Our Kids’ Inheritance - The Debt Chart

Debt Chart

What does this chart mean? To quote the Brookings Institute..."rising deficits will slow economic growth and reduce the average family’s income by [thousands], drive up interest rates (costing the average American an additional [thousands] per year in mortgage interest), and force average taxes to rise by [thousands] if we keep our current promises to the elderly". Everything will cost more, meaning that the dollar will be worth much less than it is today. Remember gas averaged $1.19 in 1980? How about a gallon of milk ($2.16) or a stamp (.15) and wages never keep up? Our children will not be able to afford a "starter" home! We can see it happening now.”