Countries all over the west, who claim to be democratic, are taking on debt on behalf of the population. The result is that the population end up paying interest rates and costs to the banks and institutions who lent this money to the country.
One of the biggest budget posts in western budgets these days is interest rates on debts.
In a real democracy, is it democratically legal to take on government debt without the approval of the population who is taxed to pay for that debt and the interest on that debt. Especially in light of how elections works today and the fiscal promises politicians give to the population in order to be elected. Should it be illegal for governments to take on debt on behalf of the people without their actual approval?
In a two party system or a coalition mutliparty system should the majority be allowed for force the minority to take on debt with them?
In my opinion it is completely anti-democratic and politically ridiculous that politicians can take on debt to keep election promises. In a democracy this should not be possible. In a democracy, the people who take on the debt should be asked. And in most cases a state should rather build assets than take on liabilities on behalf of the population. Especially in light of the future promises the states have towards the population in for example things like pensions.
Please vote your opinion.