newviewsonoldworld

The calls we have written for our kids ! Economic theories argue on whether public debt ( debt incurred by governments ) to meet the needs of exceeding expense over revenues ( fiscal deficits ) is an implicit burden on the future generation. If large part of such debt is used for capital expenditure and raising the infra levels , investment in education and technology then future generations would benefit from it .  More like the standard wisdom of our grandfathers sowing mango tress for us to enjoy the fruits ( well unfortunately we cut those trees since we want to develop the property commercially ! ) However if the debt is incurred by us to allow inefficient transfers and conspicuous consumption then it is like a liability where benefits are incurred now , payments would come later. But here we do not want to discuss the aspect of debt or deficits incurred by the governments. But today want to discuss on something that we ourselves are responsible for doing.