As the costs of everything goes up, it’s not surprising. Heck we’re struggling too.
The increasing number of bankruptcies and financial pressure on millennials highlight systemic challenges that require comprehensive solutions. It’s imperative to address underlying economic issues, provide financial education, and explore policies that promote equitable opportunities for all generations.
Record credit card debt.
Rising credit card default rates.
Rising car loan default rates and already high car loan rejection rates.
Worst home buying market in 30 years.
Rising bankruptcies in addition to all the above comes as no surprise.
I hope Biden keeps talking about how wonderful the economy is and people just don’t know how good they have it.
I’m shocked. /sarc #Bidenomics
Federal Budget Deficit Grew to $2 Trillion in FY 2023 Tax Foundation, 12 October 2023
Spending much more money than they have?
Who do they think they are?
The federal government?
A lot of this can be contributed to poor financial skills and parents who bought them everything well into their 20’s. We know people that are paying for their “kids” cell bills, insurance and they’re 28-30. No independence needed. Daddy is there when you need him. Which is often.
Many millennials went straight for the home, instead of a one bedroom apartment to pay off first that they could then sell and have a nice down payment.
If you do the math, you can save hundreds of thousands of dollars by starting as small as you can and, from there, save your money while working two jobs towards owning a home.
“As the economic horizon teems with optimism…”
So where’s the problem?
Solution:
#1. Require every student, after 12 years of public education, to pass a law bar examination,
with on site practical work experience and observation in a court of law.
#2. Every individual under the age of 30, or those individuals starting their first business, 100 percent tax exemption quarterly and all schedules for 10 years.
#3. No-zero closed contact and closed communication with any federal United States Senator and Congressman of any business or corporation whatsoever.
Good news: There is a light at the. End of the tunnel.
Bad news: It’s a train.
Debt Jubilee? It is after all an election year and politicians hardly look beyond the next election. Their thought process: Do whatever will get me over the finish line first, worry about the consequences later. Shift blame.
We all struggle.
Younger folks have to learn how to budget and stop impulse spending on themselves like we all did at some point in our lives.
Does not surprise me. Talked to more than a few Millenials who maintain their lifestyle by continuously shifting their balances from one credit card to another. That’s not a winning financial strategy.
The last time this happened was in the late 70’s.
We are now in the worst of the worst.
Socialism always has some kinks in it as soon as the find them the left tell us it’ll be okay.