The younger generation doesn’t think much about their future. They seem oblivious that they face bleak retirement years because of the new norm created by ObamaCare.
The business community already has implemented measures to cut costs because of the health care regulations that have been enacted. Many service businesses have cut the hours of their employees to under 30 hours per week to avoid having to pay for the expensive healthcare. Without full time employment, the younger generation will have to work at several part-time jobs and pay for their own healthcare. This will cut their pay back considerably. In addition, the high unemployment rate will create competition for jobs which will hold wages down. This is very unfortunate because as soon as the Federal Reserve stops pumping money into the economy (It cannot go on forever.), inflation will hit driving prices up. Wage-wise, the younger generation is moving backwards with their pay.
Now fast forward to their retirement years.
Social Security is running out of funds because the Democrats refuse to reform the system. Yet Social Security may be the primary retirement fund for the younger generation. There may be little or no money available by the time they retire which means they must continue to work into their old age.
Projections by business experts have predicted that the health care mandate will exceed all cost estimates. Obama already took out over $700 billion dollars from Medicare to pay for his health care bill. In the world of business this is called front loading. The Democrats did it because the Congressional Budget Office reported that after 2020 ObamaCare will not be able to pay for itself.
Now the younger generation faces these daunting prospects. First, Social Security may not have enough money to pay for their retirement. This leaves them with having a meager retirement or working well into old age. Second, Medicare is in financial trouble and has already been raided to pay for ObamaCare. Reduced medical services for the younger generation when they become senior citizens will be the result. Third, the younger generation will not have the career opportunities available to them because careers are not built on part-time work. Fourth, over time they will become more dependent upon the government for handouts which could lead to a Greece type of crisis where the government must cut back their benefits because of the lack of money.
Federal government entitlement programs have never paid for themselves; furthermore, they always have unintended consequences. Even the Postal Service cannot compete with Parcel Post or FedEx which says a lot about the government’s success rate.
Here is something from Ben Stein, economist, to ponder. “Fathom the hypocrisy of a government that requires every citizen to prove they are insured…but not everyone must prove they are a citizen…. And now, any of those who refuse, or are unable, to prove they are citizens will receive free insurance paid for by those who are forced to buy insurance because they are citizens.” If you are a member of the younger generation who sees nothing wrong with that statement, then you deserve what the future brings.