The Cavalier Daily
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BRIGHTWELL: Debt valley

The national debt is the most pressing issue facing young people today

I can’t speak with certainty about all college students, but I think it’s safe to say that most of us are worried about what will happen after we graduate, since many will face crippling student loans and a dismal job market. Currently, student loan debt amounts to about $27,000 on average per person, and the unemployment rate for young people remains in the double digits, about 11 percent.

While students are concerned about their own debt and unemployment, but many don’t realize they should be even more concerned with the long-term national debt. The long-term national debt is the most important issue facing young people today because when combined with the economic challenges we already face, we are destined for a future more dire than our current situation.

The true national debt, which includes the present value of unfunded future obligations and liabilities of the federal government, as well as interest payments on the debt, is even worse. It stands at $200 trillion, 11 times greater than the reported national debt of $17 trillion. As these unfunded promises grow, investments in areas such as education, research and infrastructure will be negatively affected and are projected to hit their lowest relative level on record by 2023. Public investments drive economic growth and create jobs, which is what our generation needs.

But even if we are able to find jobs, the Economic Policy Institute reports that graduates who enter the workforce in poor economic times can expect to make lower wages for the next 10 to 15 years compared to those that finished school during good economic times. This will make it even more difficult for young people to pay the tab we are being handed.

If Washington keeps kicking the can down the road by not addressing this problem, frankly, our generation will get screwed. Investments in our future (education, research, infrastructure, etc.) will hit their lowest relative level on record by 2023, as interest payments on the debt approach $1 trillion a year. By 2031, every penny of federal revenue will just be enough to cover so-called mandatory spending (primarily entitlements), meaning spending on everything else must be borrowed –– such as the entire Department of Defense. By 2033, the Social Security trust fund will run totally dry and the program will only be able to pay a fraction of its benefits. In sum, if we don’t address this problem soon, we’ll be left with more debt, higher taxes, fewer benefits and a lower standard of living.

In the Oct. 15 edition of The Cavalier Daily, a lead editorial titled “A teachable moment” stressed the importance of dialogue surrounding the national debt. The editorial discussed a letter released on Oct. 9 by a coalition of education groups. This letter stressed the importance of not accepting government dysfunction as normal. According to these six higher-education groups, the key to fighting today’s political environment is encouraging dialogue and in turn, changing attitudes.

If we don’t come together and demand a solution to these problems we are set to become the first generation that will inherit a lower quality of life than previous generations. This is unacceptable, which is why I encourage you to attend the conversation between David Walker, former U.S. Comptroller General, and Darden Professor, Mary Margaret Frank, at Garrett Hall on Oct. 28. The event is part of the “Generational Equity Tour.” The tour is organized by The Can Kicks Back campaign, a non-partisan group of young people that advocates for a fiscally sustainable and generationally equitable federal budget. Together we can make our voices heard and fight for our future.

Elizabeth Brightwell is a second-year Batten student and a member of Up to Us.

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