Throughout the debate over the debt limit these past few weeks, Americans have become increasingly alarmed with our nation’s staggering $14.3 trillion debt. Many might wonder how the government is ever going to repay its mounting debt.
Unfortunately, that responsibility will fall to the Debt-Paying Generation (ages 5-30). Currently, every citizen owns $31,871 of the national debt, but each American’s share of national debt is growing. If current spending patterns continue, by the time 5-year-olds are 45, they will each be responsible for $279,738 of the debt.
Bill Beach, director of Heritage’s Center for Data Analysis, warns that the 115 million Americans in the Debt-Paying Generation could end their lives as the least improved generation. Without a doubt, the mounting debt will reshape the lives of future generations.