Future generations face massive US debt

[TexasTowelie]

An insightful LTTE by John Patrick Grace in the Huntington Herald-Dispatch.


As an elective in my senior year in college, I took a challenging course titled "History of Economic Thought." It delved into the evolution of monetary systems, philosophies about macro-economics as diverse as those of Adam Smith, Karl Marx and Thomas Robert Malthus. The professor also delivered a definition that I've never forgotten and have always appreciated:

"Economics is the science of the allocation of scarce resources."

While not a "hard science," like physics or chemistry, economics relies on tabulating trends as accurately as possible and forecasting probable outcomes that are based on observable realities.

For this reason I have come to value panel discussions of two or more economists batting around interpretations of hard data, and taking their best shot at assaying where this or that political maneuver, such as a tax cut, may take us.

Over the last several weeks, we've seen economic prognosticators of various political stripes come together in expressing skepticism that the recent Trump tax cut will turn out, finally, to be something to celebrate.

Read more: http://www.herald-dispatch.com/opinion/future-generations-face-massive-us-debt/article_d914dd1f-7e84-50ee-bce7-a2a041769e0c.html

[czarjak]

1. Mustnt burden our children and grandchildren...

[Kittycow]

2. My elderly Fox-addled mother kept bitching about

the upcoming generations having to pay for the national debt during the Obama (miss you ) years. Haven't heard a peep about what the Republicans just did to them!

[raccoon]

3. Republican voters, you asked for it, you got it. Nt

[SWBTATTReg]

4. Mustn't burden our future generations w/ our spending etc.

Have many times have I heard this stupid and tired excuse? No one hesitates in signing a 30 mortgage to buy a new home or the like. Double speak for another excuse to look at taxes and spending, and do some idiotic thing that won't deal w/ the issues. If anything does come out of any meaningful discussions if any are held, guess what?

You and I will pay the bill. Period. The 1% will get away w/ paying nothing as usual, because they are the job creators. Seems only like yesterday that the true job creators are the numerous small businesses in this country w/ under 5-10 employees. Not the big corporations, not the wealthy, basically us (as individuals).

Whatever happened to 'help thy fellow man?'.

[MiniMe]

5. Perhaps they should have thought of that before they passed that massive tax give-away