When Alexander Hamilton became the first Treasury Secretary in 1789, and created the national debt, he noted "A national debt, if it is not excessive, will be to us a national blessing.” If Alexander were to rise up from his grave today to see the present debt at $19 trillion and growing, he would most certainly think it was beyond excessive. And so do we at Makeup America! That is why we are committed to donating $1 of every product purchased to paying down America’s federal debt.
We believe the spiraling national debt impacts all Americans, but particularly women of every generation. Here is a quick run down of how the debt affects you:
Generation Z: Think you are too young to care about the national debt? Think again. If you are a Generation Zer, you will feel the impact of a rising national debt on your future plans, whether that be college or launching your own tech start up. Your generation stands to bear the largest burden of the growing national debt, directly impacting your future quality of life.
Millennials: If you are a millennial, it is likely that you have a lot of existing personal debt: student loans, car loans, and most of all credit cards. As the federal debt rises, the interest rate on your student loans, car loans, and credit cards go up, leaving you with less income and more questions about your future.
Generation X: Chances are that if you are a Generation Xer, you maybe trying to purchase your first home, or refinance an existing one, and are keenly aware of mortgage rates. The math is simple on this one: if the debt continues to rise, the interest rate on mortgages rise with it, and you will feel the brunt of this swiftly!
Baby Boomers: If you are a Baby Boomer and contemplating retirement in a few years, all your contributions to Social Security since you started your first job may be at risk. A rising national debt could impact Social Security so severely that there may not be any funds left when you reach retirement age.
Greatest Generation: Whether you are a member of the Greatest Generation, or your parents or grandparents are, a rising national debt threatens the most important programs relied upon by this generation: Medicare, Medicaid and Social Security. If the debt keeps spiraling upwards, these programs are at great risk of extinction. We need to take care of our Greatest Generation by getting the national debt under control.
For more information on the debt and to see the top 10 reasons why the national debt matters, please “check out” The Peter G. Peterson Foundation http://www.pgpf.org/2016-