Today's Reckless Spenders Enslave Future Generations

[Geee]

Investors Business Daily:

Bleak Future: A fresh report says the new federal debt ceiling of $16.4 trillion will likely be reached just after Election Day. Those driving it up will be relatively unaffected. They'll just deliver the bill to our children.

The Bipartisan Policy Center has set the next DC-Day for late November, after just a few weeks earlier saying it would hit in the spring of 2013. Pundits will no doubt wonder how the earlier date will affect the election.

And for good reason: Yet another debate over raising the debt ceiling will swing some voters.

But largely lost in the endless analyses, high-speed spin and roaring rhetoric is one fact that reflects poorly on today's political class: The debt burden will fall hardest on those who have no vote and no say in this country's public policy.

Liable for the biggest chunk of the debt are children being born today. According to the Senate Budget Committee, each member of this group, which employs no lobbyists, already owes $1.53 million in federal debt.

Those with the next highest burden — today's high school students — will owe only about half that of today's babies: about $870,000. College students are third, inheriting $681,000 in debt.

Those who ran up the indebtedness get off lightly. Baby Boomers are on hook for only $157,000 each.

These are, of course, averages among age groups.