The Millennial Debt Foundation, created in mid-2019 to lead a generational conversation about fiscal stewardship and the national debt, Thursday announced the creation of a business-led commission focused on long-term deficit reduction.
"The Millennial Debt Commission is comprised of 16 of the top millennial business leaders in the nation and will examine the national debt and its catastrophic long-term consequences through the unique perspective of their private sector experience," officials of the Chattanooga-based foundation said.
“Long before a global pandemic caused a $4 trillion federal deficit, borrowing against future generations was the norm in Washington,” said Weston Wamp, founder of the Millennial Debt Foundation.
“For two decades, the federal government has been poorly managed by both political parties – imperiling the long-term economic and national security of America. The Millennial Debt Foundation is convening millennial business and political leaders with the hopes of re-energizing fiscal stewardship for a generation to come. We could not be more excited that these top-tier business leaders have agreed to serve on our first commission, and we are more energetic and determined than ever to begin building toward solutions to what we believe is the greatest long-term challenge facing our nation.”
Tianyi Joe Zhu, managing partner of Playground Capital, said, “As of May of this year, our national debt was nearly twenty-five trillion dollars, an astronomical number that our policymakers have allowed to more than double in the last decade. Not addressing the looming debt crisis and leaving our country to continue on this path will undoubtedly have crippling effects for my generation and on. I am honored to join such a respected group of millennial business leaders that have each recognized the dilemma at hand. We seek to leverage our private sector experience to create a framework for long-term deficit reduction, by learning and working with our policymakers, and in turn, educating our generation to the cost of inaction.”
U.S. Rep. Mike Gallagher (R-Wis.), an honorary congressional advisor to the commission, said, “For too long, our country has avoided having the difficult discussions needed to address our ever-growing national debt. This commission recognizes that the generations of tomorrow will pay for the irresponsible spending decisions of today, and I have no doubt this group of millennial leaders will utilize their unique backgrounds to help address the fiscal challenges our country faces. Problems don’t age well, and I look forward to working with this group on ways we can get our fiscal house in order.”
The nonpartisan Millennial Debt Foundation was founded by Mr. Wamp with the support of the late U.S. Senator Tom Coburn, M.D. and multiple millennial members of the U.S. Congress. Mr. Wamp is a former early-stage investor who currently serves as the senior political strategist for a national nonpartisan reform organization. The commission will be advised by members of Congress focused on conservative solutions to the national debt. The honorary congressional advisors will meet with the commission on the political realities of the issue. The commission also will be advised by a respected cadre of former elected officials, government officials and economists.
The first commission meeting will be held virtually next Tuesday from 10 a.m-1 p.m. Speakers will include millennial members of the House of Representatives, including Mike Gallagher (R-Wis.), Guy Reschenthaler (R-Penn.), Bryan Steil (R-Wis.) and William Timmons (R-S.C.). U.S. Senators Joni Ernst (R-Iowa), Ron Johnson (R-Wis.) and Marco Rubio (R-Fla.) will also be speaking with the commission. Others briefing the commission include former U.S. Senators Jim DeMint and Bob Corker, former Congressional Budget Office (CBO) Director Doug Holtz-Eakin and Romina Boccia, the budget lead at the Heritage Foundation.
Honorary Congressional Advisors
U.S. Representative Dan Crenshaw (R-Texas)
U.S. Representative Mike Gallagher (R-Wis.)
U.S. Representative Guy Reschenthaler (R-Pa.)
U.S. Representative Bryan Steil (R-Wis.)
U.S. Representative William Timmons (R-S.C.)
U.S. Senator Joni Ernst (R-Iowa)
U.S. Senator Mike Lee (R-Utah)
U.S. Senator Ron Johnson (R-Wis.)
U.S. Senator Marco Rubio (R-Fla.)
Members of the Inaugural Millennial Debt Commission:
Beau Allen, vice president of JAM Capital Partners (Georgia)
Malachi Boyuls, managing partner of St. Augustine Capital Partners (Texas)
Cody Campbell, co-founder and CEO of Double Eagle Energy (Texas)
Cam Doody, co-founder and chairman of Bellhop (Tennessee)
Parker Duffey, CEO of Tailgate Guys (Alabama)
Robert Hughes, president of Hughes Development (South Carolina)
Geordy Johnson, CEO of Johnson Development (South Carolina)
Jenna Kimberley, vice president of Kimberley Development Corporation (Iowa)
Nick Macco, co-founder of Legacybox (Tennessee)
Alejandro Mendieta, managing director of Coastal Wealth (Florida)
Rachel Neill, CEO of Carex Consulting (Wisconsin)
Jon Novak, CEO of Boomerang Transportation (Florida)
Rich Walton, CEO of Noble Environmental; President of Archaea Energy (Pennsylvania)
Benjamin Wu, partner of Huntsman Family Investments (Utah)
Jane Wu, president of Panorama Holdings (North Carolina)
Tianyi Joe Zhu, partner of SmartHealth Ventures; managing partner of Playground Capital (New York)
Senior advisors to the Commission:
Former U.S. Senator Tom Coburn (In Memoriam)
Former U.S. Senator Jim DeMint, Chairman of the Conservative Partnership Institute
Former U.S. Representative Reid Ribble
Former U.S. Representative Zach Wamp
Doug Holtz Eakin, former director of the Congressional Budget Office; president of the American Action Forum
Romina Boccia, director of the Grover M. Hermann Center for the Federal Budget at the Heritage Foundation
Rachel Bovard, senior policy director at the Conservative Partnership Institute
Jonathan Bydlak, director of the Fiscal and Budget Policy Project at the R Street Institute
Micah Johnson, former senior advisor to U.S. Senator Bob Corker
Todd Womack, former chief of staff to U.S. Senator Bob Corker