CNBC’s Rick Santelli explains that the costs of profligate government spending and indebtedness will be borne by young people:
Thomas Jefferson considered this issue in 1813 when he rhetorically asked of young people:
Are they bound to acknowledge the debt, to consider the preceding generation as having had a right to eat up the whole soil of their country in the course of a life, to alienate it from them (for it would be an alienation to the creditors), and would they think themselves either legally or morally bound to give up their country, and emigrate to another for subsistence?
Every one will say no: that the soil is the gift of God to the living, as much as it had been to the deceased generation; and that the laws of nature impose no obligation on them to pay this debt. And although, like some other natural rights, this has not yet entered into any declaration of rights, it is no less a law, and ought to be acted on by honest governments. It is, at the same time, a salutary curb on the spirit of war and indebtment, which, since the modern theory of the perpetuation of debt, has drenched the earth with blood, and crushed its inhabitants under burthens ever accumulating.
Say no to public debt.
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About Gregory Cummings
Gregory Cummings writes about Canadian monetary and economic policy. His writing has been featured at the Ludwig von Mises Institute of Canada and the Ludwig von Mises Institute's Mises Daily publication. Read more.