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    US deficit reduction painful, commission chiefs warn

    07/27/2010

    Democracy and Power:  104 Future Debt Burden

    A government debt is a government claim against personal income and private property – an unpaid tax bill. – Hans F. Sennholz

    US deficit reduction painful, commission chiefs warn

    The federal government has created gigantic debt.  Again: 

    A government debt is a government claim against personal income and private property – an unpaid tax bill.

    Who is responsible for the debt?  Republicans, Democrats and Presidents.  In the 20th Century, the debt has relentlessly increased.  Worse, Republicans, Democrats and Presidents have enormously increased the debt in the 21st Century.  The villains are Bush, Obama, Pelosi, Delay, Hastert, Reid and all the compliant Representatives and Senators. 

    Donna Smith of Reuters quotes Erskine Bowles a co-chair of the debt commission: 

    "It is all going to be very painful," Bowles said

    So who will pay the debt?  Today’s workers, future workers - even the unborn.

    The lesson on Democracy in America:

    All politicians in all modern democracies create debt.  Intentionally, they buy votes by giving benefits to the current voters.  In America, think Medicare, Social Security and prescription drug benefits for seniors.  Burdening future generations is dishonest and immoral.

    Worse, the debt burden on future generations diminishes their freedom and prosperity.