In most political debates, we hear lots of claims about the alleged benefits of a particular program or policy. Those benefits invariably address some current problem (whether real or imagined) with little consideration of the long-term consequences. However, today’s policy decisions have implications and applications that extend far beyond the short-term. The decisions that we make today can make impositions on future generations—our children, grandchildren, and beyond. If we want to make wise decisions, then we must consider the full context. And that means understanding the implications for future generations.
As an example, consider a proposal to sell bonds for some government project. The bonds will be repaid out of future taxes. And the taxes will be paid, at least in part, by individuals who had no voice in the proposal. This is true no matter what the bond money will be used for. Obligations are imposed on future generations. Future taxpayers—new residents, today’s children, and even unborn generations—will be responsible for paying the debts authorized by today’s voters.
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