The best policy is that governments should always “pay as they go”

"When we use political playoffs to elect people to positions of power they are only lent that power for a limited time.

A president in power today shouldn’t be allowed to make commitments in contracts beyond their term.

Every community will be tempted to borrow money to fund public projects. Debt is covert taxation of future generations which were unable to consent to the debt. Therefore, the best policy is that governments should always “pay as they go”. If a government wants to build a road, it should first save up taxes and then pay in cash. This discipline provides a critical check on government budgets and prevents corruption caused by transferring power in the form of wealth from future generations to the current generation."

Author: Daniel Larimer

Source: https://moreequalanimals.com/assets/MoreEqualAnimals-1.15.2021.pdf