During the public health crisis caused by COVID-19 and the economic crisis that resulted from the government-mandated societal shutdown, the public’s attention has focused on short-term threats and immediate consequences. This, understandably, led to an emphasis on figures such as the approximately 2.1 million confirmed cases of coronavirus, roughly 118,000 deaths from the virus, and the 44 million Americans and counting who have filed for unemployment since the crisis began.
But one key measure has gone under the radar—the untold trillions our government has piled onto the national debt during this crisis. This debt burden will haunt future generations long after the pandemic subsides and the economy reopens. Thus, our debt-financed COVID-19 response represents a fundamentally immoral intergenerational transfer of wealth. Those who directly benefit from the spending are sending the bill down the line for today’s young people and tomorrow’s taxpayers to bear the burden. Responding to a crisis today isn’t a justification for creating a crisis for the next generation to deal with—and the debt is indeed approaching crisis levels.
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