The heart of the matter is the way public debt allows the current generation of voters to live at the expense of those as yet too young to vote or as yet unborn. In this regard, the statistics commonly cited as government debt are themselves deeply misleading, for they encompass only the sums owed by governments in the form of bonds. Niall Ferguson, the telegraph
Go read the whole thing. Unlike much of Ferguson’s work, this is short and to the point. And pithy,
It is surprisingly easy to win the support of young voters for policies that would ultimately make matters even worse for them, like maintaining defined benefit pensions for public employees. If young Americans knew what was good for them, they would all be in the Tea Party. <a href="“>ibid
Of course most young voters are so badly educated (through no fault of their own) that they are more than happy to believe in unicorns, rainbows and Justin Trudeau. Truth to tell, the alternative, which is to grab hold of economic reality, is very much too disturbing and might shatter their hard won self esteem. One can hardly blame them for their ignorance but the wakeup call is going to be brutal.