What it means is that we are virtually guaranteed that our children will have a lower standard of living than we have enjoyed. We can put this in any kind of terms we want, but I think every one of us recognizes that one of the cornerstones of the American dream is leaving our kids a legacy so they can expect to have a better standard of living than we had. Unfortunately, because of the deficit spending, because of profligate spending of previous Congresses, because of the basic attitude that deficits do not matter, we had literally begun a process that guaranteed the next generation that they would have a lower standard of living. That is the thing that had to stop.
Gilbert Gutknecht: “What it means is that we are virtually guaranteed that our children will have a lower standard of living than we have…”
Editor's note · Context
Discussing the implications of federal deficit spending on future generations.
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