The intergenerational problems of the Republican Party relative to their Alabama Senate candidate’s personal behavior are insignificant individual peccadilloes relative to the burdens the formerly fiscally conservative Republican Party seeks to a foist on younger generations. All the details about “winners and losers” in the Republican tax reform plan are minor relative to the unconscionable burdens being left to future taxpayers in order to “deliver” to Republican political donors.
Some facts based on nonpartisan Congressional Budget Office projections and simple arithmetic:
Under current tax law, federal budget deficits are projected to total $10 trillion over the next 10 years. This debt increase spread over 325 million citizens is $31,000 per person.
Interest payments alone on projected debt increases total $933/per person at a 3 percent borrowing rate. Because only about half of households pay federal income tax, the increased future costs for interest only is $2,000 per taxpayer. These burdens fall on following generations and increase as interest rates rise.
To reach the $200 billion in projected “savings” needed to advance the tax proposal, Republicans propose to eliminate the Affordable Care Act mandate, a requirement critical to making health care affordable for those with pre-existing conditions and discouraging "free riders” to wait for illness to purchase insurance. The result is 12 million more uninsured within three years and rising premiums for the individuals and businesses who necessarily end up paying for the uncompensated care medical system is required to provide.
Interest payments left to following generations are already enormous, while investments in education and infrastructure to compete more effectively go unfunded. Meanwhile, the ratio of national debt to the size of the economy size grows to levels not seen since World War II, reducing the financial flexibility to respond to disasters and the challenges of climate change. These burdens are being increased rather than addressed to support an unnecessary tax cut that benefits primarily the wealthy and corporations.
Where are the responsible Republicans who care about their children and grandchildren? Why are the younger generations not crying out about the fiscal abuse of our children and grandchildren being proposed by Baby Boomer Republican leaders? At holiday family gatherings, family members should consider whether intergenerational fairness should receive some priority.