Friday, October 2, 2009

Rehabilitation of the Sheriff of Nottingham

It has been an American tradition that each generation could look forward to a higher standard of living than its predecessor. No more.

Robin Hood stole the onerous taxes taken from the poor by the Sheriff of Nottingham and gave the money back to them. This much maligned sheriff has been rehabilitated in the twenty-first century.

Bush and Obama, aided and abetted by Republican and Democrat congresses, have burdened future generations of Americans with a large and growing public debt to finance wars, maintain entitlements, create new entitlements, expand existing programs, and implement new programs. Projections show a quadrupling of the publicly-held national debt during 2001-2019. Servicing and repaying this debt means (1) higher taxes, (2) higher interest rates (raising the cost of credit), (3) higher inflation (reducing the purchasing power of the dollar), or (4) some combination of the three.

By comparison, the Sheriff of Nottingham looks like a piker. He only stole from the living poor. The U.S. government is stealing not only from our children and grandchildren, but as yet unborn generations.

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