Meet the Debt-Paying Generation
An interesting op-ed from William Beach and Dustin Siggins at Heritage:
Someone will have to bear the brunt of this fiscal freefall. Who will it be? Seniors have earned every dollar of their Social Security and Medicare, paying more than 15 percent of their lifetime incomes into these programs. We can’t ask them to work much longer than they already have. And it’s highly unlikely that Congress will cancel these programs any time soon just because they’re insolvent.
Instead, it will be the Debt-Paying Generation – Americans between five and 30 – that will carry that burden. With education and health care costs skyrocketing and the older members of the DPG generation unable to find work to begin saving and invest in their futures, this burden will indeed be a great one.
How’s the chorus from that Sex Pistols song go? “No future! No future! No future for you.” Flowers in the dustbin, etc.
When I think about the financial burden we are leaving on future generations, I like to imagine some very cheesed-off looking toddlers, in diapers and tri-corner hats, with muskets and a banner reading: “No Taxation without Representation.” The Class of 2028 did not ask for this.
Which brings up a serious political question: Had enough, suckers?