Public Debt, Climate Change, and Future Generations

I look forward to the day my grandchildren ask me “Why didn’t you invest when interest rates were negative? It could have limited global warming as we burn today. ”

I will say then, “Very smart people thought that the public debt was too high. Negative rates were then an opportunity to reduce it” and they answer me “isn’t it a lack of foresight, of perspicacity?”

The climate challenge for future generations is more important than an accounting view of the public debt. We fear to leave them a debt too high that could constrain them. Not taking advantage of current opportunities is the best way to constrain their life and their future.

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