Upon their death, would you be willing to assume the responsibility for repaying your parents and grandparents debt? You might say ... yes, no, or it depends on how much it is. Suppose it was the law that you had to repay. Let's further suppose that your parents were maxing out numerous credit cards and double-mortgaging their home. But, they used those funds for good works - buying internet connections and computers for schools, new bathrooms in national parks and needles for heroin users to lessen their chance of getting Aids. You'd probably beg, plead and argue with them to stop accumulating debt - you might even take legal action to stop them.
If you wouldn't let your parents or grandparents do this to you, then why are you letting your politicians do this to you, your kids and your grandkids? The government debt that has already been accumulated and will continue to pile up from spending on programs that are either unnecessary or could be delayed is going to stifle your kid's life. The debt load will cause taxes to skyrocket because the government is obligated to repay the debt and taxes are the government's only source of income. More government debt = higher payments = higher taxes = less income for citizens = less opportunity for your kids to live the life they want. Your kids will have less opportunity than you did to buy a house, start a business, support their favorite charity, send their kids to college or care for an elder parent because the government will be taking over 70% of their hard earned income.
Don't let the fancy jargon, politicians or talking heads fool you, this issue as is as simple as the example outlined above. If you wouldn't let Dad or Gran spend needlessly, don't let your politician do it.
O.D.O.o.O.D.B.
