“Legacy of debt” gives fiscal stimulus bad name

Bloomberg
by Caroline Baum

06/05/09

By the time the U.S. government unveiled its Public Private Investment Partnership in March, the toxic loans and securities clogging bank balance sheets had become ‘legacy assets.’ What if deficit hawks took the same tack and marketed the $787 billion fiscal stimulus as ‘legacy debt?’ ‘The $787 billion the U.S. Treasury will be borrowing or confiscating from you via taxation will saddle future generations with a legacy of debt,’ the press release might read. ‘Your children and grandchildren can look forward to higher taxes, a lower standard of living and minimal government support in their old age.’ Maybe the public would balk. And maybe some member of Congress would be bold enough to sponsor a measure to call off the still-uncommitted expenditures...

//www.bloomberg.com/apps/news?pid=email_en&sid=amkTORldgMYA


Informant: Thomas L. Knapp



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