“those who are younger who haven’t had that stability or ability (or common sense) to avoid crazy debts.”
http://blogs.marketwatch.com/encore/2013/03/21/why-boomer-debt-has-soared-since-2000/
“Overall, 44% of 65-plus household hold at least some debt, and the average household owes $26,000 – also more than double its 2000 level.”
“That’s undoubtedly part of the burden for those baby boomers in the age 55-to-64 category: The average household in that age group now carries $70,000 in debt, up 64% from 2000”
Again, you might believe this to be so, but it just ain’t so.
Boomers carry about 3x the amount of debt as their parents and are generally carrying far fewer assets.
The younger generation not only has fewer debts, since they’ve not bought as much as the boomers, they also do more with less.
Again - if the average boomer retires with 100k in debt, how’s that going to work out for society in general?
That's since the beginning of GWB's presidency. Outsourcing of jobs, the recession, and economic instabilty caused that.
Overall, 44% of the 65-plus households hold at least some debt and the average household owes $26,000 - also more than double its 2000 level
Speaking as an "over 65", that's what I'm describing. The average debt wasn't high at all in 2000, and would easily be paid off with selling the house (again, the prevalent situation, not the only one). Then real estate values collapsed and interest on savings went to near-zero. That meant people had to use up their savings and accrue debt to pay bills.
It does not turn around without stable jobs that provide incomes which allow people to pay their bills and save for emergencies.