'Average millennial is going to have to pay back $1.7 million over the next 50 years'
By Joe Wilson
As the U.S. national debt climbs ever closer to $20 trillion, many Americans are wondering if there is any way to curb federal spending. One former senator has a plan.
“Ask yourself why we’re not fixing Social Security. Why are we not fixing Medicare’s unfunded liabilities? Why do we continue to have $400 billion in waste, fraud, and duplication every year, or $145 billion in improper payment?” asked former Sen. Tom Coburn, R-Okla., in a recent interview on MSNBC’s “Morning Joe.”
According to Coburn, millennials will be the ones hit hardest by the out-of-control deficit accumulated in the United States.
“The average millennial is going to have to pay back $1.7 million over the next 50 years,” he stated. “That’s over thirty thousand bucks a year, and they already have a declining median income. People don’t know how much a billion is. If you make $40,000 a year, you have to work 25 years to make a million dollars. To make a billion, you have to work 25,000 years. Now we know what a billion is . . . and that’s just pocket change to career politicians.”
Coburn posited that the problem is that a class of career politicians ..........Read More....