EXCERPT From "A Nation of Moochers": Mooching Off The Kids
TRENTON— Over the last 18 months, a New Jersey woman ran up six figure debts in the names of her five children, ages 3 to 17
According to Court Records, Carmela Jennings purchased a $1.2 million home in Camden, New Jersey, taking out mortgages in the names of her two youngest children, Lindsay and Tina, aged 3 and 5. Records show that Jennings also purchased a Mercedes CLS class car in the name of her son Jed. Jed is unlikely to drive the $85,000 car, since he is 10 years old.
Jennings also applied for and was issued credit cards in the name of each of the children, using them to pay for landscaping on her house, a $75,000 gazebo in her backyard, and $65,000 in cosmetic surgery, including tummy tucks and breast implants… all charged to her children.
Authorities said that Jennings had told the other children and family members that she was making regular payments into a college fund for the children, but in fact, Jennings drained the inheritances the children had received from their grandparents and used it to pay for the installation of a new indoor swimming pool, outdoor hot tub, a basement home theater system, and paving a 1500 ft. driveway. Jennings also purchased a $35,000 model high speed rail train set, also charged to her kids.???
Jennings, a social worker, apparently also had a generous side. Records indicate that she purchased Recreational Vehicles for her three brothers, Eugene, Guido, and Sonny and apparently fully funded the retirement accounts of four of her cousins. Because they all borrowed against their IRAs, none of the cousins reports any remaining balance. All of the costs were charged to Jennings' children.???
State authorities say that each child now apparently owes between $275,000 and $700,000 in debts run up by their mother.
Jennings could not be reached for comment.
This story is fictitious.
But how is it different from what we are actually doing to the next generation: spending trillions of dollars on infrastructure, health care, education, transportation, retirement and “stimulative” pork, and charging it to the kids? Instead of being an act of fraud, however, the looting of the young has become bipartisan public policy. In 2011, 40 cents of every dollar the federal government spent was borrowed.