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The Daily Signal
All About the
Money: Why Government Spending and Debt Matter for Millennials
Michael Sargent
October 06, 2014
If you’re a millennial who recently returned to your college campus or
started your first job, you probably haven’t paid much attention to the
trillion-dollar spending measure Congress passed without much fanfare.
And why should you have? How does it affect your life? Spending
decisions made in Washington can seem abstract and irrelevant for what
matters to you.
But Congress’s spending decisions DO matter for today’s young people —
perhaps more than for any previous generation. To help millennials
answer the “Why does this matter for me?” question, Heritage has
released “All About the Money,” a new guide specifically for college
students and young professionals.
In it, we explain how the current spending culture in Washington
affects millennials — their opportunities, their careers, and their
future — and what we can do to change it. “All About the Money” is
centered on preserving economic freedom to improve living standards and
create opportunities for the future.
But right now millennials are at risk because of a slow economy and
high levels of government debt that will continue to grow without
reforms. Millennials born in 1994 will see their share of the federal
debt grow sevenfold to $142,000 by the time they reach 45. That’s
enough to buy an iPhone 6 Plus for 190 of your closest friends.
And all that debt has to be paid somehow, mostly through higher taxes
that will hit millennials—who already are struggling to find jobs—as
they reach peak working age. This means lower economic growth, which is
bad news for everyone.
But “All About the Money” lays out the solution: Reform the entitlement
programs, which are the biggest contributors to the debt. Responsible
reforms would reduce the debt and would preserve Social Security and
other programs for those who need them most in the future. And cut
spending to what’s essential.
The government has grown too big to be effective with more than 2,200
federal assistance programs on the books today. “All About the
Money”shows why it is important for millennials to pay attention to the
spending decisions coming out of Washington, which right now could
leave them the most indebted generation of all time.
It also provides the solutions that can empower millennials to embrace
the challenge to restore economic opportunity for their generation and
for posterity. So have a look, inform yourself and take a step to
preserve the American dream for millennials and all future generations.
Read this article with links at The Daily Signal
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