The real meaning of "leaving a legacy of debt for our children"

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docmims's picture
docmims
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Posts: 644
The real meaning of "leaving a legacy of debt for our children"

Not wanting to sound like an Andy Rooney curmudgeon, but failing miserably:  I have some thoughts to share.

I have heard the phrase "we are leaving a legacy of debt for our children" at least a dozen times by various talking headst today. This angers people with small children and babies.  However to people with teenagers and grown children it's like: 

Good!  Serves the ungrateful little bastards right!

On a more serious note, that phrase is intended to tell the masses of voters:

Hey! You don't have to worry about the debt, because you won't have to pay it!

Most serious readers of this site realize that the US debt will be fully dealt with within the decade with serious repercussions for us all.  There is nothing I can do when I hear this bunk about debt slavery for our children in the mass media, but I sure set anyone straight when I hear it in a conversation.

Vent off:   HAVE A NICE WEEKEND!!Cool

DrKrbyLuv's picture
DrKrbyLuv
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Posts: 1995
Re: The real meaning of "leaving a legacy of debt for our ...

Fantastic post docmims.

It bothers me greatly that citizenship begins for every new born American with a SS number which brings with it a huge amount of debt.  New born citizens have no choice in the matter; taxation without representation.  In our debt based system, we pledge future labor and productivity even though it is mathematically impossible for any amount of future generations to repay it.

The +$12 trillion national debt is only a small piece of our looting of future generations.  Future unfunded liabilities are over $107 trillion dollars.  Every newborn American baby is on the hook for over $347,000 to pay promises for others.  In addition they must pay for our current wars and military machine that will be used to make them repay that which they never borrowed.

All so that we may pay debt to the international private banking cabal on money that we alone endowed with value.  It was money out of thin air for them but perpetual debt for families; we alone collateralize the debt and provide a promissory note.  The banks have no skin in the game, they are manipulative thieves.

I think we violate a most sacred trust as stewards of humanity when we pledge the fruits of our unborn.  Anyone who would request that we do so should be recognized as a criminal.

Larry     

Tserendash's picture
Tserendash
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Posts: 178
Re: The real meaning of "leaving a legacy of debt for our ...

The same goes for the talking heads saying: THINK OF ALL THE TAXES WE WILL HAVE TO PAY TO FUND THESE DEFICITS!

This is pure bunk too!  The government is fully aware that they are near the upper limit on tax collections by adjusting the tax rateupward.  Increases in the rate result in no increase in tax receipts and maybe even less taxes being collected.  Risk takers stop taking risks.  People choose to work less since so much of the last dollar earned is going to the government.  People cheat more on paying their taxes. ect.  

Again, the tax increase will be on somebody else - not me.  Bottom line there never will be taxes collected to pay off this debt disaster - it will be paid off by default or inflation.

I fully agree with docmins ten year time frame for "The Big One".  I say 3 to 6 years, but know there are some clever folks in Washington D C who can pull more rabbits out their hats.

Thanks for letting off this steam!

docmims's picture
docmims
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Posts: 644
Re: The real meaning of "leaving a legacy of debt for our ...

Thanks Kirby and Lionel.  I am not nearly as eloquent.

I am just tired of hearing our kids are going to pay on so called " conservative" shows.  They are just reinforcing the belief that "somebody else" is going to pay these deficits.  I guarantee you WE are going to pay the piper for this deficit relatively soon, while the Fed through Fannie and Freddie is holding all our real estate titles in its grubby little hands.

Thomas Hedin's picture
Thomas Hedin
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Posts: 815
Re: The real meaning of "leaving a legacy of debt for our ...

we are leaving a legacy of debt for our children

Only a banker could invent such a saying.......legacy of debt.....This shows just how sick our society is becoming when we openly accept this type of propoganda.

Why shouldn't we be leaving the next generation a legacy of wealth, property ownership, rights, and freedom?  I would call that a legacy.  The next generation is going to look back at you and I and ask themselves what made that generation so great to end monetary enslavement, or they are just going to look back at us in pure discust.

Johnny Oxygen's picture
Johnny Oxygen
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Joined: Sep 9 2009
Posts: 1443
Re: The real meaning of "leaving a legacy of debt for our ...

Again, the tax increase will be on somebody else - not me.  Bottom line there never will be taxes collected to pay off this debt disaster - it will be paid off by default or inflation.

Yep. The old saying still holds true: "You can't get blood from a stone."

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