Everyone except for the far left and the White House realizes that Medicare and the other entitlements are the largest drivers of our debt. While defense and discretionary spending can certainly be rolled back, entitlements and interest payments will consume all projected revenue in a little over 10 years.
At this rate, my generation will never see a dime of Social Security or Medicare. Yet, we’ll still be saddled with the yoke of the ever-growing national debt which financed these programs for older generations.
Age supposedly brings long-term insight, but at age 21, I would rather see our government go cold turkey for a couple weeks to figure a real solution to this debt problem than to keep spending my generation into future oblivion.
Ideally, our leaders will come up with a solution before we hit the debt ceiling, but if not, the worst thing that happens is a temporary shutdown for some of Washington’s bureaucracies. It won’t be the end of the world.
In fact, Geithner’s theory that the global markets will collapse from a partial US government shutdown is ludicrous. The last time the US government had shutdowns in 1995 and 1996, the Dow and S&P 500 went up both times.
Precipitously (and temporarily) cutting spending to balanced levels will inevitably sting, but Americans should ask ourselves: How did we get fooled into fearing a balanced budget?
It’s time for the Obama Administration to act like adults and protect America’s younger generations. Instead of threatening a fake financial Armageddon, our government needs to look out for all of America’s vulnerable populations, including young people.