Federal debt or generational debt?

by Michael Smith.

Michael Kinsley has imagined a project for the Boomers, who never matched the feats of the “Greatest Generation” and have felt bad about it ever since Tom Brokaw wrote the book. Kinsley wants us to sacrifice as a group and defuse the federal debt bomb–the only challenge left for us that rivals World War II in scope.

He places the blame for the entitlements crisis squarely on the older generation, which has received far more benefits from Social Security and Medicare than it paid into them. The Boomers draw fire for enjoying the programs their parents created but never agreeing to pay for them.

You can quibble with Kinsey’s specific suggestions, but his presentation of the federal debt as a moral issue is solid. Who wants to be remembered as the generation that spent the world’s largest economy into ruins?

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