I remember that, shortly after we came, the Congressional Budget Office gave us a study and a report. They said, if Congress does not get serious about balancing this Federal budget, that by the time children being born today reach middle age... the Congressional Budget Office told us that they will be paying a Federal income tax of over 80 percent just to pay the interest on the national debt. That was worse than disgraceful. I mean, there was something fundamentally immoral about this idea that we could continue to borrow and, in effect, tax the next generation.
Gilbert Gutknecht: “I remember that, shortly after we came, the Congressional Budget Office gave us a study and a report. They said, if…”
Editor's note · Context
Discussing the importance of balancing the federal budget and its implications for future generations.
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