We have known that the debt bomb was out there and was going to come due.
What will happen is that the crisis will hit, the government will renege on these promises by either means testing, raising the qualification age and/or scaling back the services.
We will have reached the Thatcher point
"Socialism works until you run out of other people's money"
Is there any reason for today's Americans to care about what
happens to tomorrow's Americans? After all, what have tomorrow's Americans
done for today's Americans? Moreover, since tomorrow's Americans don't
vote, we can dump on them with impunity. That's a vision that describes
the actual behavior of today's Americans. It would be seen as selfish,
callous and ruthless only if it were actually articulated. Let's look at
it.
Businesses, as well as most nonprofit enterprises, by law are required to produce financial statements that include all of their present and expected future liabilities. On top of that, they are...
The premise of your argument is a falacy. If the people are compelled to labor, then they will continue to contribute to the collective. Thus, the stream of money is never ending.
For example, some say that due to higher taxes, the rich will do less. The solution is to simply tax the rich at the dollar amount they currently pay, regardless of what they earn in future years. If they cut back on effort, they still must contribute at the same level and as such their living standard drops rapidly. Those who fail to make their required contributions will have assets taken away and face imprisonment.