All of the political posturing to avoid blame for a potentially self-induced recession resulted in$600 billion in tax hikes over 10 years and little to no spending cuts. The $60 billion a year in targeted taxes on “the rich” is merely a drop in the bucket against annual trillion-dollar deficits. The big loser in the “fiscal deal” was the generation that will spend their lives paying down tragically enormous levels of public debt. This debt payment burden will be so large in a few years that the future economy will be slower, the Debt-Paying Generation’s lifetime earnings will be smaller, and the quality of this generation’s life will be lower than any prior generation.
The name “Generation Y” has been given to the generation of young working adults under 35 who have been hit the hardest by the crippled job market. This generation of workers faces a bleak future that will most likely be “permanently depressed” by economic policies fabricated for their rhetorical qualities rather than their merits in producing economic opportunity and upward mobility. Since 2007, the average income for those aged 25–34 has fallen 8.2 percent—a decline twice as large as the 3.9 percent decline for the rest of the adult population. Even now, unemployment for those aged 20–24 and 25–34 remains at 13.7 percent and 7.7 percent, respectively—a stark contrast to the 6.1 percent unemployment rate for the rest of adults. [More ...]
Will these fools ever realize they voted themselves into an irrevocable state of permanent economic depression and government dependency as the norm? I mean, if they are clueless now, what hope is there that they will come to the understanding that they gave political power to the ideological thugs and political goons responsible for their own economic misery in the near future?