Is it important to consider the impact of the fiscal decisions made today on the future generation? when is it appropriate to ask the next question to pay bills we incur today?
Expert Answer
Yes’ definitely we should consider the impact of the fiscal decisions made today on the future generation too because we cannot ignore this factor. Suppose our previous generation had ignored this factor then in present we would have facing a very bad financial condition so in every time period peoples should be aware about future generation those can be affected due to their fiscal decisions.
If a government spending more and more for present generation and as a result taking huge amount of debts. So in such situation peoples living in present age will enjoy all facilities provided by the government without any fiscal burden but that is not good because facilities enjoyed must be associated with some relevant financial responsibilities too otherwise we will be careless in consumption of facilities only.
We cannot shift our financial or fiscal liabilities over next generation otherwise in future time peoples will spend whole their life in paying the liabilities that are not associated with them hence it becomes more important to consider the impact of the fiscal decisions made today on future generation. Every government should be proper balance in their fiscal decision so that no unwanted liabilities can be passed to future generation.
Of course it should be to pay bills we incur today, but we cannot say that liability of a day cannot be shifted on other day, it can be. If it is not then definitely it is going to affect fiscal cycle. Our fiscal decision should be managed in such a way that provides proper relaxation to every people of the country otherwise it will hamper the cycle of consumption & spending. So we cannot bind a person for immediate payment but cannot give him freedom for shifting his own liabilities to others.
Hence main meaning of this conversation is that we should pay our liabilities yourself within given valid relaxation but should not shift your liabilities to next generation.