by Robert Gore, Straight Line Logic:
The youngsters are starting to ask questions.
You can find quotes from antiquity on down in which elders of the age disparage younger generations. Our age is filled with them. There are far fewer quotes from the past or present in which elders acknowledge their generations’ role in younger generations’ upbringing and education and consequently, some responsibility for outcomes. Perhaps my generation (I’m 66) should behold the beam in our own eyes before we pontificate further about the motes in our children’s and grandchildren’s eyes. This may cushion the shock for what’s coming—one of history’s most dramatic intergenerational repudiations.
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Start with an inevitable repudiation: debt. One can go to the U.S. Debt Clock for the national debt numbers, but several conclusions are inescapable. Exponential growth function graphs have a characteristic course. They gently rise for a time, hit an inflection point, then shoot upwards. U.S. government debt is well past the inflection point.
Another trillion dollars gets added every 100 days to the government’s debt, approaching $35 trillion, and that interval is shrinking. Hemingway noted bankruptcy happens slowly at first, then quickly. Interest on the debt is already the third largest expense in the federal budget. It will grow inexorably until it’s the largest, overwhelming the rest of the budget and the economy. Projections tend to assume stable interest rates. They will rise—the price credit markets extract from the improvident government—bringing the scary projections forward.
The faltering U.S. economy is feeling the pinch of rising debt service, the buttoned collar of a too small shirt on a man running to fat. In Obese Nation, nothing is more morbidly so than the debt, the beam in the eye of the generations that incurred it. Posterity won’t pay it because they can’t pay it. They’re already contending with the ball-and-chain economy’s shrinking prospects, which will vanish altogether as debt implodes.
Broke governments are rapacious, stealing all they can through taxes, inflation, and outright confiscation. It’s never enough. Biden offers select members of the younger generations a vote-buying shell game. The government will destroy the economy, but it will forgive student loans. Educated in socialist schools, many of the borrowers really believe that it’s the government, not the economy, that provides. They’ll be disabused of that notion soon enough.
Consequences will administer some harsh lessons. Socialism doesn’t work; something for nothing doesn’t work; fiat debt and currency don’t work; empire doesn’t work, and government as a constellation of rackets doesn’t work. Does anybody really expect the younger generations to accept debt and tax slavery to fund what the older generations have bestowed upon themselves? Gobsmacked by reality, the youngsters are going to say to the oldsters: No economy, no jobs, and no future for us, no taxes, no debt service, no pensions or medical care for you. In a word, repudiation, an intergenerational middle finger.
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