Why new wave of socialism's knock-on-the-door approach to government spending is flawed

The U.S. national debt has now ballooned to a mind boggling $22 trillion, and according to the Congressional Budget Office, that number will continue to rise with the federal deficit projected to exceed “$1 trillion each year beginning 2022.”

For younger Americans, it’s easy to see why that amount of debt is daunting and why, oftentimes, they pin the debt crisis on previous generations, spendthrift government programs and entitlements. But the rising trend of millennials who support socialist candidates, who believe even more government spending is the solution, is a problem and what they fail to recognize, as FOX Business News’ Charles Payne points out, is that they have inherited “the short end of the stick.”

As we approach the 10th anniversary of the bull market on March 9th, it is worth considering to what extent the Federal Reserve has played a hand in spawning a new generation of socialists, such as New York freshman congresswoman Alexandria-Ocasio-Cortez, who believes the federal government should help fund their economic blueprints to save the planet.

As Payne points out, it was under the leadership of former Fed Chair Ben Bernanke that we saw quantitative easing, “the printing of trillions of dollars to drive up asset prices and bailing out rich baby boomers and banks.”

But as National Taxpayers Union senior fellow Mattie Duppler said on “Making Money,” not all millennials have a chip on their shoulder and feel the need for all-out government intervention.

“I don’t feel like the economy has not supported me,” Duppler said on Monday. She goes on to say millennials are finding it much easier to find a foothold in today’s economy than their parents’ generation.

University of Maryland professor emeritus Peter Morici has a different perspective. He says the government has not been working for today’s youth, pointing out that the cost of education is disproportionately high compared to the low-paying jobs being offered to a vast majority of young Americans.

Still, as he tells Payne, the answer is not to look for government to intervene and pay for climate change and replace airplanes with high speed rail. That he says, “Will not cost tens of trillions, but hundreds of trillions of dollars.”

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The notion that deficits don’t matter may be a growing phenomenon among some, including Berkshire Hathaway CEO Warren Buffett, who opined the same in his recent letter to Berkshire Hathaway shareholders. On the other hand, millennials and a growing wave of young, new socialists should not be fooled into believing that the federal government holds the purse strings when it comes to saving the planet for future generations.