Stealing from our young: Obama-style generational theft

Like a thief in the night, the federal government is stealing your future. And with it, America’s prosperity is lost, too, sold down the river like some barrel of pike fish. We’re like a frog sitting in a pot of water on the stove, slowly coming to a boil. If the flame grows slowly enough, the frog will stay put and boil to death, not wise enough to his fate to know when to jump out. We can’t jump out either, unless we emigrate.

nyc-debt-clockOur young people face the greatest danger, because they are the victims who will be left holding the monstrous debt created by recent and current crops of federal politicians. From 1990 to 2007, the gross public debt grew from $3.2 trillion to more than $9 trillion. But the Obama years ushered in incomprehensible deficit and debt increases, and now the public debt is over $17 trillion. President Obama has borrowed more than the entire gross federal debt in the year 2000.

But here is the kicker: Every child born today inherits $47,000 in debt, or $107,060 for each family in America. And that does not include annual interest payable on those debts. Even if we cut spending drastically for the next 10 years, we will still have $6 trillion in debt.

There’s more, like the government’s other actual debt/liabilities, such as Social Security, Medicare and federal employee retirement plans. Those three debts would add another $87 trillion, to put us well over $100 trillion owed.

The math is straightforward. The sheer numbers of current retirees are pushing up costs of medical and disability benefits, meaning government spending will increase far faster than tax revenues. Deficits will continue to climb annually, adding to the debt and fueling the government’s addiction to deficits and debt. But the government’s cupboard is bare. Even though elderly people have been pouring our money into the Social Security and Medicare trust funds all our lives to fund our own elder costs, you would think these trust funds would have some money left to pay some of the bills. But no. There’s no money left. The government’s giant Ponzi scheme has already spent it all. Every single dollar of the taxes my generation has paid into Social Security and Medicare was spent in the same year it was collected.

So, even though my generation has paid its own way, the younger generations will be funding the government’s future obligations, paying down the federal debt and paying the unconscionable future costs of Obamacare. Wait until you see what that’s going to cost you, my young friends. America’s future is in hock. If you are 20 to 40 years old, you will spend your entire life paying off the mushrooming debt that keeps getting rolled over. Your money will bail out glib politicians like Obama and professional politicians in Congress, and fund benefits to the older half of our population.

It is puzzling to me why so many younger Americans fell into line to put Obama in office. What were they thinking? Or were they? Well, you helped elect the Boy Who Would Be King, kids, now live with it and live with the burden he has heaped on your shoulders. All the money older generations paid to fund our golden years has been spent by the feds, so you younger folks must now pay the tab going forward.

Remember what The Wall Street Journal’s Dan Henninger said: “I’m always struck when Barack Obama says that no matter what system we choose, he personally is going to be fine.” This president is happy to pass the burden to future generations. But the country, with 90 million Americans not working and taxpayers facing an interest payment on the national debt of nearly $500 billion this year, is in dangerous waters. Before long, our nation’s soon-to-be-overwhelmed younger generations will start writing out big checks. For the rest of their lives.

John R. Smith

John R. Smith is chairman of BIZPAC, the Business Political Action Committee of Palm Beach County, and owner of a financial services company.

Comments

Related Posts