Each of the MillennialZ (Millennials plus the Zeta generation) just lost another $12,000. In the midst of the dramas: Stormy, Karen, McMaster, Bolton, Russia, etc. we readily lose focus and things slip by. I’m sure that is the goal of the so-called President and the whole gang.
The recent funding bill allows our national debt to increase by 1.3 trillion, that’s $1,300,000,000,000. And, the MillennialZ will inherit this debt. In the last 35 years, our debt has increased from less than $1 trillion to more than $23 trillion. This debt falls upon the younger generation (GG2 or the Greatest Generation 2.0). It’s kinda like the game musical chairs – the last person standing, when the music stops, loses. And, this $23T is the result of tax cuts because the big kids would rather screw their kids and grandkids than pay as they go. All the, while celebrating that the recent tax cut is putting from $600 to $1,000 into the pockets of Joe Six-Pack for only one or two years. We “forget” to mention the true cost of this two-year tax cut consists of a loan to each person of $ 12,000 plus interest to be paid in the future.
I remember Sen. Eugene McCarthy, the senator from Minnesota who beat LBJ in the 1968 New Hampshire primary election. The discussion centered around the subject of “How are we going to pay for it?” His response related to a small town, and when the town needs a new city hall or fire station, they would go to the successful people in town and seek their support. Now, we no longer go to our kids piggy-banks, we mortgage their lives.
Many causes created this mess. Some like to blame it on health costs. For example, Baby Boomers are now running up larger than expected bills. Board and care for Alzheimer patients can approximate $100,000 per year; the advertising world seems to have invented some diseases by shuffling the tiles of a scrabble game and asserting “when you get disease XYZ” you need their expensive new drug to get better.
Another cause is that people are living longer while not being able to support the tribe during their extended years of life. Then the many new miracles of medicine add to the tribal bill. My friend says that 50% of his aunt’s lifetime medical costs were in the last two weeks of her life.
There is a solution; that solution will not come from the billionaires or the establishment. The solution will have to come from the MillennialZ.
Are you ready?
Rich Meyer, Blogger & Author.