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But money is also a relationship. This is especially true when there are significant time periods between the incurring of a debt and the payment of that debt. This is especially true, in the USA, for the "pay as you go" Social Security System. Opponents of that system convinced all to make the system more solvent, on a "money is a thing" basis, back in the late '70s early '80s, and so we did, by significantly increasing the withholding taxes for SS and Medicare.
But the "money is a relationship" aspects were flouted and the extra withholding was not used in ways that would help the society pay the debt when it came due. Instead it was used to paper over massive deficits that resulted from Reagan Administration tax cuts for the rich and increases in defense spending. Keynes had warned that there were problems involved in inter-generational wealth transfers and this sorry episode is example one, for the USA especially.
The idea that "We increased taxes to adequately fund retirements, but corrupt governments have squandered that money on tax breaks for their rich buddies and now want to blame the victims" argument should be very appealing to older demographics. The example should be a warning to younger demographics as well. "It is not necessary to have hope in order to persevere."
Austerity is simply rationing. There's no other useful word for it.
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