The “Leaving Debt For Future Generations” Fallacy

Guy Debord's Cat

How many times in the last five years or so have we heard the popular refrain “We mustn’t leave debt for our children and grandchildren”? Too many to count. The Tories and their allies in power, the Lib Dems, use it as a discourse-killer; a means of defending their absurd austerity measures and to silence their critics. However, this notion that if the government should borrow money to invest in public services or infrastructure, then this debt will be passed on to our children and grandchildren and so on is nothing but bunkum. It’s little more than a form of emotional blackmail to convince gullible voters to cast their ballots for the dismal Tory Party,  whose profligacy in government would make the most financially incontinent blush with embarrassment.

Governments always borrow money. If they didn’t, it would be unusual. The Lend-Lease deal that was negotiated between the Attlee government…

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