"Hey Baby Boomers! This one is on us. This is our legacy, which we are leaving our kids and grandies. We can bitch and moan about the shortcomings of Gen X and the Millenniums, but the debt is all us. Great examples, we are."
First the Dodo Bird became extinct. Now it also appears the once treasured Budget Hawk is going the way of the Dodo. Am I wrong on this? Has anyone heard "boo" about our beloved national debt as late? In fact, if just about anyone of the socialists who is running for President gets sworn in, and has a Democrat House and Senate, it will be Katy bar the door. The plans they have to spend money we don't have, will take our national debt from the trillions to the zillions.
We are spending like drunken sailors right now. Of course, some of what we are spending is going to the military. Equipment and salaries. Things which were somewhat neglected during the last Administration. The 600 pound beast in the corner however, is not being talked about. The main driver(s) to our debt. Medicare and Social Security. Both of these programs are destined for failure unless reformed. And there is not one beating heart on Capitol Hill that has the guts to bring that subject up.
Well - that is not exactly true. Many of the socialists who at one time were Democrats, are bringing it up. Like, we need to open up Medicare for all. After all, in the Constitution they envision, health care is a "right". How much will that cost? Trillions. Who pays for that? Nobody - yet. We will just put it on the tab. Let future generations worry about it. Party like it is 1999, or something like that.
And our favorite 1/1024th Native American, Elizabeth Warren just came out and said if SHE is President, the first thing she will do is absolve folks of all student loans. And why not? It is only $1.5T. Who will pay for it? Again - not us. We will just put it on the tab and wait for the big crash to come. Until then, we will just eat, drink and be merry.
Here are the numbers for GFY 2019, and they are a bit sobering. According to the Concord Coalition, government spending is projected to be $4.41T this year. Revenues, even though very high, are only going to be $3.52T. So if A - B + C, that must mean our projected deficit this year will be a shade under $900B. And - our National Debt will eclipse $22T.
Our country is like the 300 pound man who is going on a crash diet consisting of four cheeseburgers for lunch, and an entire pizza for dinner. For some reason as of late, the word "debt" has become a vile four letter word, which is mentioned in Washington as many times as Voldemort is mentioned in Harry Potter books.
Hey Baby Boomers! This one is on us. This is our legacy, which we are leaving our kids and grandies. We can bitch and moan about the shortcomings of Gen X and the Millenniums, but the debt is all us. Great examples, we are.