United States Treasury

July 4, 2021

Memo to: American Youth

From:      Janet Yellen, United States Secretary of the Treasury

Subject:  Facts of Life

Each of you is now old enough to appreciate certain facts of life. Therefore, in the interest of transparency, I am writing on this 4th of July to inform you of debt obligations you will face upon reaching maturity at the age of eighteen. In particular, at eighteen, each of you will receive an invoice from me or my successors for lifetime repayment in the approximate amount of $400,000. This amount represents the share of U.S. Government debt that is being assessed to everyone presently under the age of eighteen. The amount likely will be larger for the younger of you. Please note that this figure reflects the fact that your grandparents and parents have decided, through their elected representatives, not to receive invoices of their own. Consequently, the entirety of the debt obligation shall fall on your generation, which currently comprises 22% of the U.S. population.

Please also be informed that when you begin your productive years, all of the fruits of your productivity shall belong to the U.S. Treasury. Be assured, however, that I or my successors will always permit you to retain a varying percentage of your income for your personal use. Moreover, for the least productive of you, we will provide free of charge a number of benefits and services that we have determined are good for you.

We have also determined that, to control the Treasury’s debt service costs, it will be necessary that the purchasing power of the income you are permitted to retain, as well as any savings you might accumulate, decline year over year throughout your life. Therefore, you can expect to see your standard of living stagnate or possibly even fall as you grow older. 

Finally, as U.S. Treasury Secretary, I speak only to your federal obligations. You should be aware that you are also likely to receive similar notices from the state and local governments in whose jurisdictions you reside.

In closing, let me take this opportunity to wish you the brightest of futures as you approach adulthood in America.

J.Y.