Intergenerational fairness improved by fiscal deficits
There was an interesting article in the UK Guardian today (August 6, 2014) – Debt and housing costs make young worse off than past generations – which reported on the so-called ‘intergenerational fairness index’ published by the – Intergenerational Foundation, which is a UK-based organisation which “researches fairness between generations” and believes that “government policy must be fair to all”. The – 2013 Edition – is the most most recent published version of the index. The UK Guardian journalist has the most recent index, which has not yet been publicly released (probably in London later today). The points I wish to make are not dependent on knowing the detail of the 2014 result. My concern is about principles and basic neo-liberal macroeconomic myths that are embedded in an otherwise reasonable exercise. A case of progressives shooting themselves in the foot again!