How can we, the future generation of Americans, pay off the debt forced upon us by the Baby Boomers?

Question

From social security to the wars in the Middle East to crumbling bridges and FEMA...how can we (generation X and Y) pay off the debt incurred from previous generations?

Answer 1

This is a great question, one that will haunt us for our whole lives (unless we emigrate, which is becoming more and more attractive for many young Americans, of course!) I would propose a two fold plan. First, we need to re prioritize spending. For example, as a previous member answered, subsidies on farming is a very wasteful, and hurtful to everyone, especially the peripheral countries we dump the excess on. We need to decide what is important to us. Personally, universal health care is much more important to me than more untaxed income, including dividends from stock. Should we still be subsidizing oil exploration in the Arctic? Should we be wasting hundreds of billions of dollars on war? These are all ways the current administration is increasing the burden on us. Secondly, we need to stop the overconsumption.Borrowing upon borrowing is destroying the social fabric of this country. People don't need new credit cards to buy new clothes, they don't need to take out a second mortgage to buy a sexy sports car, they don't need to be buying all the ridiculous nonsense pushed in our faces everywhere we go. Not only is it demeaning, it also is not environmentally sustainable. The US needs to quickly reduce consumption of goods, and focus on regaining a foothold in exports, perhaps following an East Asian model of economic development. There we see individuals with a positive balance in accounts, unlike here where the average person is in shoulder deep debt. We also see a huge trade surplus in these countries. This is what the US needs. Less debt being paid to debtors, and more positive contributions to our very much global village. Only then will we ever be rid of this gigantic back breaking debt.

Answer 2

You want to blame this on the boomers? They have been paying into social security. They aren't responsible for the corruption there. Wars in the Middle East? There have been wars in the Missle East since recorded history! The boomers didn't do this. Fema? The bridge collapse is due to their lack of oversite to needs of this country? Nope you are way off here.

Answer 3

Well, it starts with our dollar. Right now, it's just a piece of paper, no matter what number it has printed on it. Compared to 30 years ago, the dollar is worth four cents. This is all a direct effect of irrational spending on unecessary wars and programs (from both the left and the right), and repeat deficit spending and loans from foreign entities (China being one of the biggest).

We need to advocate responsible spending, spend only when necessary(No more meaningless wars, no special programs such as "free" health care), and return to a system where our money is backed up by a commodity, such as gold and/or other precious metals that have a real value.

Answer 4

Reinstate the "pay as you go" policy in congress that was in effect during the Clinton years. At least we had balanced budgets then. The first step when you are deeply in debt is to stop digging yourself deeper.

Maybe it's time to elect the first post-baby boomer President also, Barack Obama.

Baby boomers have controlled the direction of the country for far too long and it could scarcely have turned out worse.

Oh, yeah and stop hemorrhaging money in Iraq.

Wow, Generation Whine (I mean the baby boomers) take exception to being called out on their staggeringly self-centered existences. They reserved the right to ridicule prior generations and glorify themselves for their massive self indulgence, but then when someone younger has the temerity to state what is a simple fact about accumulated debt they get all huffy and irrational. Remember the Boomer slogan "Don't trust anyone over 30"? Now they don't trust anyone under 30. It's always all about them.

Answer 5

Oh, boo-hoo! Those old people got us into debt! Let's just abandoned them to an ice flo and wipe the slate clean.

Do you have a clue about life? How old are you? Unfortunately, life takes money. Safety takes money! Fixing those crumbling bridges that you use takes money! I'm glad that you and your generation are just so perfect that you will never incur any debt. Someday, when you grow up and understand what it takes to live, you'll understand how the debt was formed, that it was necessary, and that no lender will ever call the debt in.

And a big WOO HOO!!! for justagra who obviously knows more about life than the both of us, but certainly you.

Answer 6

Control the lobbyists and the pork spending.

Stop paying farmers NOT to grow.
Stop paying for congressional boondoogles.

Answer 7

I'm getting a 2nd job so I can pay more taxes

Answer 8

One day your child will turn to you and ask you how you let this happen, then he will turn away and leave you on an ice floe to die.
We inherited debt too, and wars, and lousy presidents and up to a point we even still had ideals.
Now all I hear is me, me, me.
MY money, My taxes, Mine.
I think our generations biggest error was trying to do so much for gen x and y that they think they are entitled to live today as well as it took us a lifetime to get to.
Now there is no empathy, no idealism, no compassion.
But one day, it will be your turn.
What are you going to tell them?

Answer 9

stop socialized programs.. allow us to earn and save what we want or need.. allow us to stimulate the economy the way it should be.. without forced taxation. only tax what we buy. we are a nation of consumers. it wouldn't take very long at all.
and to the guy above me.. the budget is close to being balanced.. during wartime, that is unheard of..

Answer 10

rukiddin hit the nail on the head. I couldn't have said it better myself!