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An elected representative government reflects the ... Listening to David Corn from the The Nation on the... CPAC - THE AXIS OF EVIL ! ! ::shudders:: Our o... Norman Schwarzkopf on Donald Rumsfeld "It's scary... "I do not need to explain why I say things. That's... Ok, so let's assume for a moment that the US econo... About GOP Team Leader - Help Further President Bus... Here's an editorial I will send into the local pap... Reuters AlertNet - Marijuana is gateway to hard dr... Urban Tulsa editorial nothing more than cookie cut... Justin Oldham - Politics and Patriotism
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2.07.2003
Who Pays and When? An Assessment of Generational Accounting "In a sense, all of the government's prospective spending is an implicit liability. That is, people expect government to provide a legal system, national defense, public works, education for the young, a safety net for the poor, an income floor for the old, and so on. Similarly, prospective revenue is an implicit asset of government because people expect to pay taxes to finance such spending. The deficit does not record such implicit obligations because they do not represent binding claims. For example, retirees have no legal claim to the Medicare benefits they expected when they retired. Technically, the Congress could reduce the benefits at any time, even though people had planned on receiving higher benefits. Nevertheless, government has a duty to try to meet its implicit commitments. It could not capriciously change taxes or benefits without losing its reputation for keeping its implicit word and treating people fairly. The ability to govern ultimately rests on such a reputation." I wonder if the Bush Admin has read this? bruceblog@peoplepc.com | |
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