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December 04, 2008
John Hawkins "Fund Your Own Freakin' Retirement."

I've long thought that the best way for the GOP to appeal to young Americans would be to point out that the left is putting them deep into debt. Well today, believe it or not, at the ultra-left wing site Counterpunch, Professor David Michael Green does a phenomnenal job of pointing out how young Americans are being screwed by deficit spending.

I generally don't agree with much of anything at Counter Punch and I don't agree with a large portion of what Green wrote in this very column, but this is just spot-on,

Could you imagine parents so reckless that they would party themselves into a drunken stupor by stealing the funds from their children? I'm not talking about burning through the inheritance, which, after all, is the parents' money to do what they want with. No, I'm talking about spending the money the kids have saved themselves for their own college education, or for a down-payment on a house. Outrageous, eh? Well, guess what? That's exactly what the Baby Boomers did. Because they wanted all the government services they got, plus the tax cuts that put a little extra jingle in their pockets... Put it all together and it equates to living well beyond your means. And when you do that, there are only so many ways to deal with the difference in what you're spending versus what you're bringing in. Cue the kids here.

The math is astonishing. The current amount of the national debt is a staggering 10.667 trillion dollars, and climbing fast (indeed, it has already risen substantially since I typed that number). Let's leave aside for the moment that it is rising every year with each annual deficit - which some people now think could be a dramatically record-breaking trillion dollars next year - added to the pile. And let's also leave aside the fact that each of those dollars are borrowed, and are thus accruing additional liability every day in the form of interest. If we just take the current debt, and divide it by the number of payroll workers in America (about 150 million), that means each worker's share of the existing debt is $71,113. Now, just for the sake of argument, let's say a worker has a job pulling down fifteen bucks per hour in pay. At that rate, they would have to work 4,741 hours to do nothing but pay off the amount that has been borrowed in their names, without their assent, and just to cover only what has been loaned so far to date - not counting new additions to the pile each day, and not counting accruing interest. At forty hours a week, that's 2.37 years of someone's life. In fact, that's 2.37 years of 150 million people's lives. Can you imagine that? Can you imagine going to someone and saying "I'm going to force you to work over two years of your life in some job you probably don't like, so that I don't have to"? Because that's exactly what this represents: Baby Boomers refusing to live within their means and desperately turning to their own children to facilitate the parents' irresponsibility. Parents stealing more than two years of their children's lives, to add two years of play time to their own. Unreal.

...What is most astonishing about the whole thing is that I detect almost nothing in the way of anger from the victims. When I try to talk to my students about how my generation is ripping off their generation, somehow I'm always the angriest guy in the classroom, by far. Probably I should just keep my mouth shut, eh? I mean, I've paid into Social Security since I was sixteen years old, and I'd like it to be there when I'm an old geezer, unable any longer to fool some hapless university into paying me to scandalize yet another generation with my Maoist, anticlerical, sexually deviant, radical environmentalist revolutionary dogma. I'm okay with their generosity, but, to be totally truthful, I wouldn't exactly blame the next generations for saying "Screw you, pal. You guys had your party already, and we're not paying for it twice. Fund your own freakin' retirement." God knows we have that coming.

The best thing we can do "for the children" and the twentysomething kids out there is to stop putting them further in debt.

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