Politicians make promises to buy votes. The money comes from taxes. But what the government is taking in is not enough to pay for all the promises, so the government "borrows" from future taxes. The "on-books" deficit is currently about $9 trillion, but the "off-books" cost of social security and medicare is over $44 trillion.
The entire US economy is only $10 trillion a year. That means that young folks today (say, under 30) are going to have to pay higher taxes than ever - and when it comes their turn to collect on promises - there will be NOTHING left.
How do the younger folks feel about paying and extra 20%-30% of their paycheck for programs that won't ever return anything to them?
2006-12-29 05:53:16 · 6 answers · asked by A_Patriot 2 in Politics & Government ➔ Government
To clarify - it's not just that the benefits won't be there (they won't) but that you will have to pay MUCH MORE than you pay now (think 70% of your paycheck in taxes). You all still okay with that?
2006-12-29 06:17:37 · update #1
I'm angry and I feel a little used. I mean... there's more wrong with the picture than you got into even. What about the impending death of social security? And student loan interest rates? What about the loss of jobs in the US, which has turned to a service based economy?
It's insane. I'm actually attending graduate school so that I can work on public policy and economic management to alleviate these problems.
As far as the being screwed bit... they didn't even offer to use any lube. Do I care? Oh yeah... I'm livid.
2006-12-29 06:01:55 · answer #1 · answered by erinn_la_fey 2 · 1⤊ 0⤋
Would a real Gen-X'er expect anything more from our government? However, instead of paying more in taxes, we should demand less services from our government. We have been told about the impending doom of social security for many years and should have prepared by now.
2006-12-29 17:59:50 · answer #2 · answered by sharpie 1 · 0⤊ 0⤋
America is still a relatively "young" country... we're constantly learning as we grow. I'm 26... I know full well social security will be long gone when I'm old enough to collect it. Does it suck? Yes. But America is still the best country to live in, and I wouldn't trade living here for anything. Everything looks better in 20/20 hindsight. We can learn alot from the mistakes of our past leaders- but that's how people learn- from their mistakes.
2006-12-29 05:57:36 · answer #3 · answered by Tara 2 · 0⤊ 1⤋
Some governments are worse than others, some better. Many are designed to reduce the impact of human greed and other bad habits. That was the idea with the US constitutional government. You seem to oppose it strongly. What would you prefer? Do you think you could design a better one?
2006-12-29 06:06:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Well, 30 years ago, someone would have probably asked you the same question! You can't worry about everything in the world, some of us trust in God that we'll be OK. I do think SS should be privatized, though. To better ensure that money will be there when we need it.
2006-12-29 05:56:45 · answer #5 · answered by CH 2 · 0⤊ 1⤋
younger than 30 is not gen X, but as a gen X er, I am upset that I don't get my piece of the pie...think about it, marketing and politics is all about the majority, and Gen Xers are the smallest generation alive today. So NO ONE is ever trying to please us, as there aren't enough of us. But many of us are independents...which in a way puts ALL of the power of elections in our hands. As usual, we will find our way around it...
2006-12-29 05:57:22 · answer #6 · answered by hichefheidi 6 · 0⤊ 1⤋