"Over the long term (beyond the 10-year baseline projection period), the budget remains on an unsustainable path. Unless changes are made to current policies, the nation will face a growing demand for budgetary resources caused by rising health care costs and the aging of the population. Continued large deficits and the resulting increases in federal debt over time would reduce long-term economic growth by lowering national saving."
In the same report the CBO went on to soberly state, "Unless revenues were increased correspondingly, annual deficits would climb and federal debt would grow significantly, posing a treat to the economy."
It should not take an economist or college professor to explain to college students the bind they will be in upon graduating. Deficits of these proportions mean one thing for our emerging generation, regardless of how diligent and responsible some may be: a crippling economic burden handed down from an irresponsible generation that will stifle their opportunity to succeed.