National debt < asssets
Posted by WordCrafter on March 01, 2004
In Reply to: KIPPERS posted by Ward Fredericks on March 01, 2004
: : : In October last year we had SLOPS (Singles Living Off Parents), coined by the Irish Food Board. In a similar vein, the British building society Prudential tells us that KIPPERS are 'Kids in Parents' Pockets Eroding Retirement Savings.' Irish Times, 13 Jan 2004.
: : : Kippers for breakfast, anyone?
: : Yes, but us codgers fight back by going on skiing trips. No skis required, just Spending the Kids Inheritance.
: :::There is tremendous hand wringing in the US about the national debt and the 'burden' we are placing on future generations. It is interesting that there is no media perspective which recognizes the assets this generation is passing on to the next two generations. Assets in wills and trusts which will be passed on are over $11 TRILLION, which will be left by the over 60 generation. This pays off the national debt with a lot left over. In addition, there is a splendid infrastructure of buildings, roads, bridges, dams, parks, Colleges and Universities, knowledge, and other assets paid for by the current and past generation that the next will benefit from. This bellyaching is like my daughters asking me to be sure I continue to work hard to pay off the mortgage on the house so it's free and clear when she inherits it! (just a perspective -- prompted by the last comment)
:::It is estimated that total inheritance from those over 45 in the US to their children will exceed 40 trillion dollars.