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...
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.
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