The U.S. national debt now exceeds a mindboggling $22 trillion and the Congressional Budget Office (CBO) reports it will continue to increase because the federal deficit is projected to exceed “$1 trillion each year beginning 2022.” In fact, CBO projects the nation’s debt held by the public will increase to “150 percent of GDP in 2049—far higher than it has ever been.”
No doubt, for young Americans, the debt is downright daunting. Although it is easy to pin the blame for the debt debacle on previous generations and politicians for underfunding and raiding entitlement programs, this is only part of the problem.
Millennials should be well aware and outraged over the never-ending government spending bonanza. However, they ignore this giant elephant in the room every election.
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