In December 2023, the U.S. officially reduced their discount rate from 7% to 2%. But on January 20, 2025, the Trump administration switched it back to 7% to estimate the carbon value. What are the implicit moral values that support these discount rates? In a growing economy, long-term investments impose sacrifices from the current generation for the benefit of future generations that will be wealthier. The efficient discount rate can then be interpreted as the minimum rate of return that compensates for the increased intergenerational inequality that these investments generate.  Calibrating the associated Ramsey rule relies on our collective degree of inequality aversion, a parameter for which there is no consensus in our profession. We develop a model with first-order inequality aversion to reconcile the different views.