Millennials Face Debt Bomb Future

Young Americans like Sanders' idealistic message, but it will crush their future with burdensome debt

In an ideal world everything would be free, but newsflash: We live in the real world where things like healthcare and college education cost money. Many Americans — specifically millennials — have bought into the idea that the government should be responsible for paying for these things, a dangerous and reckless notion that jeopardizes their very future.

When President Obama took office in January 2009, the federal debt stood at $10.6 trillion, Now, it’s $19.2 trillion — nearly doubling during his presidency. Obama’s presidency has been one of vast expansion of government programs and ultimately, this crushing debt is a ticking time bomb that will hurt America’s young people as they try to get ahead in the sluggish economy.

Young people bear the brunt of the rising national debt and reckless Washington spending, since their individual share of the national debt is $58,255.

Sen. Bernie Sanders has risen to popularity among a majority of American millennials because of his “socialist” policies which are completely idealistic and would add $18 trillion to our national debt if implemented. His “free college” plan assumes that a four-year college education is a right for every student and would cost a whopping $75 billion annually.

[lz_bulleted_list title=”Debt Facts”]The national debt was $10.6 trillion when Obama took office in January 2009.|The national debt is now $19.2 trillion in April 2016.|The national debt per capita — each person’s share of the debt — is $59,530.|Americans owe nearly $1.3 trillion in student loan debt, among roughly 43 million borrowers.|The average student loan debt in 2015 was a record high of $35,000.


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Yes, it is true that millennials are struggling to pay back their student loans under the weight of a lackluster economy, where jobs are scarce for young graduates. This has forced many millennials to move back home with their parents and put off things such as marriage, kids, and buying a home.

“Young people have worked hard to get their degrees while eight years of a liberal administration have gone by and their debt has only increased,” said Emily Jashinsky of Young America’s Foundation. “On top of young people’s debt problems, they’re having a hard time finding jobs to pay those loans off because youth unemployment is around 16 percent.”

Young people have been the hardest hit by Obama and his leftist policies. Young Americans are the ones expected to pick up the tab for the reckless spending coming from Washington while facing an increasingly tough job market. If we expect them to be eventually become productive members of society, youth employment needs to be a priority for our nation’s policymakers.

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If candidates like Sanders want to help young people, they should begin by proposing plans that would decrease youth unemployment through job creation. If young people to have access to job opportunities after graduation, they would be able to begin paying back their student loans. But with little to no opportunities, paying back loans becomes near impossible.
Sanders’ agenda, while popular with young people, is a job killer. For example, his plan to implement a mandatory federal $15 minimum wage hike will undoubtedly cause business doors to close and employers to lay off some employees.

Oddly enough, many millennials are upset with Obama because he wasn’t progressive enough — believing that he didn’t deliver on many of his promises, which has led them to Sanders’ campaign.

Too many young people are out of work and one in four are living at home — how will this generation be able to prepare for retirement, save to buy a house, or achieve their coveted “American Dream?” America and its young people are in desperate need of real solutions and not more government bailouts.

“There is a sort of inclination, not necessarily an unjustified one, that they need security because they are worried about their future,” said Alexandra Smith, national chairman of the College Republican National Committee. “So when someone like Bernie Sanders comes to a college campus and promises ‘free’ everything, it is an incredibly luring message for a generation that has been so downtrodden over the last eight years. These are promises that are completely unsustainable for the future of our country.”

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