"We're on a fiscally unsustainable path," said Charles Konigsberg, chief budget counsel for the Concord Coalition, a fiscal discipline group. Younger generations will soon be forced to borrow vast sums of money just to pay the interest on the national debt, he said.

According to the Youth Entitlements Summit, which is dedicated to raising youth awareness of long-term budget problems, the combined cost of new taxes needed to pay for the rising cost of entitlements will mean that "the living standards of average workers in America will start to decline in the early 2020s," just as today's young voters reach middle age.