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Millennials have just as much of a stake in the answers to long-term budget questions as we do in the short-term decisions concerning the economic recovery. First, Millennials prefer a balanced approach with regards to deficit reduction.
Paul from Northampton, Mass., wrote in to ask: "Some politicians say Social Security in no way contributes to the deficit. But for the last two years Social Security expenditures have exceeded Social Security revenues. How does this not contribute to the deficit?" Good question, Paul.
These days, it’s fashionable for any candidate for federal office to talk about how quickly he’ll reduce the budget deficit, which totaled around $1.1 trillion in fiscal 2012.
A few weeks ago, with the announcement of Rep. Paul Ryan as Gov. Romney’s running mate, we wrote about how the two presidential candidates represent starkly different visions for this country in the years to come. One issue we didn’t cover in detail is the candidates’ projected budget deficits.