I hear a lot of politicians and lawmakers talk about ensuring that their children and grandchildren have a good life in a country with a sound economy and abounding in opportunity.
Seems so far, the lawmakers and politicians have failed. And the future for young people in this country looks bleaker, not better.
Here is what a recent Pew Research Study shows:
- A growing gap in wealth between younger and older Americans.
- Slow economic turnaround that hits young people harder than others.
- High unemployment among younger people. And jobs that used to pay more than they do now.
- Increasing debt among the young, much of it caused by college loans for tuition increases that are at record highs. And the “value” of that college degree, often cited as worth $1 million during a lifetime? Maybe not.
- Households headed by people 65 years of age or older are nearly 50 times wealthier than a household headed by someone younger than 35.
These already broke young people can pretty much count on paying the price for a huge national debt, which no one wants to address because of petty party politics.
The failed effort on the part of the “super committee” on debt reduction comes as no surprise to most, I am sure. Just about everyone called the effort doomed before it started. Yet, the news sent markets in a spiral, and they already have done a fair amount of spinning because of the financial gloom and doom in Europe.
Ain’t being young grand?
Resources:
- http://kokomoperspective.com/news/…
- http://www.politico.com/news/…
- http://www.nytimes.com/2011/11/19/…
- http://www.nytimes.com/2011/11/22/us/…
- http://www.reuters.com/article/…
- http://www.nytimes.com/2011/…
- http://www.atr.org/taxpayer/…
Bottom line? We all have to tighten our belts. Cut out spending on social security, medicare, education and the military by 25% each. End unemployment insurance, flood insurance, and social programs. Cut out all corporate tax loopholes and subsidies, also cut out subsidies for agriculture. Have a progressive tax that doesn't stop in the 30's. If you make a few billion a year...you might have to pay 50+ in income tax. Investment tax rates should equal the federal income rates. I seriously doubt a CEO who is paid $4 million will just stop working out of protests, if he happens to to get paid 1/2 that much. Doing this would cause a lot of pain to the American people in the short term (for about 10 - 20 years) but we would pull out of this quagmire that we're in and become the top dog that we once were.
As for me, I'm pretty pessimistic and thoroughly expect to lose my house, and have to work until I die....but I'm already expecting it so when it happens the blow won't be as hard. I'm in the military with 4 years left until retirement. I don't believe there will be any (or very much) for me, if I do make the 20 year mark.
Thanks for the thoughtful post. And thanks for your service to our country. Your plan recognizes shared responsibility, but as you already know, it is a stampede of scared cows. Our current lawmakers have no taste for butchering those cows, and so nothing will change anytime soon. I read this weekend that the average debt accumulated by the time a student graduates from college is $25,000. That's no small hole from which to dig out, but it might pale in comparison to someone who has been out of work for three or four years now. I do not know what it will take to get the logjam in Congress broken. But if we could eliminate lobbyists and agenda-pushing nonprofits that put ideology in front of common sense, I think it would happen more quickly. Mac
Post new comment