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In his own words, President Obama said, “We don’t have a spending problem,” and “We do not have an immediate debt crisis.” No wonder his budget proposal continues the same old government gravy train with absolutely no regard for the next generation of taxpayers.
The nation is $17 trillion in debt. Under President Obama’s budget, we’ll see deficits increase close to $100 trillion over the next 75 years. Before the President asks me to put this irresponsible budget on my credit card, I’ve got some questions.
Does Obama’s plan fix our broken entitlement programs that will bankrupt my generation? Nope, just window-dressing.
Does Obama’s budget include any meaningful program cuts or agency consolidations? No, it includes a 6.6 percent increase in spending under the guise of “investment.”
At the very least, will Obama’s budget lower my taxes so that I can keep more of my hard-earned money? Just the opposite – he thought up a bunch of new ways to collect taxpayer dollars to feed his spending addiction.
Every dollar spent has to be taxed from somebody—now or in the future. There’s no doubt that me and my friends are picking up this tab. My lifetime share of the national debt is $630,646. An 18-year old is stuck with just under a million dollars. Six-figure student loan debt is devastating enough. Imagine seven-figure debt.
Like any credit card, even making minimum payments can be costly. The average American currently pays $1,600 per year just in taxes on the debt, otherwise known as interest. Those funds aren’t buying roads, bridges, or fighter jets. A recent college graduate today is being taxed to pay off a tab that their parents and grandparents have been running up for years.
If debt-driven generational theft isn’t bad enough, the sad reality is that young people are footing a disproportionate share of today’s bills. Consider the problem with Medicare – exploding health care costs are on track to bankrupt our country. A 65 year old single woman earning the average wage in 1980 paid $8,000 to receive $81,000 in health benefits. But, a 65 year old single woman in 2010 will have paid $58,000 in taxes to receive $185,000 in benefits.
Who pays the difference? My generation.
The irony is that all of this debt is stifling the economy, making it even more difficult for young adults to pay the debt off. Youth unemployment is at its highest sustained level since World War II, effectively 16.2 percent when taking into account those who have given up looking for work. According to Census data, Americans under 35 years of age have seen their income drop by $6,816 over the last decade, a 13 percent decline.
What do you get when you add it all up? More than a third of all 18-34 year olds have moved back in with their parents.
If these figures aren’t depressing enough, just realize that we haven’t hit rock-bottom quite yet. As our debt levels inch closer to that of Greece, remember their current youth unemployment is a shocking 55 percent.
Not only does Obama’s budget not address the spending binge, but he couldn’t even get it in on time. By law, the President is required to present his budget recommendations to Congress on the first Monday in February. President Obama delivered his budget today, 65 days late. Even college students are more timely with their work.
Given that the President doesn’t believe we have a spending or debt problem, I’m not surprised he offered up an untimely and unserious budget. But I’d still rather not foot the bill.