A Quote by Annie Lowrey
Kids of the 1980s and 1990s have had a new, huge, financially catastrophic demand on their meager post-recession earnings, too: a trillion dollars of educational debt. About a quarter of Gen Xers who went to college took out loans to do so, compared with half of Millennials.
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The problem is that the way [President] Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents - number 43 added $4 trillion dollars by his lonesome - so that we now have over $9 trillion dollars of debt that we are going to have to pay back. [That's] $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic.
Another advantage millennials have over us Gen-Xers are the dads. They're engaged, involved and not afraid to strap on a Baby Bjorn.
Donald Trump ran for office complaining that at $19 trillion, the US debt was completely out of control, and yet what he's planning to do is throw trillions of dollars more onto that debt. If the proposed tax plan cuts upon the wealthiest Americans is enacted, 10 years from now America's debt will be over $30 trillion. And so, he's contradicting, his own stated positions. And that's because, to Donald, none of this is about policy. It's not about sound economics. It's about greed and the glorification of the great leader.
I don't see kids with Palm Pilots. They are not common on college campuses, except among professors. Gen Xers don't need them. They are a phenomenon of the 50-something who can't remember if his broker's number ends in 1137 or 3317.
When the oldest batch of millennials really first began voting around the mid-2000s, they leaned a little toward the Democrats, looking a lot like the Gen Xers also did at that time.
President Obama's call for nearly a half-trillion dollars in more government stimulus when America has more than $14 trillion in debt is guided by his mistaken belief that we can spend our way to prosperity.
It seems evident that the IMF has learned nothing from its inequality-inducing policies during the 1980s debt crises in Latin America nor from its recession-deepening response to the East Asian crisis of the late 1990s. In both regions, the IMF has become synonymous with making bad situations worse.
President Obama has offered a plan with 4 trillion dollars in debt reduction over a decade, with two and a half dollars of spending reductions for every one dollar of revenue increases, and tight controls on future spending. It's the kind of balanced approach proposed by the bipartisan Simpson-Bowles commission.
It took the national debt two hundred years to reach $1 trillion. Supply Side Economics quadrupled the national debt to over $4 trillion in twelve years (1980-1992) under the Republicans. Bill Clinton actually paid down the national debt. How did he do it? He raised taxes. It produced the longest sustained economic expansion in U.S. History.
It has become very difficult for anyone to argue that observed global warming is natural variability. We have good reason for being able to say that the world will be warmer by about a quarter of a degree in the next decade. It's the same reason we had 10 years ago when we said that the 1990s would be warmer than the 1980s: The planet is out of equilibrium.
Intergenerational support is crucial. I feel like generations give up on each other. If you're Gen Z, you're like, "Gen X is never gonna get it." If you're Gen X, you're like, "Those Millennials are such idiots."
When George Bush came into office, we had surpluses. And now we have half-a-trillion-dollar deficit annually. When George Bush came into office, our national debt was around $5 trillion. It's now over $10 trillion. We've almost doubled it.
It is my view that what is important is cutting government spending, however spending is financed. A so-called deficit is a disguised and hidden form of taxation. The real burden on the public is what government spends (and mandates others to spend). As I have said repeatedly, I would rather have government spend one trillion dollars with a deficit of a half a trillion than have government spend two trillion dollars with no deficit.
A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.
For whatever reason, when it came out in 1995, 'Infinite Jest' became a cultural event. It was the massive book that was 'cool' for all the Gen Xers to read.
In speech after speech on his health care plan, the President has tried to convince us that what he is proposing will be good for America. But, how can it be good for America if it raises taxes by a half trillion dollars and costs a trillion dollars or more to implement?
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