Take California, for example.
The Golden State's public employee retirment system currently has an unfunded liability of $60B+. That's to say nothing about the $70.5B unfunded liability from the state teachers union or the ~$14B unfunded liability for the University of California. According to a Reason Foundation analysis, as of 2012 California's defined benefit pension system (guaranteed payments based on funding formulas, not contributions) had $142.7B in unfunded liabilities. In 2013, the state paid only 65.6% of the required contributions into its pension funds...meaning, the state left 34.4% of its obligation unfunded. That bill will have to be paid.
California is only one example. Illinois is another. With only 7 states requiring balanced budgets, the total amount of unfunded state liabilities in 2014 was $4.7T, according to State Budget Solutions. Divided among all Americans, that amounts to $15k/individual. And that's to say nothing about the $18T federal deficit.
Someone is going to have to pay that bill and when it comes due, there will be fewer Americans to pay it, meaning, the Millennials will bear the burden of what their votes really meant.
Within the next decade, they'll be paying for the promises made and enacted into legislation by those Democrat Party politicians the Millennials helped to elect. The time to be wary was prior to casting those all of those votes to increase the size and scope of government. The time to be disillusioned will be when the "tax man cometh" and requires the Millennials to pay for the crushing debt their big government has accrued.
Let the discussion begin...
To read the Reason Foundation analysis, click on the following link:
"Millennials and Pensions - Do They Know Public Pension Systems need Reform?"
To read the State Budget Solutions report, click on the following link"