Comment: Austerity will burden future generations, not government debt Published on: 21 November 2022 Writing for The Conversation, Nicola Mulkeen discusses when long-term debt wrongs our successors and when it does not. , In his , Chancellor Jeremy Hunt said that the Conservatives don鈥檛 leave debts for the next generation. As such, he government borrowing over the next five years. This promise is key to the government鈥檚 justification for austerity, spending cuts and other unpopular policies. Hunt is appealing to the commonly held idea that high levels of national debt unfairly burden the next generation 鈥� we betray our children and grandchildren by taking on too much debt, leaving them worse off and saddled with the costs after we are gone. But this view of public debt is incomplete. In a , I outline when long-term debt wrongs our successors and when it does not. Unlike private debts, where debts are in the deceased鈥檚 name only, public debt can be passed on to future generations. But the fact that some costs of national debt can be transferred does not imply that these generations are worse off. Whether the loan has been spent wisely or foolishly is significant. If borrowed funds are spent on a short-term project (for example, investing in an enormous fireworks display) and some of the costs are transferred to the future, the future generation will probably be worse off as a result of the loan. However, if the funds are spent on a project whose benefits extend to future generations (for example, the war to end all wars), then even if succeeding generations incur some of the debt, they may be much better off overall. Investment in public projects can improve the position of future generations. National debt can be used to finance investments in education, the labour market, and tackling the harmful effects of climate change that will benefit the young. Given the time pressures, this last option will not be available to future generations to handle themselves. The view of debt as burdening the future loses sight of the fact that governments borrow money to invest in productive things. It is important that we don鈥檛 just focus on where the costs fall over time, but also where the benefits will fall. If borrowing for our children and grandchildren will improve their overall wellbeing and prevent future harm, it would be negligent not to help when we have the chance. The real burden The government鈥檚 position is that we need to reduce national debt through tax increases and spending cuts so we don鈥檛 impose costs on future generations. But it is awkward for the government to invoke 鈥減rotecting the young鈥� to justify austerity. When governments cut spending on essential things like education, social security and public services, it is younger generations that suffer the most. In 2019, the UN for forcing millions of people into poverty, causing record levels of hunger, homelessness and decreased life expectancy for some. This was before the pandemic. And things have only deteriorated, particularly for young people. The UK is one of the richest countries in the world, yet it has high levels of childhood poverty. Children are already burdened in education due to COVID disruptions. According to teachers, hunger is now one of the . The use of food banks has risen by 81% in the last five years. Trussell Trust has distributed 2.1 million emergency food parcels this year, with 832,000 going to children. To make matters worse, more than 400,000 children in the UK . Primary school teachers are now raising money to provide bed bundles because their pupils are suffering from . Although the government is pledging to increase school spending by , the worry is that with rising energy bills and inflation it is not enough money for schools to make ends meet and feed children in their care. Money can be invested in long-term projects like education and fighting climate change. Austerity and government spending cuts risk pushing the economy into and increasing unemployment. Young working adults are already to unemployment than their middle-aged peers, and the gap generally worsens after a financial crisis or during a recession. Young people in the UK were hit disproportionately hard by the last round of austerity policies 鈥� youth unemployment was than for older age groups. Early experiences of unemployment increase the risks of further unemployment over a person鈥檚 lifetime. More young adults are being forced to accept jobs that are low paid and demeaning. Young people become scarred by this early experience and they become stuck in a . The damage to young people鈥檚 health, education and employment opportunities will extend long into the future. If increasing public debt is wrong because it unfairly burdens the next generation, it is difficult to justify austerity. We will be creating or preserving the very conditions we seek to diminish. , Lecturer in Political Philosophy, This article is republished from under a Creative Commons license. Read the . Share: Latest News 缅北禁地 expert highlights climate crisis in a new film A leading 缅北禁地 climate scientist is featured in a new film about how the climate and nature breakdown will affect the UK. published on: 14 April 2026 Neolithic tombs reveal ancient kinship ties Male individuals buried in Neolithic chambered tombs in northern Scotland were often related to each other through the paternal line and some were interred in the same or nearby tombs, research shows. published on: 14 April 2026 We are our Memories New exhibition by Fine Art graduate Trish Hudson-Moses, 22 April 鈥� 4 May 2026 published on: 10 April 2026 Facts and figures
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