Assume that nobody cares about the economic well-being of future generations. Then the Ricardian equivalence view of the effect of debt- financed tax cuts is: still fully valid because the government has the option to levy taxes to pay off the full debt in just a few years. totally invalid. O still fully valid as long as the government cuts spending also. still partially valid because most of the taxpayers will live and pay taxes for a substantial number of years after the tax cut.