A gift from your parents & grandparents …

June 6, 2008

From Reason’s Hit & Run:

“Libertarian heavyweight Robert Higgs is none too happy about those “economic stimulus” checks currently winding their way to our bank accounts:

“There is, however, a little catch for you younger people: because the government was already running a deficit, its outlays for the stimulus payments must all be covered by borrowing, which means that the public debt will rise by the full amount of the payments. And guess who will be responsible for servicing that additional debt and paying it off when it matures. If you said “we, the U.S. taxpayers, will be responsible,” then give yourself an A in the course. In short, we are getting a check from the government today, but at the same time, we are also being given the privilege of paying that same amount back, with interest, in the future.’

Full story here.


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