Posted on 04/06/2020 9:23:01 AM PDT by GuavaCheesePuff
The last time a serious economic downturn hit in 2008, Evan Schade was in high school and the crisis seemed like a news event that happened to other people. This time, as the coronavirus has brought the economy to its knees, it has become a personal affair.
When nonessential businesses were closed last month in Kansas City, Mo., where he lives, Mr. Schade, 26, lost his job at a carpet store and almost all of the shifts in his second job at a coffee shop. His girlfriend, Kaitlyn Gardner, 23, was laid off from a different coffee shop.
The money they have in their bank accounts, just over $1,000, is enough to cover only this week’s $800 rent check — forget about his $300 student loan payments or the health insurance he was hoping to finally sign up for. The couple have spent their time at home applying for unemployment and fruitlessly looking for new work.
“I know so many people my age who are going through the exact same thing,” Ms. Gardner said.
The youngest American adults are facing what is, for most of them, the first serious economic crisis of their working lives. By most measures, they are woefully unprepared.
(Excerpt) Read more at nytimes.com ...
He could have gone to work at the carpet store and coffee shop without student loan debt. And they want US to pay off the debt for these unmotivated ones.
Yes, I looked at the graph.
If you want to discourage your kids and grandkids, be sure to show them that graph.
There is money and a good life to be led in all free democracies. During the depression some people not only lived comfortably but a few actually got rich legally.
We now have antibiotics and anti-viral drugs. They weren’t available during the depression. We also have the ability to produce food more efficiently than we had then.
Some Americans will have the persistence and ingenuity to figure out a way to thrive in the midst of adversity. Try to get your kids and grandkids to focus on finding opportunity that has been overlooked.
Tell your grandkids about the person who figured out that absorbent granulated clay would be better than sand to put in cat boxes. Tell them about the legal secretary who figured out how to fix typing errors with white tempera paint. Kitty litter and White-out are just two examples of American ingenuity. Be positive, give the kids some hope.
Good points. Is our hypocrisy showing?
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We can lecture all we want about borrowing money and look at our government leadership, the ones we chose to elect.
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Spending money we don’t have......
They shouldn’t have let themselves become burdened with debt.
“Part of the problem is these kids never learned how to budget,juggle bills and prioritize.”
There is some of that but young folk today do have it rough.
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My first job in 1985 I was given a company car with all car and insurance expenses paid, full pension (not a lousy 401k), 100% paid health insurance with near 100% coverage, disability and dental/vision.
My niece and her husband have good jobs and a college degree but they pay almost $800 per month employee share for their health insurance and they have a $5000 deductible. No pension plan either. I won’t get into their house payment.
Back in my days you go work summer and part of fall and have enough money saved to pay the entire years tuition. Today try $25k per year for room and board.
Probably not. Student debt is dischargeable but must meet a “undue hardship” criteria which has never been adequately defined. If you have reached a point where a BK is a necessity the undue hardship threshold has arguably been met.
If you enter college be sure to finish your degree. I doubt that they graduated.
Nothing about what kind of college degrees those interviewed obtained, too much money wasted on the guy’s tattoos, and a total lack of knowledge about planning for the future for most of these millenials.
They should have voted Republican. Trump knew how to grow the economy and create jobs. Obama just sucked the money out of the economy for his leftist business friends and supporters (Solyndra, either $600 MILLION or more. Would have funded a lot of new business start-ups).
Actually, three months rent. 1200+1200=2400/800 equals 3
I say cancel all the college debt just to spite the colleges and banks who have raised the costs too high. Harvard can afford it at $40 billion they got plus all the chinese money.
Completely agree with everything you said. However, it will be “interesting times”.
Completely agree with everything you said. However, it will be “interesting times”.
I think we may take an alternate path oft used by insolvent countries.
We will just issue a new currency. I’ll even suggest it may be a cryptocurrency or other digital currency.
“Old debts” paid in Dollars of today. Economic activity will gradually transition to “new dollars” which will gradually eclipse “old dollars” which can then be printed in any amount to pay debts.....sort of like what we do now.
Old dollars will be inflated away....so will social security, pensions, debts of all kinds.
I think that’s how the problem is “solved”
You are probably right. Though this will be an attempt to use the federal money printing machine to bribe a certain class of people that will vote for demonkraps.
the rest will be put on the refrigerator door till this situation is resolved
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My refrigerator doors are reserved for grand children’s art.
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