Who Will Pay?

"I'm here for one reason and one reason alone. I'm here to guess what the music might do a week, a month, a year from now. That's it. Nothing more. And standing here tonight, I'm afraid that I don't...hear...a thing. Just...silence."
--John Tuld (Margin Call)

Judge Nap provides constitutional context for the federal government's spend now, pay later policies. This year the Feds have already spent $1.9 trillion in CV19 relief (although only a fraction of this spending actually went for relief. The Biden Administration is now proposing $2.3 trillion in infrastructure spending. Plus there is the annual $2 trillion in borrowing just to make ends meet.

The judge wonders who will pay for this? Corporate tax increases will be mean less workers with income to tax. This is on top of the unemployment from lockdown/shutdown policies. Moreover, the 'near certain' inflation that the judge (correctly, in my view) suggests is pending will raise borrowing costs. 

The tired old answer seems to be that future generations will be the one's paying for today's profligacy. 

However, if there are no savings/no capital for investment (how can there be when we owe?), then where will future incomes come from to pay the bills? 

Increasingly, my fear is that future generations will be paying for our mistakes by having to endure a massive depression that we designed just for them.