Of the many challenges that confront the youth of America, none pose a greater hurdle than the relentless expropriation of the generations that will land young and old alike in an early economic grave.
America has sustained its debt on the backs of its youth. Too many old hands are reaching into the pockets of the young. It did not need to be this way. America’s politicians could have asked each generation to pay for itself, or at least to limit its abuse of the next. The very generations that could not speak for themselves are those that were abused.
The tax burdens on the young will grow exponentially while their earnings decline and their standard of living decreases. Uncertain economic futures are causing our young to defer marriage, home buying, and childbearing. These are profound social changes.
A dollar in the future is not the same as a dollar today. Using the government’s preferred 3 percent real discount rate, you learn that the value...
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