Fiscal Child Abuse
The Bible enjoins us to do better unto our children than we would do unto ourselves: “From generation to generation.” But, in much of the developed world, our economic faith for the past six decades has been quite different: “Taketh from the young and giveth to the old.“
Secure your copy of PS Quarterly: The Year Ahead 2023
Our annual fourth-quarter magazine is here, and available only to Digital Plus and Premium subscribers. Subscribe to Digital Plus today, and save $15.
BOSTON – The Bible enjoins us to do better unto our children than we would do unto ourselves: “From generation to generation.” But, in much of the developed world, we have foresworn that sacred pledge. For six decades, the watchword of our economic faith has been quite different: “Taketh from the young and giveth to the old.”
We have minded our words carefully in describing this moral transgression, lest we provide a clear record of our fiscal child abuse. Our debts are clothed primarily in benign-sounding language like “pension benefits” and “health-care benefits,” not official IOUs.
By calling what’s being taken from the young “taxes,” rather than “borrowing” – that is, a promise to repay far more than what’s being taken – the implicit debts have been intentionally kept off the books.
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
Subscribe
As a registered user, you can enjoy more PS content every month – for free.
Register
Already have an account? Log in