The Great Wealth Transfer

Friday, November 14, 2008

"Never has one generation spent so much of its children's wealth in such a short period of time with so little to show for it as in the Bush years. Under George W. Bush, America has foisted onto future generations a huge financial burden to finance our current tax cuts, wars, and now bailouts. Just paying off those debts will require significant sacrifices. But when you add the destruction of wealth that has taken place in the last two months in the markets, and the need for more bailouts, you understand why this is not going to be a painless recovery. We're all going to have to pay, becasue this meltdown comes in the context of what has been 'perhaps the greatest wealth transfer since the Bolshevik Revolution in Russia in 1917,' says [author and foreign-policy specialist] Michael Mandelbaum. 'It is a wealth transfer from the future to the present.'"

~Thomas Friedman in The New York Times


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