How Much Is This Generation Taking From The Next?
CLICK HERE to see screen shots from Gavin and Ed’s interactive calculator.
CLICK HERE to test drive Gavin and Ed’s calculator
2009 College Graduates
In June, college seniors across America earned their bachelor's degree. They're looking for jobs but don't have to be all that worried. The economy is going to recover, right? They have their diplomas. They're smart. They'll figure it out.
And they'll need to. A tax bill for $148,035 is waiting for them -- give or take a few thousand dollars. Says who?
Meet an enterprising team from Trinity College in Hartford, Connecticut, who won the Generational Theft Contest sponsored by PJTV. Gavin Romm, a senior at Trinity, and Edward Stringham, his professor, collaborated to develop a calculator that computes what a 2009 graduate has to pay during his/her tax-paying lifetime to cover the cost of the U.S. government’s recent deficit spending.
Here’s what Gavin and Ed did to build their winning calculator. They tallied the cost of 2008 and 2009 government programs like TALF, TARP, FHA mortgage relief, assorted corporate bailouts and various stimulus packages, to name a few. That spending spree came to a whopping $10,825,400,000,000. Then, they crunched the numbers to determine what each college graduate will be taxed to help repay this deficit. Their calculation -- $148,035 each!
So you may be wondering, are these guys even close to right? PJTV asked four qualified experts to judge our Generational Theft Contest, and they selected Gavin and Ed’s work as the winning entry. Our judges were:
• Bill Beach, director, Center for Data Analysis, The Heritage Foundation
The calculator that Gavin and Ed built will help everyone understand the real cost, the personal cost, of the government’s deficit spending.
|Did you Miss The Hearing Congress is Afraid to Hold
PJTV's 2009 GenTheft Hearing in DC, featuring:
- The Wall Street Journal's Stephen Moore
- The Heritage Foundation's Alison Acosta Fraser
- Reason Magazine's Katherine Mangu-Ward
- Hosted By the Manhattan Institute's John Avlon
|Complete GenTheft Coverage
What's Being Spent and How Much You Owe: