Thu, 20 August 2015
Do the sins of the father transfer to the sins of the son? I think most of us would say no. So does the debt of the father pass the son? If I rack up thousands on my credit card bill and then die, is my son obligated to pay the debt?
Even our current progressive society would not dare suggest that bad financial decisions made by your parents can be passed on to you.
But what about government debt? If our parents spend money and create programs that require us to take on debt, are we as their children obligated to pay on those debits long after they're gone? The answer is yes. It is yet another example of government holding the individual to one standard while holding you to another.
You see when the government takes on debt it does so in your name. You, your children and your grandchildren are the preverbal "co-signer" of all debt the politicians in Washington see fit to take out.
It's as though you were to take out a credit card in your child’s name, rack up millions of dollars in debt on big houses, nice cars, top shelf medical coverage and then, when you kid turns 21 hand the card over to him and say "Here you go. It's your responsibility now."
Your son or daughter would likely protest saying, "How could you do this to me? Why am I responsible for your poor financial decisions?"
You respond, "I did all of this for you. Just look at the big house you got to live in, the nice cars you got to drive."
"Don't worry son." you say. "Just get a new card in your son's name, transfer the balance to his card and make the minimum payments. Then when he turns 21 pass it on to him."
What our parents and grandparents have done to us is essentially the same thing. The real question is, do we continue the cycle or do we finally say "NO". Only time will tell.