What weighs more heavily on the next generation?
One trillion-plus of public sector debt.
One trillion-plus of mortgage debt.
One's as bad as the other.
Nothing to worry about. They owe it to the older generation.
They'll have a collective nervous breakdown, declare themselves bankrupt or move abroad.
  
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 From Anon on July 22, 2009 at 11:38 pmIP Logged, 81.98.241.x  Report Abuse 
 
Look at Germany when a generation was paying for the mistakes of the previous generation, it helped kick start ww2. I think its safe to assume the next generation is going to be miffed.
 From Obnoxio The Clown on July 21, 2009 at 4:00 amIP Logged, 81.146.13.x  Report Abuse 
 
The public sector debt, because the mortgage debt is more likely to be reduced. Plus what sobers said.
 From sobers on July 21, 2009 at 3:41 amIP Logged, 81.132.64.x  Report Abuse 
 
Public debt is worse because mortgage debt has an asset attached (the house). Unfortunately no citizen can ask for his share of govt assets to be sold to cover his share of govt debt. Thus upon being born you are totally liable for your share of govt debts, but have an asset to put against your parents mortgage debt if you inherit it.
     From Mark Wadsworth in reply to sobers on July 21, 2009 at 3:14 pmIP Logged, 82.29.124.x  Report Abuse 
     
    That's a fair point - which is probably why most people agree with you. That's why I put it to the vote (having been too lazy to make up my own mind).
 From I hate the goverment on July 20, 2009 at 7:58 pmIP Logged, 91.73.226.x  Report Abuse 
 
It used to be that we talked of having mortages over 100 years, instead now we will have debt for ever. The goverment owns the banks, thus now owns a substancial property portfolio, making it impossible for anyone to pay a fair price for a property. They let this happen, they cannot hold on to status quo forever.
 From Tony on July 20, 2009 at 6:27 pmIP Logged, 217.171.129.x  Report Abuse 
 
They're too young to know it yet, but they owe it to the older generation.


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