There is somewhat less talk lately about the 'crisis' in Social Security. It works like this, since social security contributions have been used by the general fund(?) And because of the age demographics (that is people living longer and fewer active workers per retiree) the social security system would become insolvent in like 34 years. Some argue that this means we should scrap the system and set up personal savings accounts so you are basically getting your own money. Really just dropping the system and telling people they really should be saving because we are taking away the what flimsy safety net is left. Social Security should be a intragenerational pact. I'll chip in to help the widow down the street or the quiet old couple across the hall, and when I've put in my time in the economy I'll get some help and be able to retire with respect. Social Security says pay your dues to the previous generation and expect the like from the next generation.
Deficit Spending says I'll take my payout now and the next generation is saddled with the bill. Rather than putting in our fair share now and tightening our belts we are borrowing to give ourselves more cash in the form of tax cuts and 'defense' spending (I feel like 'defense spending' or 'department of defense' just seem a bit outdated)
Looking at these two things together, you can see that the ME generation wants the world and it wants it NOW. Break our pact with our grandmothers and grandfathers and keep that Social Security money for ourselves AND Spend our way into deficits that will haunt our children.
Not to mention skimping on infrastructure and educational investments, wringing every bit of economic advantage from deregulation and interest rate cuts, and passing the much of the full cost of our lifestyles to future generation through environmental degradation.
Imagine you inherit the family car. Its given to you by your parents with new tires, a full tank of gas, and that new car smell inside. Your parents just ask that you give them a lift to their appointments now and again. You let the tires go bald, drive it until its coasting on fumes, tell you parents that you've started a new system where everyone is going to save up their own cab fair to get to their appointments, and smoke big cheap cigars with the windows rolled up and the Air conditioning on. Will you be able to look your kids in the eye when it is time to turn the keys over to them.
