How Boomers voted the next generation a $40 trillion debt, and counting

By the summer of 2023, the United States' national debt had reached a staggering $40 trillion, marking a significant milestone. Five months prior, in March of the same year, the debt-to-GDP ratio had crossed the 100% mark for the first time since just after World War II, a figure held by the public and attributable to all presidents who have served since 2001, with the exception of Joe Biden.

The Committee for a Responsible Federal Budget, a nonpartisan think tank, examined the trajectory that led to this point over the past quarter-century. The aging population, primarily comprised of baby boomers, held a majority of Senate seats until the 118th Congress, and the majority of presidents who presided over the debt's surge were baby boomers.

In 2001, debt held by the public stood at a relatively modest 32% of GDP and was on a downward trend; however, by 2023, it had more than tripled to 100% of GDP, with annual deficits reaching around 6%. This dramatic transformation is largely attributed to three primary forces: major tax cuts constituting 37% of GDP, increased spending accounting for 33% of the debt, and fiscal responses to recessions such as the 2008 financial crisis and COVID-19 relief measures contributing 28%.

Significant legislation responsible for this mathematical shift was signed by baby boomers occupying the Oval Office. Presidents George W. Bush, born in 1946, signed the 2001 and 2003 tax cuts, as well as creating Medicare Part D. Barack Obama, born in 1961, further extended the Bush tax cuts in 2010 and 2013. Donald Trump, born in 1946, signed the 2017 Tax Cuts and Jobs Act and later the One Big Beautiful Bill Act, which is projected to add $4.7 trillion to the debt through 2035, a figure that could increase if the temporary provisions are made permanent.

President Biden, technically a member of the Silent Generation but politically aligned with the boomers, oversaw COVID-19 relief spending that, alongside the aftermath of the 2007-2009 financial crisis, added over $6 trillion to the national debt.

Beyond the legislative actions, the federal government's spending is disproportionately allocated toward older Americans. The Penn Wharton Budget Model calculates that the government spends roughly ten times more per capita on individuals over 65 than it does for those under 26. Retirees receive 38.6% of all federal outlays, which is 61.9% of spending that can be attributed to a specific age group, compared to 10.3% for the youngest adults.

The Manhattan Institute further highlights this disparity, noting that Americans aged 65 and older represented 17% of the population but received 66% of entitlement spending while contributing only 11% of direct tax revenue. A retiree in 2027 can anticipate receiving about $730,000 in lifetime Social Security benefits, which exceeds their 2027 career contributions of less than $200,000 – a 265% return when the employer's portion of payroll taxes is excluded.

The Congressional Budget Office projects that Social Security, health care programs, and interest costs will drive 81% of the growth in total federal spending between 2023 and 2033. It is essential to note that none of these trends originated from a single ballot measure; rather, they stem from the repercussions of decades of votes cast by an increasingly aging electorate and a political landscape dominated by lawmakers heavily influenced by their own generational interests.

Political scientists and think tanks across the ideological spectrum describe this as a "gerontocracy," and Yale professor Samuel Moyn has dedicated a recent book to critiquing America's "oldigarchy." Despite the substantial debt accrued, entitlement reform remains largely untouchable due to the overwhelming support for Medicare among seniors, with nationwide support exceeding 89% among both political affiliations.