Borrowed time for sure

While I have said the same things before, my rather meager college education prevents me from such clear articulation as the following:

Politi­cians and cit­izens have grad­u­ally dis­cov­ered a pow­er­ful new prin­ci­ple of po­lit­ical econ­omy: The government pro­vides large num­bers of vot­ers with im­me­di­ate per­sonal ben­e­fits that greatly ex­ceed what it charges in taxes, billing the dif­fer­ence to future gen­er­a­tions. This prin­ciple is the dri­ving force of the Biden plans, which would be financed mainly by new bor­row­ing, not taxes.

America’s Welfare State Is on Borrowed Time, WSJ 5-5-21

The prin­ci­ple is less salient in other advanced democracies be­cause they raise healthy rev­enue from broad-based and of­ten re­gres­sive levies on consumption, such as value-added taxes. The U.S., by con­trast, has long de­pended on a highly progressive in­come tax that is com­plex and waste­ful and produces rel­a­tively lit­tle rev­enue. The Amer­i­can tax sys­tem is in­creas­ingly an ad­junct of bor­rowed-benefits pol­icy—a means of dis­trib­ut­ing ben­e­fits rather than a means of pay­ing for them. The conversion of the IRS to a so­cial wel­fare agency would con­tinue apace un­der the Biden plans with their profu­sion of tar­geted tax cred­its for fam­i­lies and green en­ergy.

America’s Welfare State Is on Borrowed Time, WSJ 5-5-21

Current policy seeks to:

1. Greatly expand government provided benefits and to forgive individually incurred financial obligations
2. Make these benefits ongoing and essentially permanent with growing liabilities
3. Have these benefits appear to be paid for by 2% of citizens
4. Underfund the promises, create a greater entitlement mentality, create greater debt and pass the burden to future generations which will be forced to raise taxes on all citizens, deal with hyperinflation, attempt to trim the benefits or a combination of all three