America's Bankrupt Legacy - The Future of the Debt-Paying Generation (Hardcover)

As America's national debt continues to grow, politicians, the media, and others continue to understate its devastating impact on the American people. This book sets the record straight and informs readers why this may be the nation's most important issue in the 21st century. For the generation currently aged between 5 and 30-the "Debt-Paying Generation"-slower economic growth means a less prosperous life than their predecessors. Young people are already straining under this economic burden and the load will only increase as the debt grows. Furthermore, Congress' fiscal watchdog, the Congressional Budget Office, has said numerous programs-including Medicare and Social Security-face bankruptcy in the near future. This book shows how this growing financial emergency affects this rising generation as well as their parents and grandparents, and how private and public solutions can change the nation's course. Authored by William W. Beach, chief economist of the Senate Budget Committee, and Dustin Siggins, widely published political commentator and analyst, the work offers fact-based insights from an authority on the subject and an experienced political observer. The authors explain how the debt was built over the course of a century, identify who is to blame, and use widely accepted economic models to demonstrate how the debt will undermine the American Dream-including home ownership, family life, and eventually retirement. Readers will understand why they bear equal responsibility with politicians and policy makers for slowing the tide that threatens to drown their economic future. Perhaps most importantly, readers will learn how to prepare to face the oncoming crisis. * Clearly explains the fiscal issue American citizens are facing, describes how the problem was created, and identifies the personal and policy solutions necessary to avert this bleak future * Shows how the national debt is affecting more than just the job market and taxes, but will also result in young people receiving lower levels of education, retiring later (if at all), and having less to pass on to their children and grandchildren * Provide readers with practical tips on how to build savings and reduce personal debt, thereby protecting themselves from the financial pressures that their generation will face