Whenever I fret over the $20 trillion-plus federal debt and what it means for future generations, I have to remind myself that, like many of today’s Millennials, I wasn’t tuned into heavy policy issues at that age either. Then comes this poll, as reported by Axios, and I wonder if it means Millennials are starting to understand the burden we face with debt and entitlement growth — or if their answer is part of today’s snarky discourse.
There is no question that a day will come when this generational tension will explode into full realization by the 20 and 30-somethings that they are responsible for a behemoth debt and a growing demand for benefits and services. What happens then? Today there seems to be little appetite in either major political party to cut spending — or even pare back the growth of spending. Exhibit A: the recently passed federal budget. President Trump unwisely signed it into law. More spending. More kicking the debt can down the road. More of the same.
It’s clear to me that states represent our best hope for fiscally sound decisions. North Carolina is leading the way with pro-growth economic policies that are propelling our economy. Washington D.C. followed North Carolina’s lead when it came to tax reform and tax rate cuts. But with spending, D.C. reverted back to spend, spend, spend. Thankfully, here in North Carolina, our policymakers — at the urging of the John Locke Foundation — coupled tax reform with spending restraint. Good work. Now when will the feds follow on spending?
