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Economic Growth - Millennial Reality

BUILDING THE Millennial Dream Mike Millennial is in search of a job that will allow him to pay his student loans, buy a car, own a home, and eventually marry his girlfriend Jessica. He wants to remain optimistic but he's grown frustrated with Congress's inability to agree on what needs to be done to spur economic growth. Creating sustained economic growth will require a combination of fiscal reform and strategic investment. The 3 Pillars of Economic Growth TAX REFORM ENTITLEMENT REFORM STRATEGIC INVESTMENT TAX REFORM Why Tax reform? Well for Mike and Jessica it's a win-win, freeing up money for both investment and deficit reduction. 2013 By The Numbers $1.3 $1.14 $149.5 $700 $20 BILLION IN TRILLION TOTAL LOOPHOLES TRILLION IN LOOPHOLES FOR INDIVIDUALS LOOPHOLES FOR CORPORATIONS BILLION IN TAX EXTENDERS BILLION IN TAX INVERSIONS the cost of extending "temporary" tax cuts overseas tax shelters Like many other Millennials, Mike and Jessica want to make sure that their grandparents are supported, but they both wonder at what expense that support will come to them and the country. SOCIAL SECURITY %24 53% 7% 80% Unless changes are made in 2033 Social Medicare, Medicaid, and Social Security will make up 53% of the budget by 2024. Security will only be able to pay out 77% of benefits. Social Security Disability Insurance will become insolvent in 2016, only able to pay out 80% of benefits. MEDICARE $400 2030 BILLION Hospital Insurance or Part B will become insolvent in 2030. Over the next 10 years costs will grow by over $400 billion. INFRASTRUCTURE INNOVATION $43.6 TRILLION 11.6% 3.4% 5.8% 1.4% 1964 2014 1966 2014 needed to bring infrastructure up to code by 2020. As a percentage of the total budget, R&D spending fell from a high of 11.6% in 1964 to just 3.4% in 2014. Non-Defense R&D spending in the budget fell from 5.8% in 1966 to 1.4% in 2014. Falling from 5th in 2002 to 21st in 2014, infrastructure in the US now lags behind most of Western Europe, Canada, Oman, the United Arab Emirates, Singapore, and Hong Kong. In 2012, the federal government invested $139 billion in research and development. By contrast we gave $161 billion away in tax loopholes on dividends and capital gains. $139 $161 BILLION BILLION R& D LOOPHOLES THE Millennial REALITY While Congress bickers, Millennials watch their futures grow bleaker. Congress needs to get away from their partisan squabbling and understand the benefits of coupling fiscal reform with strategic investments leading to long-term economic growth. Help ensure a better future for our generation. JOIN US THE CAN KICKS BACK SOURCES Congressional Research Service, The Corporate Income Tax System: Overview and Options for Reform, February 14, 2014,, 4. Congressional Budget Office, The Distribution of Major Tax Expenditures in the Individual Income Tax System, May 2013, TaxExpenditures.pdf Committee for a Responsible Federal Budget, Inversions Reduce Revenue but Extenders Cost More, August 22, 2014, AAAS, Historical Trends Federal R&D, Updated May 2014, Congressional Budget Office, Update to the Budget and Economic Outlook 2014-2024, August 2014, date_2014_Aug.pdf World Economic Forum, "The Global Competitiveness Report 2013 – 2014", Business Insider, "America's Infrastructure Ranks..."Last modified January 16, 2013, Social Security Trustees Report, Table V1.F1., 2014, American Society of Civil Engineers, "2013 Report Card for America's Infrastructure", March 2013, The Board of Trustees, The 2014 Annual Report, d-Reports/ReportsTrustFunds/downloads/tr2014.pdf Congressional Budget Office, Federal Investment, December 2013 tment.pdf, 7.

Economic Growth - Millennial Reality

shared by TCKB on Oct 17
For Millennials low growth is creating an unsure future. While Congress bickers and does nothing they squander our future. What should be done? A combination of fiscal reform and strategic investment....


Micah Milner


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