Has Someone Already Spent the Future?
As massive budget deficits continue to push the national debt to record levels, Americans have grown increasingly concerned about how lawmakers’ seemingly irresistible urge to spend now and pay later may be compromising the nation’s economic future. Who among us has not wondered how much heavier the burden on our descendants will be because of the government’s refusal to live within its means?
The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit clevelandfed.org for updates.