Last night I heard on television for the millionth time that our national debt is like borrowing from our children. Millions of viewers from around the country were probably nodding their heads in agreement. That saying has been around so long that we accept it as a simple statement of fact.
But are we borrowing from our children or investing in them? Suppose we decide to stop spending money so our children will have lots of money for themselves. That would be generous of us, right?
I don’t think so.
I think future generations might like to have most of the things we’re investing in, such as infrastructure, healthcare, schools, a clean environment, energy sources, and freedom, to name just a few. No one wants to inherit a country full of sickly, uneducated hobos, on the verge of being conquered by Cuba.
Obviously there’s a middle ground, where we spend our money as wisely as possible in the present for the benefit of all. But stop making me feel guilty about leaving future generations a clean, educated, healthy, well-defended country with a vigorous economy, even if it comes with some debt attached. It still seems like a bargain.
And perhaps we should stop talking about the future debt in absolute dollars, because “trillions” scares the food out of my esophagus, through my large and small intestines, and about four feet into the surface of the earth. I prefer to hear our national debt expressed as percentages of, for example, our next 30 years of projected GDP. That way it doesn’t seem so scary.
Future generations should go get a job. And a haircut. And stay off my lawn!