As an average millennial taxpayer, you owe roughly $160,000 of our nearly $20 trillion national debt.
Find out how the debt is detrimental to Millennials.
The federal government is spending too much, running large deficits, and heading toward a financial crisis. How will this affect you?
Compact for America discusses how Article V of the US Constitution can be used to advance & ratify a balanced budget amendment.
According to the Congressional Budget office, if current trends continue, the federal debt will exceed the capacity of the GDP by 2040. Some measures indicate it already has.
Compact for America breaks down the facts on proposed balanced budget amendments. It isn’t all that pretty.
With almost half a century of annual borrowing to pay for spending, it is fair to say that the United States government has a chronic deficit problem. What does this mean for millennials?
It is the spring of 2020. The U.S. economy is humming along at an unimpressive growth rate of a bit more than two percent per year. Will America have its own debt crisis?
Older generations have accumulated debt and are now going to hand the bill over to you to be paid through higher taxes.
Burdened with an obligation to pay government debt they did not incur, young Americans – those born between the early 1980s and the beginning of the 21stcentury, or millennials – begin life at least partially robbed of their birthright.
If the debt is to be repaid by taxes, the federal government is laying claim to a huge chunk of millennials’ future incomes for programs that mostly will not benefit them, if they benefit anyone.
The deeply troubling reality is that current levels of deficits and debt tell us only so much about the U.S. budget situation. The real fiscal gap is getting bigger each and every year that lawmakers fail to enact structural budget reforms.
It is time someone told the full story of the crisis facing America’s young. The future of America can be saved, but only if our government’s betrayal comes to an end.
The birthright of America’s young must be restored, and the time to do so is now. This book explains how.
Resources for action.
The federal budget process, when it works, permits Congress to monitor and fund programs based on their fiscal impact. Yet every Congressional budget masks the true economic costs of federal spending.
It is virtually a fiscal nightmare: federal government spending is expected to increase by 4.4 percent per year. By 2025 federal spending will exceed 22 percent of GDP, compared to just over 20 percent today.