Friday, March 26, 2010

Generational Theft

There is something big going on in the U.S. and it accelerated this week with the President's signing of new healthcare legislation.  Let's call it "generational theft".  That term is a purposefully blunt way of saying that the decisions being made by a government dominated by baby boomers (those born between 1946 and 1964) for an electorate dominated by baby boomers will result in a huge wealth shift away from future generations.

Approximately 40% of every dollar presently being spent by the U.S. federal government is being funded by debt ($3.7 trillion fiscal 2010 spending with a $1.6 trillion deficit) that must be repaid someday-- can you say "I'm spending my chldren's inheritance;  and leaving them with debt"?

As a baby boomer myself, (T. Taylor Payne is authoring this) I am concerned and even embarassed by this situation.  Last night on CNN I saw John McCain use the term "generational theft" and I hope to hear more from other leaders that I would consider responsible.