Generationship – Reducing our debt and deficits in a manner the equitable across generations by having a dialogue between generations about the trade-offs and sacrifices that will need to be made.
Our country is confronting huge spending challenges. Not only is the national debt over $14.3 trillion, our entitlement programs mainly Medicare and Social Security will be facing trillions in future shortfalls. The trustees’ report of each program predicts that they will run out of money to fully fund their obligations in 2024 and 2036 respectively. Because each of these programs rely on a pay-as-you-go system where current workers support those who are retired and shifting demographics (more retired Americans pulling from the system) we will need to have a serious conversation between generations.
It’s going to require the Millennials and their parents to talk about benefits they would like to have and the taxes we would like to pay. It is also going to involve our elected officials to engaging Millennials and beginning to talk about the national debt with them. They are going to have to stop referring to those who will inherit America’s massive debt as the children and grandchildren. After all if you’re between the ages of 19-33 you are one of the children!