If you are having a tough time getting motivated today, you are not alone. Get used to it, especially if you are under the age of 40. The country is counting on you to do your part in paying forAmerica’s entitlement programs. This column is about your future.
You have probably heard of terms like Baby Boomer, Generation X and others to describe various generations of Americans. The most recent group entering the workforce is referred to as the Millennial generation because they were born between 1980 and 1995. The Y2K frenzy solidified the name. This generation, more than any other, will have an enormous responsibility.
Due to decades of Federal mismanagement, the country is in precarious financial shape. Both political parties share the blame, but one common denominator is the rising cost of health care. It has an impact on everyone who uses the health care system and is forced to pay more out of pocket. These indirect consequences are becoming more apparent, and costs are being passed on to consumers through hidden taxes. You may not see it, but it translates into less take home pay.
Rising health care costs, combined with an expansion of Medicaid under the health reform legislation called the Affordable Care Act (ACA) or Obamacare, likely means reduced government services elsewhere. Another challenge will be dealing with the broken education system. Increases in Medicaid spending often lead to cuts in higher education because states are strapped for cash. Because senior citizens vote and college students do not, tuition costs are raised and students are forced to pay more for an education that is more costly than in previous generations.
At nearly $1 trillion of debt and counting, student loan debt has surpassed all other kinds of debt, including credit cards. Young people are taking out loans to pay tuition, room and board, and are graduating to find an economy with no jobs and little opportunity. Staggering unemployment numbers show the Millennial generation at a 46 percent unemployment rate. If they actually knew the facts, there would be outrage, especially because Millennials will pay higher taxes to reduce a debt they did not incur.
Our nation needs leaders committed to controlling entitlement spending. We were reminded this week by the Medicare Trustees that Medicare would not be able to pay claims past the year 2024. This means that unless serious changes are made, the program will go broke.
If you are like me and do not like paying higher taxes, inform yourself, and vote. Imagine life for your parents without Medicare coverage and exhausted retirement savings that has been spent on medical care. Guess who pays? YOU!
As always, stay tuned to this site for more information on this timely topic.