Current fiscal policy impacts the amount of taxes that future citizens will pay. This situation is referred to as generational imbalance.
In case of long-term budget deficits, future generations will need to pay higher taxes in order to pay the interest.
In case of budget surpluses, future generations will pay lower taxes.
Generational accounting
Economists have created systems which examine the lifetime taxes and benefits associated with generations or age groups. Those systems are referred to as generational accounting.
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