By Tom Quiner
American liberalism is defined by two economic actions: more government spending and higher taxes.
As a result, the national debt has ballooned to $17 Trillion as lavish spending has outpaced prodigious tax hikes.
If you’re under the age of 30 years, you will be buried in a mountain of debt if something isn’t done about it.
Liberals say the prescription is to cut defense spending. But that’s not the problem. The problem is the big three legacy government entitlement programs: Social Security; Medicare; and Medicaid.
In the early 70s, they consumed 21% of government spending; but today, it has risen to 42%. In other words, it doubled in one generation, and will eventually consume all government spending unless something drastic takes place.
If you left behind a mountain of unfunded debt that your kids were forced to pay, so you could “enjoy your money” now, that would be immoral. What kind of parent would do such a thing?
But this is exactly the immoral economic policy embraced by American liberalism. (In fairness, the Republican Party has contributed to the immorality in defiance of their conservative base.)
We are in essence redistributing wealth from the poorest Americans (the young) to the wealthiest (older Americans).
The demographic decline in America has significantly reduced the ability of today’s young to milk the resources of tomorrow’s young and continue the gravy train in place right now.
Someone is going to have to pay the piper unless something is done. The video above provides a simple solution. It was produced by Prager University and features the Cato Institute’s Michael Tanner.
If you have kids or grandkids, you owe it to them to watch this 305 second course in economic common sense.