The Fiscal Canyon
Via @Instapundit, law prof William A. Jacobson quotes Nick Troiano and Ryan Schoenike, co-founders of The Can Kicks Back, the Millennial outreach partner of the Campaign to Fix the Debt.
Troiano and Schoenike wrote in USA Today:
Our country is fixated on the fiscal cliff. Rightly so. Unless Washington gets its act together by the end of this month, huge tax hikes and across-the-board spending cuts are set to take effect - amounting to an economic shock that could cause another recession. But beyond this fiscal cliff lies something far more treacherous, which we should not ignore.Call it the fiscal canyon. It's not the $1.1 trillion projected deficit for this fiscal year, nor is it our $16.3 trillion national debt. The fiscal canyon is $71.7 trillion worth of liabilities, unfunded obligations and other long-term commitments of the federal government. It's the massive tab that is being handed down to future generations-- like ours.
We are both "Millennials," part of the largest generation ever, 80 million strong, now age 32 and younger. While the fiscal cliff threatens an economic recession, the fiscal canyon threatens our entire American Dream. As young Americans who plan on being here for a while, we have the most at stake in this debate.
The American Dream? Not scheduled for the Millennial generation. Pay off Granny's debt, kiddies! While she retires to Florida and has the government (read: young taxpayers working two crappy jobs) pay for her her health care -- whether she's in poverty or not.
What really suck is that the sequestration isn't a cut to the actual budget. It's a cut to the automatic baseline increase in the last budget from 4 years ago.
Jim P. at December 27, 2012 11:16 PM
I dont think the Millenials are necessarily the main ones getting the shaft here.
In my opinion it will be the second half of the baby boomers, on down to anyone in their mid to late 40's who gets screwed.
Why? Because it is clear that the government's way out of these over promises is two fold. They will inflate the currency, rendering much of the savings done by my generation worthless, at the same time that the fixed benefit pensions, are both inflated into worthlessnes, and then defaulted on.
This will leave most people in their fifties and late 40's either unable to retire or with a worthless retirement.
Once the debts are defaulted on, the millenials will be able to save for retirement using new, inflation adjusted, dollars.
Isab at December 28, 2012 1:44 PM
Most Millenials I've spoken with:
1. Support the Occupy Movement.
2. Are convinced that Tea Partiers are evil & racist.
3. Tend to support bigger & bigger government.
The majority of them voted for more gov't services. Now they can pay for it ... for the rest of their lives!
Robert W. at December 28, 2012 3:28 PM
The great part about predicting crippling inflation is the predictor might someday be right. Last year and this year were not those years. Next year doesn't look too good, either.
But keep it up: someday you might be right.
Andre Friedmann at December 31, 2012 12:59 PM
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