Seriously into genealogy I have a genuine regard for generations past, present, and future. Our family tree is approaching 17,000 folks, almost all with substantial documentation to verify their existence and relationship to me. Birth, marriage and death records go back hundreds of years. On occasion, obtaining data for the project meant traipsing through the rain in muddy Scottish graveyards, searching for and photographing barely readable, time-worn headstones. Admittedly, solace and bodily warmth for this effort was soon sought in nearby distilleries and hospitable pubs! This to set the stage for my thoughts about responsibilities with respect to typical historical time separations within families.
As I'm composing this epistle, POTUS Donald Trump is on my TV screen remarking on the passing of the tax reform bill, fairly and correctly in my opinion taking credit for the tax cuts being enjoyed by the US populace. Having more greenbacks to spend provides the ability to purchase things previously denied due to unaffordability. What a boon! But is there any collective remorse for the recently passed federal budget that adds $trillions to the country's debt load? Will we pay what we owe, or . . . ?
Should You Feel Guilty?
If you knew or suspected your current favorable financial capability was actually borrowed from your children, you know, those faces you see when they reluctantly glance away from their ubiquitous hand-held devices to acknowledge your presence, would you be embarrassed? How about your grandchildren, the ones you see occasionally but not daily? Any redness in your face if you knew you borrowed and spent money on yourself they would be obligated to pay? Maybe you got an early start in the reproductive business and have great grandchildren. Wonderful! Ever see those kids? Should you care about their financial well being? When they're old enough to spend money it is likely you won't be around. Will their ability to live as well as you be impeded by the obligation to pay your debt?
As I contemplated what life might have been like for my related souls resting beneath the weedy green plots it never occurred to me that any of my tax obligations might be paying off debts incurred by the folks I was researching. Never gave it a thought. Having no claim that I know of to any of the castles dotting the countryside it is unlikely my forebears left any debts behind. Who would have loaned them money? They didn't incur obligations to purchase a new suit of armor, or construct another turret, or build a new drawbridge over the moat. More likely they were simple folk who tilled the land within arms length of where they now lie in eternal repose.
But our generation is different. We take out loans with terms spanning generations to pay for current expenditures. Cities incur debt due in decades to pay salaries due this week. Surely a sign of impending financial disaster. But hey! Maybe our offspring will get lucky! They may avoid paying our debt because we did them the favor of defaulting.
Buyers' Remorse
Vowing never to do it again, POTUS reluctantly signed the budget bill presented by Congress that adds $trillions to the federal debt. Almost immediately there is fresh talk about undoing some part of the budget bill. Democrats are aghast at the thought! But if the concerned few prevail and are able to shave a little bit off the top which future generation may be let off the hook?
Bob was born in Toronto and began his financial career as a trader on the Toronto Stock Exchange. He relocated to California and became SVP and CFO of a $multi-billion diversified financial entity. He served on the board of many companies in Canada and US. An avid yachtsman, he owns a twin diesel ocean going vessel once featured in Architectural Digest magazine. He maintains a hockey web site. “slapshotreport.com” and currently resides in Sausalito, California.
Seriously into genealogy I have a genuine regard for generations past, present, and future. Our family tree is approaching 17,000 folks, almost all with substantial documentation to verify their existence and relationship to me. Birth, marriage and death records go back hundreds of years. On occasion, obtaining data for the project meant traipsing through the rain in muddy Scottish graveyards, searching for and photographing barely readable, time-worn headstones. Admittedly, solace and bodily warmth for this effort was soon sought in nearby distilleries and hospitable pubs! This to set the stage for my thoughts about responsibilities with respect to typical historical time separations within families.
