you to say. How about cutting programs that affect you -- perhaps federal monies that support police, highways, clean water, safe skies, food safety, mortgage deductions, etc. It amazes me how libertarians and conservatives always side with the wealthy against the poor, while at the same time protecting their own entitlements.

***patsfan13*** · 07-09-2012, 09:52 PM

Quote:

Originally Posted by Patters

Too bad we cut the top marginal tax rate from a high of over 90% to what it is now, even though when we had those high rates our economy was doing just fine. What the righties did was cut taxes to drive our economy into the ground, and now they are using that to claim it's necessary to cut programs for the poor. It's the ultimate in cynicism from the sycophants of wealth.

200 Trillion in unfunded liabilities..... that is 200,000,000,000,000, 200 thousand billion, there isn't enough money to cover that if you took everything from everybody.

Demographics, rule, simplistic formulas and slogans are what got us in this situation.

Please read the article, it appears from your answer you didn't.