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.

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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.
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About 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.

  • Phil

    Sad thing is the youth will STILL vote Democrat.
    School is indoctrination. It’s our fault for letting it happen not theirs.

    • tatoo

      They vote democrat because they are smarter. And most are women.

      • Hell-Cat

        They vote democrat because they don’t have any real life experience. Their mommies and daddies are still footing the bill.

      • Hell-Cat

        Behold the “smarter” youth:

        http://www.youtube.com/watch?v=n02qgqtpRKY

        • pen44

          There are all kinds of clips like this on various issues….it is amazing the rights & liberties these “book-smart, life-stupid” Liberal Loonatics want to take away from the average American. And then, we have the Hollyweirdiots who want to “shoot all the members of the NRA”…Henry Winkler (Fonzie) tweeted that. But, the college/university students scare me….and, please, remember that our legislatures are now filled with the “flower children” of the ’60′s. THAT is scary!!

      • Phil

        You mean indoctrinated right?

        http://collegeinsurrection.com/2013/10/yale-prof-forced-to-admit-tea-partiers-are-intelligent/

        Note. Even though it is his study.
        He denies the facts and sticks by his ideology.
        Academia is the enemy within.
        The Democrats Obamao care will kill more people this year than Gun Violence!
        Gun control? No We need LIBERAL CONTROL!
        Remember.
        Stay Free Vote TEA!

      • Robert177

        Please, send us all a bag of whatever pills you’re on. I’ll even make it worth your while.

        • pen44

          The zombies are with us, Robert! I refer to them as the DD&Bs (DeafDumb&Blinds)

      • Greg Paley

        All old ugly d*kes vote Dimocrap because they are mentally deranged. All that vile stench from “down there” ends up affecting their gray matter.

      • Rob

        How’s that working for you . . . ?

    • Robert177

      Well, I figure it’s BOTH. Their fault for being evil and teaching evil stuff. Our fault for sitting back and letting it happen. Otherwise, you’re just blaming the victim.

  • jlfonz1
  • Rabelrouser

    The root of this problem is never discussed, only the symptoms of the problem; and even then it is rarely the subject of discussion because it is not “politically sexy” enough to go into. ( As example of very few comments here)
    But, this is the death knell for this nation, a situation that can not continue because it WILL collapse, the nation will soon be financially bankrupt and then, the real suffering will begin for everyone, even the so called rich.
    This was planned, and finally implemented in 1913. Those who wanted a central banking system based on debt and compound interest were the victors, because they could control all and hold all through debt. They destroyed a currency, ever so slowly by taking its control away from the people (congress) of this nation and placing it into the hands of a few. And those few have been increasingly manipulating the financial conditions of this nation sence, to where we are today.
    Too many Americans are too stupid to want to even consider this situation, and because of it, America, this Republic, will financially collapse, and very soon. “Money” will be worthless in its paper form and only those who were smart enough to invest in physical hard currency such as Gold and Silver will be able to actually survive.
    And survival will be the bigger problem for the individual, because he will only be able to barter so much of what little there will be left, or considered of worth.
    So, dont educate your self about the root cause of this problem, dont understand that the Federal Reserve is the real problem, you will suffer along with everyone else.
    Andrew Jackson said it best: If the people knew tonight the truth about the banking system, Washington would be ashes in the morning”.
    Good luck in the future.

  • JJBuck

    Rabelrouser speaks much truth. I have a junior in college – and her friends are NOT signing up for ACA. She and her friends will spend their entire adult lives cleaning up this financial illiterate’s (Obozo) mess. In the last five years we have run up $7 trillion in debt and printed yet another $4 trillion in new currency, yet after $11 trillion i “stimulus” we have no real growth, high unemployment and deficits as far as the eye can see. Can our liberal friends finally admit that this exercise in Keynesianism is futile and actually the root of our nation’s problems? Probable long-term results? See: Argentina. This man’s unprecedented arrogance is the death knell for our children’s future. How about we just let the private sector go. We’ll fix this.

  • seazen

    “Stealing” is a great topic for a well reasoned article. Acting now to assure a better future for our children and grandchildren is also a great topic. A template for honest behaviors that are dedicated to really improving conditions and opportunities for future generations would be worth presenting and building upon.
    Such an effort would require examination of what has occurred over the past several decades to determine who, in fact, has been stealing wealth from whom. As is always the case, one just has to follow the money. Wealth/money in this country was built up as the direct result of 100 plus years of the great American industrial era. A world-class economic system was created through the increasing productive application of both financial and human capital. It was facilitated through the construction of a spectacular infrastructure of roads, bridges, ports, electrical transmission lines, railways, schools, universities and airports. It happened because this society was, in fact, actually working to create a better future for themselves and following generations.
    The stealing began in the 1980′s as ambitions shifted from building and investing for the future into a self-serving, instant gratification, “me first” set of attitudes and policies dedicated to extraction of wealth from wherever it could be found. Money became the only measure of personal, corporate, and class status. The things that matter in terms of the viability of the future where tossed aside as “externalities.”
    So we get to 2014 and we have a younger generation that have suffered as we have decimated what was once the best public education system in the world, are driving the natural environment on a path of destruction, have let our infrastructure fall into total disrepair, have made a mockery of our banking system by turning it into a casino, have refused to allow the minimum wage to keep up with inflation, have incarcerated more people than ever, and now celebrate only those who have found ways to game the system and pull massive amounts of wealth into their own hands at the expense of everyone else.
    It is fun for some to trivialize all of this and scream that it somehow is “Obama’s fault” because he is a communist, or a Muslim, or just plain evil. It is called deflection and it is carried on by the wealthiest among us to assuage their own guilt and by those who fawn over them.

    • Kibber_SF

      Wonderful post! The only thing I would change would be to add, except from the rich, after “me first” set of attitudes and policies dedicated to extraction of wealth from wherever it could be found”

  • tom2

    I did everything I could to educate my two grown children on the differences between a socialist nation and a constitutional republic. I even pointed out who the socialists are. But at the end, one voted for the socialist and one voted for the rinos. Seems we’re partly responsible for leaving our children with this mess. Our long-term, established representatives and senators are directly culpable and we voted for them. And the TEA movement did not erupt until about 2009. By that time, the socialist had lined up his cheerleaders (lame stream media), the IRS, HHS, EPA and Homeland Security. Conservatives were too late by a wide margin. Many of the socialist democrats now are resigning and running for their political lives but it may be too little, too late. The question is what will the conservatives do about it?

  • tatoo

    The monsterous debt started by Bush with his wars and gov’t bailout. Clinton left the government in the black.

    • Kibber_SF

      I love how they caloim “the math is straightforward” after claiming the debt rose from 3.2 to 9 trillion from 1990 to 2007 (the actual area for this increase was from 2000 to 2007). They seem to have lost 2008 and 2009 under Bush’s budget which nets another 2+ trillion towards the debt…republican math..no wonder when they take over it doesn’t get any better…

    • Greg Paley

      D*kes have lots of opinions but no brain cells.

  • Kaleta

    All we need to do is oust the banks…like Iceland! Simple..and begin PUBLIC BANKS….But no one has the courage to organize our huge population …and do this…..The U.S. corporation has the debt…NOT the free born people in America…Look into history and you will see the banks and the rich took over in 1871,,,,

  • Josiah Peterson

    If the republicans want to win elections than quit nominating the only ones on the planet worse than the democrats. If a party would stop party politics and realize a representative in the middle is better than a representative on the far end. Then and only then will we get candidates that those young voters might be able to relate to. The liberals or democrats want one thing. The tea party or republicans want the opposite. However the majority of voters are somewhere between the extremes. The young voters and middle aged voters are more in the middle. So give them candidate’s to hold the seat. A republican that sides with democrats once in awhile is better than a democrat that always sides with socialist agenda. Just the same as a democrat who sides with republicans sometimes is better than a republican that always sides with republican agenda. The party agenda is not what most Americans want. The majority believe the court ruling should be upheld. A woman has the right to choose to terminate her pregnancy. The far right can’t stand this but it is about the right to freedom of choice. I still believe abortion is wrong but it is her right to choose. The same is true for how I spend my money. It is my right to choose insurance that works best for me or maybe I choose to put food on my table to get through tonight instead of insurance for the what if future. Young people are not signing up because the fine for not signing is cheaper than insurance. Illegals and other immigrants will still fill emergency rooms with no insurance. Who pays those bills? Bothe republicans and democrats had their part in causing this problem. It will take politician reform to fix this. We need to hold politicians accountable for their actions.

    • Leslie Jahnke

      I don’t care if your kids do or don’t have insurance but they should do that with the full knowledge that they will be responsible for the cost of their medical care. Costs could come down if hospitals didn’t have to inflate fees to help cover the cost of providing free care to those who can’t pay or don’t pay. I’m OK with you kid’s decision as long as he/she steps up to pay the cost of any care they need…no whining allowed.

      • Josiah Peterson

        The hospital does not cover the cost. Prior to obamacare all of us tax payers covered the cost. Obamacare was designed to lower fed spending on health care. Prior to obamacare fed picked up all uninsured ER bills.

        • Leslie Jahnke

          I worked in a hospital and each month a list would come out detailing uncompensated services, that is folks who didn’t pay. The government didn’t step in…the hospital ate the loss. Millions a year. What the hospital did do was try to qualify low income folks for Medicaid so at least they would get something.

  • babbott

    Every government program has been expanded and abused to the point that it is unsustainable. Social Security would not be a liability if the program had been operated the way it was planned and sold to the people. But when the Trust Fund was stolen by Congress and used for other projects and people who never paid into the program were allowed to draw benefits, everyone should have known what was going to happen.

    • pen44

      True, babbott, and we have LBJ to thank for breaking that piggy bank. And for setting up the Great Society’s welfare state…welfare was supposed to be a temporary stopgap, not an ongoing multi-generational lifestyle. And the saying, “Socialism works until it runs out of other people’s money” proves true again.

      We’ve had a long line of “economic depressions” in America: 1797, 1807, 1819, 1832, 1836, 1857, 1869, 1873, 1901, 1907, 1920, and the “Great” one, because it was the longest, 1929. Recessions started in 1945.