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Spending Beyond Our Means: How We Are Bankrupting Future Generations (White Paper)


By Jagadeesh Gokhale

About the Report

Current U.S. fiscal policy is placing an enormous financial burden on today's children and on future generations to deliver government benefits to current middle-aged workers and retirees. Standard government accounting methods hide that intergenerational transfer and make it difficult to calculate how large the transfer is.
This transfer will grow larger, thereby substantially affecting different generations' economic expectations and exerting powerful long-term effects on economic outcomes.
This study presents updated estimates of fiscal and generational imbalances for the United States, and demonstrates that the current trajectory cannot be sustained and must be resolved.

About the Author
Author/Editor Summary: 

Jagadeesh Gokhale is a senior fellow at the Cato Institute and a member of the Social Security Advisory Board. He is a co-author of Fiscal and Generational Imbalances: New Budget Measures for New Budget Priorities (AEI Press, 2003), Social Security: A Fresh Look at Policy Alternatives (University of Chicago Press, 2010),"The New Health Care Law's Effect on State Medicaid Spending: A Study of the Five Most Populous States," Cato Institute White Paper, April 2011,and"State and Local Pension Plans: Funding Status, Asset Management, and a Look Ahead," Cato Institute White Paper, February 2012.