American citizens born in the 21st century do not think much of capitalism. A growing share of young people supports socialist candidates, and policies such as wealth taxes. There are many reasons why young people are soured on capitalism, but one that is often overlooked is the burden of federal debt they inherit.

The federal debt burden inherited by younger generations has increased dramatically compared to that inherited by older generations. The last time that the federal government balanced the budget was in 2000. In that year the total debt burden was $5.6 trillion, equal to 55.5 percent of GDP. Each citizen inherited a debt burden of about $20,000, and that inherited by each household was $53,600. Since 2000 the debt burden per person and per household has increased five-fold. This year the total federal debt increased to more than $40 trillion, equal to 123 percent of GDP. A child born in 2026 inherits a debt burden of $116,480, and a household inherits a debt equal to $295,494.

To put the public debt burden in perspective, the average mortgage is $264,000. The average household inherits a public debt burden that exceeds the mortgage on their home. They will pay more........

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