Last week, America’s national debt reached a record $40 trillion, months earlier than the Congressional Budget Office (CBO) initially projected. But for young Americans, this figure is more than a number on a spreadsheet. It raises a more personal question: What does the national debt mean for the future they’re working to build?
Today’s young Americans share many of the same aspirations as generations before them. They want to get an education, build a career, own a home, and create a secure future. But as the national debt continues to grow, many worry that rising costs, more expensive borrowing, and slower income growth could make those milestones harder to achieve.
At Across the Aisle™, we prepare the next generation to address our growing fiscal crisis. Through our Free the Facts™ program, we provide young Americans with reliable information about important fiscal challenges, and through Answer the Call™, we provide them with the tools they will need to meet this moment. They’re paying attention, asking the right questions, and looking for ways to make a difference — together.
So, what does the national debt actually mean to the next generation? We asked six of our student Ambassadors to put it in their own words. Keep reading for their responses.
Franco Murro
What the national debt means for Franco:
“To me, the rising national debt means my dream of owning a home stretches further and further away. As the national debt rises, bringing interest rates, inflation, and home prices with it, wages will not be able to keep up. This creates a compounding effect that will make it exceedingly difficult for our generation to ever afford a home.”
Gigi Bix
What the national debt means for Gigi:
“My biggest concern is not having Social Security to fall back on when it comes to retirement. To be frank, it feels like the current generation is lacking in nurturing our futures in a lot of areas, but specifically one that should be nonpartisan at heart.”
Taliek Lopez-DuBoff
What the national debt means for Taliek:
“It has a lot of implications, ones that cascade in a variety of different ways. For my community, it means fewer financial resources for essential programs, as more gets diverted to paying off interest. It means the cost of living will keep climbing, driven by higher interest rates, among other pressures. However, with every challenge comes a new possibility, a chance to do good. For me, this new national debt record means I can have a hand in working to bring it down, finding ways to raise revenue and spend less, just like millions of Americans do every day to get by.”
Gray West
What the national debt means for Gray:
“The national debt is the make-or-break for my future. I struggle to see why the national debt is not talked about as one of the largest, if not the largest, issues we as Americans face. Across the Aisle has shown me why: it is a generational issue. We, as young Americans, will bear the brunt of an endlessly growing national debt. The impacts are clear, and they affect us broadly. The impacts on Social Security are not a vague future risk, but a present issue for our generation. With federal debt now being 1.2 times the GDP, the impacts on Social Security are well researched. It is clear that my generation will either inherit a system that will not allow us to benefit from Social Security, or one where Social Security is extinct already. The national debt is a flashing warning symbol to me; it is the inability to respond to future crises, it is higher borrowing costs, and what comes alongside resulting budget squeezes is the inability to aid Americans in need.”
Zouhera Mahamed
What the national debt means for Zouhera:
“I feel the effects of our national debt in every financial decision that I make. I grew up a dreamer, but the traditional ideas of the American dream feel so far out of reach. Owning a home, access to affordable higher education, starting a family. I feel like I can no longer afford to dream in a nation designed for dreamers.”
Kylie Moylan
What the national debt means for Kylie:
“As a young person, the growing national debt continues to worry me for my future career and life. As the debt increases, it will make buying a home, finding a stable job, and taking out loans for law school difficult.”
What you can do.
The national debt is one of the biggest challenges facing America, but there are ways you can make a difference.
- Get caught up on the issue with Free the Facts’™ national debt primer.
- Subscribe to Free the Facts’ bi-weekly policy newsletter, TL/DR: D.C., to get the latest updates from Washington.
- Develop the skills you need to become a changemaker in Washington with Answer the Call’s™ Ambassador Program.
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