“If we choose to live beyond our means, our children will have to live below theirs.” – David Kelly, JPMorgan, November 27, 2017 weekly podcast
I’m not sure I’ve heard anyone put it any better than Dr. Kelly in this week’s podcast.
The U.S., like much of the developed world, is in fact choosing to live beyond its means. And the tax cuts currently being bantered about in Congress would only exacerbate the situation, with the high levels of deficit spending being used to fund them.
I am reminded of this particular provision of the Constitution of the great Iroquois nation:
In all of your deliberations in the Confederate Council, in your efforts at law making, in all your official acts, self-interest shall be cast into oblivion. Cast not over your shoulder behind you the warnings of the nephews and nieces should they chide you for any error or wrong you may do, but return to the way of the Great Law which is just and right. Look and listen for the welfare of the whole people and have always in view not only the past and present but also the coming generations, even those whose faces are yet beneath the surface of the ground – the unborn of the future Nation.
“Have always in view … the coming generations, even those whose faces are yet beneath the surface of the ground.”
One of their chiefs added:
We are looking ahead, as is one of the first mandates given us as chiefs, to make sure and to make every decision that we make relate to the welfare and well-being of the seventh generation to come. … What about the seventh generation? Where are you taking them? What will they have?
As a grandfather, I am particularly attuned to the interests of our future generations. I am concerned about your generation, Vera, and those of your children and grandchildren.
It pains me to see my generation act so selfishly — so callously towards future generations. We take from your and your parents’ generations so we can live above our means today. We dig our financial hole deeper every day and remain willfully blind and ignorant to the implications of our decisions on future generations. And we continue to elect members of Congress and presidents who cater to our selfish desires. We are a nation with leaders who know not what leadership truly means but, instead, patronize and act only out of self interest.
Europeans thought native Americans were savages. Yet some of them — people who inhabited this land of ours long before the ships from Europe arrived — were concerned with the seventh generation.
Perhaps we need to reconsider what it means to be civilized.