The program is full of millennials, so we particularly appreciated Mr. Cooper sharing his knowledge on future crises that will burden us in the future.
Millennials are changing business more than any other generation. We are risk-takers, less structured, more engaged, and more comfortable with "disruptive technology". However, debt is a HUGE problem for our generation currently and in the future, despite the recent news of the federal deficit improving.
A series of monstrous debts will be incurred in the next 10 years or so because of entitlement programs, 2/3 of which are for healthcare and pensions.
Promises were made for the future that we do not have the money to back up. The tax burden goes wherever there is revenue. This burden will be on the current emerging business leaders. You and me. Someone has to pay the bill and make the balloon payment, and that someone is the entire millennial generation.
This is something to be aware of and keep an eye on in the future.
For more information on the topic or on the US Chamber of Commerce in general, please visit their website www.uschamber.com
Ronnie, I really liked the way you summarized our second trip to the CoC! I could hear your enthusiasm and appreciation in your post of what Mr. Cooper had to say to us and I think the rest of us feel the same way! I also really appreciated that he shared some light on skill sets that will help us get ahead and make ourselves stand out in the competitive job market. What he and Professor Seegers said about being able to write concisely and persuasively really stuck with me!
ReplyDeleteIt was an honor and a privilege that a person of the stature such as Mr. Cooper took some of his time to sit down with us and really talk about the subject of emerging issues.It was very interesting how much importance Mr. Cooper gives about emerging issues and way to tackle them and how he highlighted how our generation will inherit a whole new set of burdens and responsibilities. The debt that we will inherit in the next 10 years is something that concern us millennials, but Mr. Cooper is confident since the world is changing so rapidly new measures can be taken to counter all of our worries.
ReplyDeleteReally enjoyed the discussion. It was a good split between data and entitlement reform. Sooner or later that tab will fall on us as well as our children. Those supplemental handouts were sobering as well. I'm really thankful we got to meet Mr. Cooper. He was candid but cogent and insightful and I do hope we get to meet him again.
ReplyDeleteMr. Cooper was a very very knowledgeable man. It's so interesting to hear how much of an impact people of our generation (millennial) can / will be. I also really enjoyed his statements on the future of technology, especially the super computer Watson. Which I wrote a brief post on as well. :)
ReplyDeleteI did not know what to expect when speaking with Mr. Cooper, but I definitely did not expect that bomb to be dropped on us about the debt! However, I think we are VERY lucky to now be aware of this debt, and to have Mr. Cooper there to explain it all to us. After hearing this information, on the inside I froze. Those numbers were really frightening. I also liked how he described this as the government "kicking the can down the road" and making promises of entitlement that we cannot keep, because it is a very simple way to explain something I normally think is very complex. And on a positive note, he explained to us that it is something we need to be aware of in order to make smart business choices. After he mentioned "The Can Kicks Back" I researched a bit about them and I definitely encourage everyone else to do so!
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ReplyDeleteYes, the U.S is abundantly in debt primarily due to student loans individuals do not intend on paying back that were being lent out in abundance. Students were taking out loans that were not needed, and i like how there are limits now to the maximum amount of student loans an individual student can be able to render due to the creation of each school implementing "cost of attendance". As my macroeconomics teacher stated, I am paying for your education with my taxes, and when I am older, you all will pay for my retirement. It is the circle of life. I want to also state how Mr. Cooper was indeed very insightful on disruptive technology, and I needed the information on the next "boom" states. How God works in miracles. He is very knowledgeable.
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