ABSTRACT
This chapter focuses on the dilemma as a real and frightening one. Younger Americans' future very much depends on how our nation handles this dilemma. At the core of the dilemma is the problem of debt. Debt can be helpful when it helps us fund college or buy a house. It is also possible to have too much of a good thing. The current dilemma lies in the borrowing by national government over the past twenty-five years, borrowing that grew more troublesome after 1980. Many economists agree with the description of the dilemma. Despite the apparent certainties taught in introductory economics courses, the discipline exhibits little consensus on major theoretical questions. The chapter concerns our economic future, growing debt, and burgeoning entitlements that started making large political waves in the 1990s. These problems spawned a political movement led by Ross Perot and Paul Tsongas in 1992. The chapter also presents an overview of the key concepts discussed in this book.
