Letter to Our Children
We wanted to write you a letter on this historic day, BAILOUT DAY. Because Mummy and Daddy have acted very irresponsibly over the last 8 years, and we have now left you with many big problems for your future. I will explain.
As you know, you save money in your piggy bank and then if you want to buy things like sweets or a toy, you can take the money that you have saved and spend it. If you have not saved enough, you cannot buy things.
Mummy and Daddy don't do that anymore, the whole saving thing, your grandparents did, but we find that a bit boring, we prefer the instant pleasure of spending money here and now. So we borrow money from people called bankers it is called credit, with credit you have to pay back the amount that you borrowed and something called interest. Over the last 8 years Mummy and Daddy have borrowed a lot of money from the bankers, we have lots of credit, far too much. Because we have bought a lot of things that we simply cannot afford. This means that Mummy and Daddy can no longer afford to pay the bankers, who lent us all this money.
This means that the bankers are in big trouble, because they are owed a lot of money by all the Mummies and Daddy's who just like us cannot pay them. The bankers were very naughty people as well, because they wanted to lend lots of money to people who could never pay it back to make lots of short term profits when they collect the interest, they can then pay themselves lots of money for doing nothing, they call that bonus time. Mummy and Daddy have been fools, and equally so the bankers. We borrowed so much money that we cannot repay back, and the bankers should never have lent us all this money in the first place.
At this point children you may want to listen very carefully, because this next bit involves you and your futures.
The Bankers have asked the Government to take all the debt that all the Mummies and Daddy's have not been paying. This is a lot of money and will probably be more than $2 trillion dollars.
The Government have no money at all, because they have also been borrowing money, because they too just like Mummy and Daddy have been living on credit, they get their money from taxes, but they have been spending far more than the taxes they collect for many years now. Just like Mummy and Daddy they also have a lot of credit.
8 years ago the Government owed a total of just over $5 trillion dollars, now it is nearly $10 trillion Dollars, and when they have paid for all the Mummies and Daddy's debts, it will be probably be well over $12 trillion dollars.
NOW THIS ALL BECOMES YOUR PROBLEM CHILDREN, Because you will have to pay the interest out of your tax payments, and you will have to try and pay this massive debt back, because mummy and daddy, and our Government have been very naughty and we don't want to pay our debts anymore WE WANT YOU TO PAY IT FOR US. I know that we could act sensibly and cut our lifestyle back and try and save some money in our piggybanks, but that is all so boring and difficult, and it is so much easier to dump the whole problem on you our children.
It will mean that you will be paying far more tax than we ever did, for far less services you will have to stop all welfare and medical payments and work until you die because you will certainly not be able to afford pensions. Your infrastructure will fall apart and you will have no money left to replace or repair.
We were always a first world country which over the last few years was financed with credit that you will now pay, but thanks to our reckless behaviour and irresponsibility you will be lucky to be a 2nd world country and more probably a 3rd world country. That is your future children, what you have to look forward too.
I know this is all very unfair, and mummy and daddy understand that you have now been completely sold out, but the simple reality is that we do not want to take any responsibility or economic pain, we are simply not used to this. It is far easier for mummy and daddy to dump this responsibility on you. I know we say that we love you, but really this is another lie, it is just a tired cliché, we love you because you will be paying our debts.
If we really loved you would we have dumped $12 trillion dollars of debt on you our dear children, for our short term have it all, and have it now, instant gratification? Which means that you do not have any real future, apart from paying the majority of your earnings in taxes to pay our debts? Unfortunately you, were never asked or consulted as to whether you want to pay Mummy and Daddies' debt, but as responsible parents we took this decision for you.
Sorry Children you will have to take the economic pain, because the mummies and daddies, and the bankers do not want to face up to our responsibilities like grown adults should do. Lets hope children that your generation can solve this mess that you have inherited directly from us, and let's hope that your generation proves to be more responsible than ours, as most of us are really useless, nothing more than a bunch of freeloaders.