Fiscal Child Abuse

I feel a bit of fiscal serendipity these days between the riots in France and my book reading, as I happen to be reading The Coming Generational Storm: What You Need to Know about America’s Economic Future. Now this morning, I found this movie trailer:

A few things to point out: this film looks rather partisan, while The Coming Generational Storm is non-partisan. Written in 2004, it’s critical of both Bill Clinton and George W. Bush. It’s a highly disturbing read, discussing how the generational demographic shifts will affect the US and other countries in Europe and elsewhere, leading to what they call a “fiscal gap” between generations. The authors call these monetary policies “fiscal child abuse” and the youth in France are rioting, stalling their own economy, for the right to fiscally abuse their children. The situation in Europe is particularly grim, as their birth rates have dipped below the standard replacement levels, thus aging their populations dramatically. It’s even worse in Russia.

The United States is maintaining the replacement levels needed to avoid some of the upcoming fiscal issues facing Europe, China, Russia and Japan, but that doesn’t mean we aren’t facing the same fiscal policy problems in America. So in terms of furthering this issue, I’m glad this film was produced. However, the partisan nature of the trailer troubles me, as both parties are guilty of either punting or exacerbating this issue. Additionally, Speaker Gingrich’s need to bring God into the debate concerns me. I agree we have a moral obligation to correct the problem, but the moral obligation is to our children and grandchildren first and foremost.

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