“Either way, younger Americans will bear the brunt of Washington’s out of control spending. One journalist noted that the federal debt is essentially a tax hike for Millennials and Gen Z.”
Is this true? The only real way to erase the debt is to inflate it away. That hurts savers, especially seniors, but would have little effect on young people.
Theoretically, deficit spending is a tax on future generations since there is no chance that the living generations will ever pay off the debt. Of course, there is no chance that future generations will ever be able to pay off the debt either. The only way the debt will ever be "paid" is when hyper-inflation kicks in and a couple trillion dollars won't buy you a cup of coffee.
We are barreling towards an economic meltdown that will make people long for the days of the Great Depression. Take a look at Venezuela's economic collapse. That is the inevitable result of a socialist government spending more than its citizens can produce.