The Myth of Debt-Free Living

[redcliffsw]

So, politicians make a promise: "Pay taxes today that fund the expenses of oldsters, and we promise to pass on the costs of supporting you to younger voters when you're old."

Oldsters think they are in the catbird's seat politically. They can get politicians to keep the Ponzi scheme rolling. They do not save as much as they should. They borrow from the future politically. They buy the good life today on the assumption that the state will take care of them in their old age.

They are running up the tab. They think that younger voters will pay off their tab.
-Gary North

http://www.lewrockwell.com/north/north969.html