Monday, November 27, 2006

Boomer Deficits

The "Boomer Deficits" are something that not many young people are talking about--but should. What I mean by "boomer deficits" are the huge budget deficits from the Reagan and Bush II presidencies that skyrocketed the debt. I add "boomer" because, of late, it's largely been the congressional baby-boomers who have amassed such an enormous debt, not to mention the two boomers that are our President and VP. I'll also reiterate, as a Californian, that the baby-boomer in the Governor's Mansion is also contributing to the Boomer Deficit by borrowing money to "balance" the state budget instead of using the general fund, which is the responsible thing to do. (Alternatively, he could be consistent and cut programs as he cuts taxes. Not popular, but at least consistent.)

You can't continue to amass debt and someday it's going to have to stop, and the burden is going to have to be carried by a different generation, probably ours. Additionally, the interest on the debt that we have to pay is going to be paid and is continuing to increase. This will pidgeon-hole much of what we can do in the future.

I'm not into intergenerational fights. In fact, a large amount of my efforts with the Stanford Dems has been to bridge the gap between generations--I feel we have much to learn from each other. I've always extolled the ability of Social Security to dramatically reduce poverty amongst the elderly and will always make sure that I let my Congresspersons and Senators know how important I think S.S. is. That said, I don't think we should deny the fact that the Boomer Deficit is a real thing and that it needs to be addressed. I don't think that the Boomers want to have their legacy include a debt that was passed on to their children. It's time we start asking them to help us out before they all retire.


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