David Einhorn Thinks The U.S. Debt Will Be Our Problem - Not Grand Kids

It's become a cliche that our government debt will be a legacy that future generations have to repay.

However, David Einhorn, of Greenlight Capital, made a speech saying that our future generations can rest easy.  The explosion in government spending during the last few years means that WE will end up paying for it.

In his insightful speech, Einhorn lays out how last year's "stimulus" wasn't really a stimulus because, rather than being a one-shot boost to the economy, it permanently increased government base-line spending and created / preserved government jobs.

The speech details how official government statistics are manipulated and understate inflation. 

The Fed has us on a cycle -  going from one bubble to bailout to next bubble.