WASHINGTON — Now comes the pesky question of how to pay for the progressive agenda. Or, more precisely, how to pay the huge price of the minority portion of the agenda’s cost that will be financed by taxes rather than money-creation or borrowing. Borrowing means future generations pay, but as has been said down the ages, what has posterity ever done for us?
The tedious fact is that there are only two ways to finance a government, present taxes and future taxes (counting the stealthy tax of inflation). Debt is taxation deferred.