The best bet is no bet, not betting on the next generation.
If an individual works hard over a lifetime, saves $1 mil to leave to his few children, then that means a lot compared to the average person who leaves nothing, or a massive debt instead.
Unfortunately, the short-sightedness that DL is referring, the future generations stand to lose and immerse deeper and deeper into debt that is never planned to be repaid. That’s how slave-nations are formed. The opposite of western “freedom” and liberalism.
If liberals were true to their platform and premise, then they would be most morally opposed to debt and passing off negatives to future generations, than anybody else.
Does the present and past generations leave behind positive ideals, for future generations, or negative ideals? Does society allow tomorrow’s children and grandchildren to chase empty dreams and mindless pleasures? To be perpetually hooked on drugs, getting high, and shooting up heroine? Is this what the future generations ought to aspire to? If not, then the answer is obvious. Challenges and goals must be set, for future generations, to become something ‘better’ and ‘superior’. Excellence must be taught, and applied.
In this way, again, are the current or recent generations living up to the test? Are today’s generations being left with something positive, an inheritance, or something negative, a debt??
If you factor in currency depreciation our debt is actually much more then the denomination number…for example in the last 50 years the USD has depreciated 90% against the Swiss frank. Relatively speaking it is necessary to take the headline number and multiply many times over.