Millennials are the most deeply indebted generation that has ever walked the face of the earth. Most don’t even own a home, yet they suffer under the weight of $1 trillion debt load.
According to an op-ed by Market Watch, this is not a good thing and doesn’t bode well for the millennial generation or the overall economy. The debt will be a problem, and millennials will pay so much for student loans that consumption and investment will be crowded out. While the $1 trillion number is large and not unnoticeable, the issue is what makes up all of this millennial debt. It’s mostly student loans, and a staggeringly high amount of these loans are in delinquency.
Society has done the millennial generation a great disservice by insisting they go into debt tens or even hundreds of thousands of dollars to get jobs that can be done with no college degree. The op-ed published in Market Watch states:
On a societal level, imagine what happens if the economy takes a wrong turn and these student loans — which are already 10% delinquent — go to 40% delinquent?
Not to get all “Book of Revelation” on you, but debt has historically led to war and inflation and autocracy.
Once you know that, you develop a healthy respect for debt and the destruction it can cause. -Market Watch
If you are in debt, in most cases it’s your fault. But in the case of millennials, they made decisions to take out student loans when they were too young to make these decisions. What’s so sad and telling is that parents of these debt riddled millennials have never taught their kids about money and never suggested working and saving as a means to pay for a college education. They’ve never said they should not buy for something they cannot afford pay for. Yet so many take out a loan before they have even earned a dollar of income. And the parents, in many cases, have set a poor example by being in so much credit card debt and taking out massive car loans.
It has become the American way, to buy things and hope you can afford the payment. And student loan debt, because it’s so easy to get, has crowded out other kinds of debt. It’s also “government debt” and not going be wiped away when filing for bankruptcy. Student loans will follow you around until they are paid off – in full. And that’s something that should also be looked into. The problem is millennials have been promised easy money, and it is easier than working for that money.
Even if a recession doesn’t happen, the absolute best-case scenario is that people will just limp along with the crushing weight debt, crowding out consumption and investment. People live in poverty, retire in poverty, and die in poverty. And it can be attributed to the massive amounts of debt they’ve taken on.
There’s a difference between poor and broke. It would be nice if millennials now taught their children the power of debt, and how it can enslave a person. Hopefully, the next generation won’t make as many mistakes.
Read Market Watch’s op-ed here.
Well, it’s because they are dumb as a box of rocks.
Ditto, they spend most of their incomes on eating out, according to The Wall Street Journal.
On the other hand, when the shooting starts, they’ll make great targets!
The ones that side with socialism and don’t have any use will surely die.
idiots are ALWAYS useful to socialism.
Thats why we live in a socialist country… It’s full of idiots. Care to explain how the US isn’t socialist? Hell it’s damn near 100% communist!
“Society has done the millennial generation a great disservice by insisting they go into debt tens or even hundreds of thousands of dollars to get jobs that can be done with no college degree.”
But not the leftists/socialists and their globalists/communists allies. The propaganda they are being brainwashed with is successfully converting large numbers of them into obedient proselytes.
“Society has done the millennial generation a great disservice by insisting they go into debt tens or even hundreds of thousands of dollars to get jobs that can be done with no college degree.”
But not a disservice to the leftists/socialists and their globalist/communist allies. The propaganda they are being brainwashed with is successfully converting large numbers of them into obedient proselytes to their dark, dystopian cause. They believe capitalism is the cause of their ills and all debt will be forgiven them if the socialists/communists can overthrow it.
The hilarious thing will be when boomers’ retirements disappear because of the greedy, unsustainable policies they have supported their whole lives. I love America but I don’t know if we can ever recover from the Baby Boomer generation.
Yea blame the Boomers for your shortcomings. The fact is the boomers born after 1950 had a rough time. The older boomers already had the good jobs. and weren’t going to leave the workplace for another twenty years. inflation and high interest began just as the after 1950 boomers became of age. And there where a lot more ready willing & able job seekers than there where available jobs. And if you where white skinned you where many times at a disadvantage because of affirmative action. wages stagnated and the fake gas shortage in the mid 70,s led to inflation. most boomers did not work where a pension was offered. Most somehow manage to live on Social Security. and do things like a part time job or Reverse mortgage. I was born in 1951 I know first hand how difficult it was to earn enough to stay out of debt. feed my family and pay my own way.
Sometimes I look at old pictures of America from the 40s and 50s, and it makes me sad to see what a great country this was before the boomers showed up. What’s even sadder is how hard the WW2 generation worked to give their spoiled Boomer children a better life. The WW2 generation was damn find people but their children were a horrific mistake.
Pictures don’t tell the real story. We all had chores. I milked cows every day. Chopped and picked cotton, hauled hay. cut wood. shit in a outhouse and carried water from the spring. If I set on a 1937 old john deer B tractor for ten hours cultivating that was a cushy chore. and my parents never paid me a red cent. And that was the norm in my part of Arkansas. the Young adults all left. Followed the Rockford Trail to go work in the Factorys up north. They came and visited during Deer season. If they Had a new car. We thought they where millionaires LOL. before the federal minimum wage was put in place. A adult receiving 50 cents per hour wages was a good job. Picking cotton was 3 cents per pound. The most I could ever pick was a 100 pounds in a day. Some folks where all assholes and elbows and could pick 300 pounds in a day. Yes us boomers certainly had a easy lifestyle.
Baby Boomers gave us the hippie, they’re known for their great work ethic, am I right? It’s incredible to think about how the WW2 generation (and before) built America with their bare hands, but the boomers have built nothing. Their biggest accomplishment is driving up the sales of toys like Harlies.
Old Guy, I’m an old guy too. These millennials never had the draft or the Viet Nam War to contend with. About 94% of the combat deaths of the 58,500 total, were boomers born between 1946-52. Men & some women who never got to live a full life. On top of that, look at all the wounded & screwed up vets. Also, several million blue collar boomers lost their jobs when de-industrialization began after the ’69-71 recession. Remember all the plant closings, mergers, lay-offs, etc. in the 70’s & 80’s? Then the white color boomers took a hit in the late 80’s with the corporate downsizing & outsourcing that came in
at that time. I recall how difficult it was to get a car loan, student loan or even get into college 50 years ago. Credit cards were out of the question. Could go on & on. Me? Going to collect SS when I turn 70 years old (will have been paying into it 53 years!)& keep on working till I drop dead. That’s all I’ve known my whole life.
The Baby Boomers were a generation of draft dodgers. Millenniels and Gen X volunteered to fight. You have to wonder about a generation who couldn’t respond to their nation’s call without being drafted.
Billy big mouth, what branch did you serve in and for how long? I volunteered to be sent to Viet Nam butthead.
Did 6 years myself. Look Seminole, maybe you’re one of the good boomers, there are a few. But don’t defend your awful generation if you don’t want to be lumped in with them. I look at boomers and see people who are proud of thier sexual degeneracy, Woodstock, draft dodging, their divorces, and the retirements they’re always whining about.
People who damaged America this much shouldn’t be casting stones at others. And again, if you’re one of the good boomers don’t be triggered when someone just tells it like it is.
Billy, Sounds like you’re from the ‘snot nosed punk” generation. You’re just like the socialists, blame all your problems on someone else, instead of picking your own self up and doing something to help. You need stomped dry.
Redwinger, the internet tough guy. Seriously though, I knew a lot of WW2 vets, and there was a lot to admire about them. It’s sad that they’re dying off and the new crop of old men is Baby Boomers, people with so little wisdom to offer.
got drafted and served, d-sucker. what did you do?
Right on, we’ve been keeping the wolves at bay ever since I can remember, so these Brats have the Freedom they have today to take Selfies and workout at the gym.
Do you remember doing Nuclear war drills as a kid, (duck and cover) during the Cuban Missile Crisis?
What Billy boy does not understand is that Freedom is not Free!
I remember the duck & cover drills & being in a fallout shelter back in the late 1950’s. The Cuban Missile Crisis during October, ’62 seems like it just happened minutes ago. Also, knowing three guys who got killed in Nam, one in ’67 & the others in ’68. Several who are still messed after 50+ years. Also, how hard it was to get a job at GM or some other good paying factory job company. Hell, it was even harder to get into an apprenticeship program to learn a trade. Once again, I could go on & on. Besides that, I came from a working class family along with most of my friends back then. We weren’t spoiled & just trying to find a part time job to make some spending cash was a bitch. Well, just hope my Medicare is still around & in a couple of years, SS. I’m sure going need both, even though I saved & invested most of it. A catastrophic medical condition or half ass law suit could wipe me out in no time! Thanks for the reply.
I agree. I was born in the late 50’s. I didn’t have it as bad as some, and borrowed money when I could afford to pay it back. I know a lot of people that claimed bankruptcy multiple times, and each time was able to borrow more. Not the most intelligent attitude from banks.
I believe that if a debt is forgiven, you should not be able to borrow again, at least not until the old debt is paid. If we forgive college debt, then forbid the use of credit cards and acquiring other debt of any kind!! If these children want nice things, they will have to learn to earn towards their desired goal. Hopefully, they will discover the difference between a want and a need.
Kids born after 1970 have had it rough too OG..By the time a kid born in 1973 was entering the work force the vast majority of our manufacturing base had already been picked clean,not to mention that older generations weren’t retiring like the generations before them did..I’ve said for many years now that the 50’s were our last good decade and the 60’s were our last decent decade..It’s been all downhill since the early/mid-70’s..Greed,selfishness and an insatiable appetite for power and control took over and the results speak for them self.
I was 19 in 1970. Couldn’t get hired at the better places because I had a 1A draft card Nobody wanted to train a new employee just to have them get drafted. So I worked the jobs that the illegals do today. Hard physical work at low pay. I worked on road const in 1976. got paid $4.50 per hr for being a finish operator on a bulldozer. That was considered top pay. Worked only 7 months that year. and every day guys wanting work came by the job. One year 1980. I took a job operating a 90 pound jackhammer in the bottom of a coffer dam to break the bedrock for the footing for a dam. And it was in Jan. Cold wet hard work. got paid $4 per hour. and just like usual plenty of job seekers coming by wanting to work. and offering to work for less money. Ronnie Regan was who we blamed. I hated that holly weird actor and still do.
Also, 1970 was a recession year. Big cutbacks in aerospace, automotive, consumer products, defense, home construction, machine tools & a few others. The Penn Central Railroad went bankrupt. The U.S. was also being flooded with cheap, high quality products from Japan like radios, stereos & TV sets. The unemployment rate (unofficial) hit 7%.I recall some states ran out of unemployment insurance money & had to borrow from the Federal Government. If you had a job in that year, you were damn lucky. By the way,the Reagan presidency only resulted in more debt & more jobs shipped overseas. Billions had to be borrowed for that false prosperity of those eight years.
Billy Crockett sounds like one of those millennials who went into heavy student loan debt for some useless degree and now can’t do jack shit. No one forced you to sign those loan papers, dickhead. You made your own bed so go lay on it.
Not a .01 in college debt for me, I’m actually heading back to school on your dime soon (GI Bill).
I seen on Facebook where some snowflake was lamenting because in Trumps budget proposal there wasn’t a provision to forgive College Debt. These Millentials will simply have to suffer for their bad choices. But there is a silver lining. They aint gonna spend as much on material goods. So inflation might be slowed or halted.
Everyone will have to suffer. It makes me laugh to think of baby boomers dying in full bedpans in run down nursing homes, ignored by the 3rd worlder nurses they imported.
That’s right, Billy Croc. Always save the last round in the magazine for yourself!
BC – Your viewpoint isn’t unique. Every generation accuses the previous one of all the world’s ills and every generation looks down on the next as soft and unprepared for reality. Someday, you will be laying in that bedpan too while future kids curse you. The only thing the average person can do is do their best to get by in life and in the process make the world a better place in some small way. Ridding oneself of ageism, racism, sexism or any other -ism or identity politics is a good place to start. This old boomer sleeps fine. The reins will soon be yours. Do great things.
Well said Fritz..
You’ve gotta learn how to take the bitter with the sweet in life.
You’ll always catch more flies using sugar than salt..
Billy Croc Of Shit, STFU!
Sounds like you may be triggered. Perhaps you need to go to the safe space in the old folks home and rant about “kids these days.” Sorry to cause heartburn, I thought big tough boomers could handle some criticism.
Gee Billy, Im not a boomer (just after that) but you can still “BLOW ME” 😛
In many cases Mom & Dad co signed the student loans; there goes the 401K.
Well, Stupid parents with stupid kids equals a stupid outcome. Fuck them. They need to be culled anyway. A vasectomy is a million times cheaper than stupid kids….
A vasectomy is a MILLION times cheaper than paying 18 years of Child Support,Alimony and/or Palimony, all for a woman to spend 99% of it on HERSELF,and the kid(s) get the scraps..
I have seen parents that worked hard, saved and obtained a good standard of living. Their parents were generally tough on them. Wanting to soothe out the road in life they pampered their kids. One of the greatest mistakes was to stress, “Do something you love” because Dad and likely Mom had misgivings about their jobs regarding “fulfillment”. That is a terrific piece of advice if there is gainful employment at the end of the education. It was largely assumed that college, any college education, was the ticket to good employment. I always been a good trade guy myself and hence steered my boy to become an electrician.
Strain On The Economy: Millennials Have $1 Trillion In Debt, And Most Don’t Own Homes
Not to worry, eventually most of the will inherit a home in another 30-40 years!
no the will not inherit. or very few will. The old folks get reverse morgages. or sell out and downsize or rent or buy a travel trailer motor home. Many will end up in nursing homes and the DHS lien on the home will be greater than the homes value. Not even half of the Boomers have a great pension or live a lavish lifestyle. Watch on the first and middle of the month. The old folks most of them boomers. just had their Social Security deposited. and the very next day they are out in droves. because for the last week or so they where broke. Their money ran out before the month did.
I figure the best year for a male to be born was 1936. They graduated HS in 1954 and were just too young for Korea as the war ended a month or so after they graduated. If they got drafted they likely went to Europe but regardless the 2 year stint wasn’t war. They hit the labor force in the mid 1950s, the requirements for a good job were to have two arms, two hands (preferable one on each arm), etc. Reading, writing, basic math a plus as was a HS diploma. Buy virtually any Blue Chip stock and your set, homes were reasonable and inflation was coming making that 30 year $100 month mortgage a very easy nut to crack down the road. By the time it all started to fall apart you made yours.
You must live in the ghetto. Where I live the old folks drive Cadillac’s, golf, county club and migrate summer and winter.
Another thing to consider is this: just like welfare, most of this debt has been taken on by non-whites, whereas most of the retired boomers are white. How is that going to play out?
A tug of war between retired comfortable white rich people and indebted blacks and Hispanics. You AOC nothing yet!!
Frank Thoughts, the next thing you know the millennials will ask for a bailout. I ain’t bailing out any of them. The made their bed so let them lay their stupid asses down on it. You reap what you sow.
That’s what I keep saying about Baby Boomers. I can’t wait until their retirements evaporate and they clamour for a bailout so they can keep funding their Harley and RV. The younger generations will say “No”
Quick joke: do you know what the tragedy of seeing a Boomer careen off a cliff on a Harley is?
A Harley can hold 2 boomers
And here’s the kicker-they embrace socialism.
Brought to you by government schools with commie teachers.
Ah, this young generation. If they only learned history.
Communists sow seeds of hatred between generations. How stupid do you have to be to fall for it. Every generation has its pluses and minuses. None is without sin. Casting stones at eachother, man against woman, husband against wife, wife against husband, children against parents, parents abandoning children, brother killing brother. This is Communism. This is the work of the serpent seed. This is the work of the devil and his minions who infiltrate and destroy from within. Not to get all Revelationary, but it has all been profesiesed. The pretenders in Jerusalem and their World Order are about to receive the wrath of Jesus Christ whom they hate.
Don’t trust anyone over 30 was the mantra of the 1960’s Communist Agitators and University speakers. They were evil then and their children are preaching the same division. It is a divide and conquer strategy. It is very effective. If they can sow seeds of resentment within the family, and between generations, they can more easily defeat us. Don’t fall for it.
Yes- as a boomer woman, I’ve gotten the nastiest comments from the service sector folks I come in contact with. Doesn’t matter to them that I put my kids through school without them having to take out a loan. They don’t know I was a waitress, a personal trainer, an elementary school teacher, a college lecturer, a band leader and a MOM. They see me in nice clothes with a piece of nice jewelry and they go nuts. I had one girl at ULTA basically accuse me of shoplifting because I touched a bottle of perfume that was rigged up to set off an alarm. Then, another girl at the cash register started an argument with me when I wouldn’t give her my personal information. All I want to do is transact my transaction… not sign up for emails or give them my zipode, etc. It’s been a long, slow ride to this constant crap and it’s time for it to come to a flaming end.
dont believe that all your problems are cause by the Baby Boomers, you are being told that for a reason.
2nd Generation Screaming Eagle. Look, not all Boomers are bad. My brother was the hippiest hippy of all. Mowed a peace sign in our yard while Dad was over fighting in the Southeast Asia Hula Bowl. The 60’s, while giving us the best music ever recorded was a time of turbulence. We came out of the Rockwell 50’s and the Sex, drugs, and rock and roll culture took over. They learned how to protest – honed their skills at “standing up to the man”. The problem is, a lot of them did or do teach at every level and dominate the college scene. They also wear black robes sit on Circuit Courts and have law degrees. Them or their off spring. Some of the issues of the snowflake generation can be traced back to the clouds from which these snowflakes fell. Sister – mid 50’s lives so far out of her means that she
Is constantly broke. Me, I play by the rules. NO DEBT. My kids think debt
Is Evil (thanks Dave Ramsey)…..the debt will come due and we’ll ALL pay one way or another.
If you are a fat lazy stupid irresponsible pig, in all cases it’s your fault.
The cost of diabetes type two exceeded $250 billion last year, will exceed $1 trillion every year by 2030.
When a significant part of the boomer generation dies out, the younger generations will turn on the old. The hostility toward older people has been growing.