“Morning Joe” co-host Joe Scarborough says the GOP tax bill will be a disaster for millennials.
“Millennials, you just had $1.5 trillion stolen from you. Past Congresses have stolen $20 trillion from you, and over the next ten years, they’re going to steal another $10 trillion from you,” he ranted on his show Monday.
The horror doesn’t stop there, according to Scarborough. He says, of the Baby Boomers and Gen X, “They’re going to die, and then you’re going to be left holding the bill.”
After Obama increased the national debt by $9 trillion with nary a peep from the Left, it’s refreshing to see Democrats suddenly care about our nation’s running tab.
It’s no surprise that young people want tax reform. About 82 percent of millennials want a change in the current tax system, according to a study by the nonpartisan GenFKD. Roughly 75 percent say the current tax code treats millennials and small businesses unfairly.
Under the Tax Cuts and Jobs Act, people at the start of their professional careers will generally save more than $1,000 on their taxes. The savings grow for people who have kids. Even someone making $30,000 a year will pay 9 percent less than before.
Millennials would be inheriting record-breaking national debt even without tax reform. The debt already tops $20 trillion. The interest on the debt alone will take up a projected 6.5 percent of the country’s GDP next year. To be clear, that’s not paying down the debt. It’s only paying down interest on the debt. The debt remains and the interest keeps piling up.
Past generations have taken money out of our paychecks to fund their own retirements. Social Security is nearly out of money and is predicted to hit bankruptcy in 2034. We are required by law to pay into a system that may never pay us back what we paid into it. Our grandparents never meant to bankrupt us, but they incorrectly assumed our generation would be as large as theirs.
The rest of the nation doesn’t match our optimism about tax reform. A Suffolk/USA Today survey showed that only 32 percent of adults favor the GOP tax plan, and most believe that it will disproportionately benefit the rich. When they realize that they can keep more of their own money, we’ll be sure to be on the lookout for apologies and thank you cards (that will never be sent).
Angela Morabito (@AngelaLMorabito) writes about politics, media, ethics, and culture. She holds both a Bachelor's and Master's degree from Georgetown University and has appeared on "On the Record with Greta van Susteren" as well as "Cavuto: Coast to Coast."