Young Americans like me can't 'win the future' saddled with debt. But there's a formula that works. Reagan cut taxes and the US saw economic growth, lower unemployment, and higher revenues. Let's do that again.
If Americans think they’ve left all forms of slavery and tyranny in our past, they should consider this: By 2020, the interest payments alone on national debt will equal approximately $5,500 per taxpayer. Americans may never again face kings or slave drivers, but in our not-so-distant future we face fiscal enslavement to our government.
Instead of battling illegal immigration, our government might have to stop future citizens from fleeing the country to escape paying their share of our nation’s massive debt. As annual interest payments on this debt increase, the less our government can do for us (through services) and the more we have to do for the government (through taxes).
This form of servitude is an unacceptable burden to place on the same young people we expect to “win the future.”
The growing consensus among Washington elites (if not among political leaders) is that in order to preempt a debt crisis, we need to cut spending and raise taxes on the “rich.”
Well, they’re half right. Government spending – especially on Medicare and the other entitlements – must be drastically trimmed, but raising taxes on corporations and people in the highest income tax bracket, many of whom are employers and investors, will only exacerbate the debt crisis and further undermine job prospects for young Americans.
When employers face higher expenses or less revenue, one of the first places they cut are the nonessential and entry-level positions held mainly by young people. That’s why youth unemployment historically rises faster than normal unemployment during a recession – exactly what’s happening now in our current economy.
Page 1 of 5