The whole notion that the cost of current spending can be paid by people in the future is fallacious—the result of sloppy thinking. Indebtedness DOES impoverish one’s descendants, but the actual cost of current spending is always borne IN THE PRESENT. You can’t reach into the future and bring wealth back into the present.
As L.V. Mises put it: The entire cost of WWII was paid the instant the last bullet was fired. (Where did that last bullet come from except through labor and materials that were all supplied BEFORE the last bullet was fired?)
Every time I hear someone (Hannity) complaining about how we’re making “our children and grandchildren” pay for current spending, I know he’s a muddlehead.
Governmental leaders were tricked/coerced/etc., into ceding the government’s authority to create money to the Federal Reserve. It’s the Fed that is creating money, then lending it the the Treasury.
Thus, the Treasury is now forcing itself to borrow when it has every right to create. Congress can abolish the Fed and create the same money the Fed is now creating.
It’s of course idiotic to create hundreds of billions of new dollars per year, and borrow $1T in total, in an economy of this size, but nevertheless it’s being done anyway. But at this point, bandits are in control of our money supply, they are lending to us and creating money if they can’t find enough buyers of our debt.
So who precisely is acting as the creditor to the government, i.e., the loan shark ? The primary brokers of Treasury debt have boards of directors that are controlled by globalist members, and the Fed boards are packed with globalists. So when Treasury goes to the Fed seeking to issue more Treasury bonds, these are the people they consult with; the bonds are either bought by the primary brokers or marketed around the world by them, or, if it can’t all sell, the Fed prints new money to pay for those bonds. “Don’t worry, we’ll market all your bonds, and, if we can’t, we’ll print new money and pay for them with that. Don’t worry, we’ve got you covered. You just need to keep us covered, i.e., pass the laws, write the executive orders and provide bail outs according to what we tell you is necessary.”
Globalism has packed the boards. It will not allow the borrowing to stop. All globalism has to do is marshal its trillions of resources, i.e., numerous major publicly-held corporations, non-profits, think tanks, investment banks, private equity, unions, funds, activist groups, news media, entertainment industry, academia, etc., to insist that government keep spending. And boy do they marshal those resources - just ask any member of Congress. And there are other people that might be able to shed light on what’s going on, but you can’t ask them because they’ve jumped out of buildings or had some other suicidey-accidenty thingy happen to them.
The ultimate conflict is not against liberalism or communism, though they are globalist servants.
The ultimate conflict is the people against the globalists and their senior cadre, the people against the ideology of monopoly and totalitarianism.
Another malign aspect of the “children and grandchildren” cant is that it directs attention away from this question: WHO in the PRESENT is getting screwed by government spending?