A burden on future generations? How we learned to hate deficits and blame the baby boomers

2021 ◽  
pp. 003802612199921
Author(s):  
Melinda Cooper

The idea that public borrowing places an intolerable burden on posterity is as old as the institution of public debt itself. But the debate over deficit-spending assumed an entirely new scope and import with the rise of the fiscal state in the early twentieth century, as governments assumed greater responsibilities with regard to public welfare and found themselves subject to a new kind of conflict concerning the uses and distribution of public income. In this context, the intergenerational argument against social welfare spending became an important tool in the fight against class redistribution. With a focus on American debates, this article provides a historical sociology of the idea that deficits constitute a burden on future generations, identifying the key historical turning points when this idea acquired new political resonance. In particular, the article investigates how we learned to blame baby boomers for the alleged ills of government deficit-spending and how this now ubiquitous motif of public discourse was reintroduced by the Virginia school public choice theorist James M. Buchanan and later refined by the chief proponent of generational accounting, Laurence Kotlikoff.

Author(s):  
Juliana Bidadanure

The field of intergenerational ethics has been largely centered on the question of what we owe those who are temporally distant. This interest was prompted by the growing awareness that many natural resources were nonrenewable and that future generations risked being disadvantaged or harmed in a variety of central respects. This understandable emphasis on temporal distance should, however, not lead one to disregard matters of justice between contemporary generations (between baby boomers and millennials, for instance) as straightforward or uninteresting. Inequalities between young and old crystallize significant and complex political and economic tensions in the sphere of employment, pensions, healthcare, housing, and political representation. This chapter introduces and responds to significant philosophical puzzles about the fair distribution of resources between individuals at different stages of their lives. The author provides a conceptual framework to approach matters of both age group and birth cohort justice and looks at how one of the chief values of distributive justice—equality—plays out in the field of justice between coexisting generations.


Significance Canada’s next federal election must be held by October. Opinion polling is putting the Conservatives ahead. Impacts The Bank of Canada will likely keep interest rates steady for now. Wilson-Raybould and Philpott could move to other parties for the next election. Further economic difficulty and government deficit spending will increase government debt. The housing market will slow further but does not appear to be crashing. Tentative moves towards national pharmacare coverage will be talked up electorally but ultimately are unlikely to materialise.


2013 ◽  
Vol 35 (1) ◽  
pp. 77-92 ◽  
Author(s):  
JAMES C.W. AHIAKPOR

The modern Ricardian equivalence theorem focuses on the intertemporal equivalence between taxation and bond financing of government expenditures that David Ricardo considered practically irrelevant, rather than their contemporaneous equivalence in terms of the opportunity cost of government spending. Relying upon the implausible assumption of each individual’s future tax-capitalization behavior that Ricardo explicitly rejected, the modern Ricardian equivalence theorem reaches the exact opposite conclusions about government deficit spending than Ricardo argued. This paper explains these fundamental problems with the modern Ricardian equivalence proposition and shows an alternative method of arguing Robert Barro’s original point about the inefficacy of Keynesian deficit spending.


2010 ◽  
Vol 214 ◽  
pp. F61-F66 ◽  
Author(s):  
Ray Barrell ◽  
Simon Kirby

In June the Coalition Government produced a budget that aimed to reduce the government deficit quickly. The plan was based mainly on cuts in current expenditure and reductions in transfers to individuals. There are four possible reasons for reducing the deficit, and all have been used to justify the policy. The first reason might be that the cost of borrowing is currently too high, and the second could be that if deficits persist the markets could lose confidence and the cost of borrowing would rise. The third reason might be that we have to reduce the debt stock in order that we prepare for the next crisis, whilst the fourth, and perhaps most persuasive in the long run, is that it is unfair to borrow so much and therefore reduce the consumption of future generations. If either of the first two had merit there would be a case for swift consolidation, whilst if the third or fourth predominate, we should not be in any rush to act until output is nearer full capacity.


2016 ◽  
Vol 17 (1) ◽  
pp. 76-104 ◽  
Author(s):  
Ping Xu

By using American state-level data from 1999 to 2008, this article explores how the recent immigrant influx has influenced public welfare spending in the American states. By integrating the race/ethnicity and globalization compensation theory, I hypothesize that immigration will increase welfare spending in states with a bleak job market and exclusive state immigrant welfare policy; in contrast, immigration will decrease welfare spending in states with a good job market and inclusive state immigrant welfare policy. Empirical tests show evidence for both hypotheses, suggesting that the applicability of general political science theories depends on a combination of state policy and economic contexts.


2008 ◽  
Vol 3 (4) ◽  
Author(s):  
Zenonas Norkus

The article discusses the problem that was recently raised in Lithuanian historical literature and public discourse by G. Beresnevi?ius, A. Bumblauskas, S.C. Rowell: was the medieval Lithuanian state (Grand Duchy of Lithuania; GDL) an empire? Traditional historiography did not use concepts of ``empire" and ``imperialism" in the work on GDL. For Non-Marxist Russian historians, GDL was simply another Russian state, so there could not be Russian imperialism against Russians. For Marxist historians, imperialism was a phase in the ``capitalist formation," immediately preceding the socialist revolution and bound to the specific period of world history, so the research on precapitalist empires and imperialism was suspect of anachronism. For the opposite reason, deriving from the hermeneutic methodology, the talk about how the medieval Lithuanian empire and imperialism was an anachronism for Non-Marxist Polish and German historians too, because they considered as Empires only polities that claimed to be successors to Roman Empire. However, the Lithuanian political elite never raised such claims, although theory of the Lithuanian descent from Romans (Legend of Palemon) could be used for this goal. Using the recent work in comparative historical sociology of empires by S.N. Eisenstadt, I. Wallerstein, A. Motyl, B. Buzan, R. Little, A. Watson, M. Beissinger, Ch. Tilly, Th.J. Barfield and M. Doyle, the author argues that GDL was an empire because it was (1) the greatest state in Europe in the late 14-early 15th century, (2) militarily expansive in all directions if not held in check by superior military power, (3) displayed the territorial structure characteristic for empires, consisting of metropole and periphery, (4) had an informal empire and sphere of hegemony, (5) established imperial ``Pax Lituanica" on broad territories securing long-distance trade roads. Typologically, it was a patrimonial empire, typologically distinct from the ``barbarian kingdoms" created by ancient Germans and Vikings. After the internal crisis in 1432-1440 that is interpreted as ``Augustan threshold" (in M. Doyle's sense), the Lithuanian empire evolved into a federal state by the early 16th century. Drawing on the distinction between ``primary empires" and ``shadow empires" proposed by Th.J. Barfield, GDL is classified as subtype of ``shadow empires," called ``vulture empires." GDL started as a ``vulture empire," using for its expansion a geopolitical situation created by the decline of the Mongol empire and aspiring to unite under its power all lands of the former Kiev Russia. The most important outcome of the failure of the Lithuanian imperial project is the emergence of the three different Eastern Slave peoples (Belorussian, Ukrainian, Great Russian), while the probable outcome of its success would be the continuation of the undivided old Russian ethnicity.


2020 ◽  
pp. 003802612096336
Author(s):  
Kate O’Loughlin ◽  
Rafat Hussain ◽  
Hal Kendig

Australia’s Intergenerational Reports (2010, 2015) make a case for restraining public expenditure on an ageing population given the sizeable post-WWII baby boom cohort, increasing longevity, and uncertain economic prospects for younger generations. There also is concern for major disparities within older and younger generations resulting from cumulative advantages or disadvantages over the life course. Drawing on national survey data from the Attitudes to Ageing in Australia study, this article investigates perceptions of inequity between age cohorts at two time points (2009–10, 2015–17) focusing on variations by age and gender around lifelong opportunities for baby boomers compared to other groups, share of government benefits, and support for increasing pension age eligibility. The findings indicate a shift in attitudes between 2009–10 and 2015–17 with more in the younger cohorts in 2015–17 reporting better lifelong opportunities for baby boomers; and baby boomers receiving a fair share/more than a fair share of government benefits. With pension age eligibility, there is a small but significant shift in attitudes supporting the increase and a corresponding drop in those opposing it, however opposition is highly gendered with more women in each of the age cohorts opposing it at both time points. While there is a perceptible shift in younger cohorts’ attitudes towards baby boomers’ perceived advantages, overall attitudes are not totally supportive of government arguments for expenditure restraint; although a more overt public discourse on intergenerational inequity is emerging as the declining life prospects of younger cohorts are juxtaposed with tax-advantaged housing and retirement wealth of many older age Australians.


Author(s):  
Ni Luh Putu Miarmi

The need for a healthy and sustainable environment into hope everyone all the time. The development of rapid development as a result of the fulfillment of the needs  of  life  with  varying  levels  of  need  have  an  impact  on  the  use  and management of the environment. Based on this paradigm and the use of environmental management is expected to meet the needs of the present without compromising the rights needs of future generations. Governments in the concept of the welfare  state law permitted  to intervene  in an effort  to meet the public welfare through  licensing  instrument  is intended  as a means of preventing  the destruction of the environment.


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