Let’s say that I lease an apartment for $1000/month and I intend to continue leasing it for the next 100 years and pay as I go, out of my future earnings. Does it mean that I have $1000 * 12 * 100 = $1.2 million in debt?
This analogy must be adjusted to get apples to apples.
Let’s say that you sign a 100 year lease for an apartment at $1000/month. YES, THIS MEANS THAT YOU HAVE $1000 * 12 * 100 = $1.2 MILLION IN DEBT! Unless you PLAN to break the lease (equivalnt to telling those retirees, right when they need the money, that, sorry, no Social Security or Medical Care.)
To make it EVEN WORSE, if you do what the Federal Govt is doing, you start puting the monthly rent on your credit cards. Even though you make $800 a month after tax you spend that on a car, going out to eat and NEVER pay down your accumulating credit card debt. Your plan is to continue like this for the next 100 years.
