I'm bone-tired of hearing Nancy Pelosi and others complain that anything over $6 billion in budget cuts is tantamount to kicking schoolkids into the snow. I wonder where's the moral outrage of saddling these same kids with mounds of debt, high inflation, and an anemic economy. Over at National Review, they lay out the numbers in "An Emergency for Americans under 30."
A news alert for the Debt Paying Generation: President Obama’s budget for Fiscal Year 2012 brings the national debt from $14.1 trillion to nearly $26.4 trillion by 2021. This will take the amount of debt per working American by the end of this fiscal year - all 153,000,000 of them - from $101,150 to more than $161,631. Young Americans are going to get hammered by this debt if entitlement, welfare, and defense reforms are not under way within the next two to five years.Just today, word came out that the Obama Administration has presided over the largest monthly deficit in American history, overspending by $223 billion in February. Yet it's next-to-impossible to get Congress to cut $6B, much less $100B, from the yearly budget which is now running a deficit over $1.6 trillion.
Those 115 million Americans between 5 and 30 years old are going to have to absorb virtually all of this debt.
Sorry, kids.
Extra - Hit & Run: "Are we broke yet? Michael Moore says no, reality begs to differ."
More - Via Powerline, the budget cuts in perspective:
3 comments:
"Those 115 million Americans between 5 and 30 years old are going to have to absorb virtually all of this debt."
You assume they will pay it. I think we will get generational warfare - and the oldsters need my kids far more than the kids need the parasitic baby boomers.
You're making the assumption that Gen Y is too stupid to leave.
I've told my Gen Y kids that our family left Germany and migrated to the US in the 1800s due to intolerable conditions (Bismark, Kraftworks). I told them they should feel free to immigrate back to Germany or elsewhere should conditions in the US become intolerable. They are not obliged to live their lives here in the USA.
God made a big planet and there are plenty of places for one to sell one's skills & knowledge.
Testify, brother! We're going Goethe!
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