Seriously, I could afford $800 per month rent on a grocery clerk hourly wage. What ‘jobs’ does he pretend to do?
Posted on 12/04/2022 5:40:52 AM PST by Diana in Wisconsin
Anthony Strain was desperate for another roommate.
The 26-year-old from Pittsburgh is currently unemployed, $50,000 in debt, and falling behind on his gas and electricity payments. To provide "financial breathing room" and help shoulder their $800 monthly rent, Strain said he and his partner found another person to move in with them and help split the bills.
"We wanted this system to minimize the average cost per person of living here," he said, adding that the trio splits the costs of rent, utilities, and subscriptions to streaming platforms.
Strain isn't the only young American experiencing financial challenges right now. Amounts of credit-card debt and delinquency rates are on the rise, especially among 18- to 29-year-olds. It comes as most economists predict a recession in 2023, as inflation is up 7.7% versus this time in 2021, and as rents — while beginning to fall in some cities — remain elevated. It's caused young Americans to take out more debt, bring on more roommates, and pick up more work.
To be sure, not all Gen Zers are struggling. Americans aged 16 to 24 have seen a wage growth of 13% over the last year — well above the 7.7% inflation over the same period — as companies have raised pay to attract workers. But if a recession comes, Gen Zers could be among the hardest hit due to mounting debt, few savings, and vulnerability to layoffs.
The ones Insider spoke with don't have a lot of hope for the near future.
"We try to endure, but I don't know if we will last the winter unscathed," Strain said. 'My generation and I will not have the same opportunities to build our futures as our parents and grandparents did'
(Excerpt) Read more at businessinsider.com ...
US credit-card debt overall rose $38 billion between July and September of this year, per the New York Fed. The 15% year-over-year increase was the largest in over two decades. While overall delinquencies remain below pre-pandemic levels, all age groups saw upticks in missed payments over the past quarter. For older Gen Zers, the delinquency rate rose to over 6%, though still below the roughly 9% pre-pandemic rate.
"Is this simply a reversion to earlier levels with forbearances ending and stimulus savings drying up, or is this a sign of trouble ahead?" New York Fed researchers wrote of the overall rise in missed payments.
Yet voted in droves for Democrats last month.
Seriously, I could afford $800 per month rent on a grocery clerk hourly wage. What ‘jobs’ does he pretend to do?
They can have the damned world just like they want it. Im almost done with my run. If it takes them 40 years of wandering around in poverty then thats what it takes.
The important thing is that they have access to free abortions and electric vehicles, should they find an extra $50k under a rock.
Stolen elections have dire consequences.
> The 26-year-old from Pittsburgh is currently unemployed, $50,000 in debt, and falling behind on his gas and electricity payments.
Keep voting for Democrats, shut down energy production and attack farmers. That’ll bring prices down and improve the standard of living. 👍
True, everything is more expensive, but some of the choices they make can contribute, like $1500 smart phones.
2 years ago pre covid, the ecnmay was dang near perfect. Why? Trump.
Yep.
My son falls into that age range and says most of his friends are under crushing student debt, inflation and sky; high housing prices.
All are in the IT sector and make very good salaries.
They voted for more of it, enjoy.
Exactly. $800 rent is nothing today.
They need to remember what one of their heroes said: “Elections have consequences”.
Skippy Snowflake’s future doesn’t look all that bright anymore. The commie “perfesers” lied to them. LOL. Maybe they can get their pedoresident to “cancel” their credit card bills. They’re counting on it.
These sob stories usually omit the details. This first guy has $50K debt. For what? Student loan is implied…. What did he study? Transgender Cambodian poetry? No mention of a job. Here’s an idea. Cancel your streaming service.
And the girl studying in Paris? Please
Maybe we should discuss your voting habits youngin'. No? OK then learn to embrace the suck.
My buddy’s son is 19 years old. He is the operations manager of a 40-man auto body shop - writing up cars, assigning them to workers, ordering parts, calling insurance companies. So there still are young guys who are on the ball, and there are plenty of employers who will hire them at good wages.
If you have the skills and are willing to work, you will be successful.
I posit Interstate 81 as an economic indicator.
The truck traffic on I 81 is a steady,near constant stream. Those trucks are the visual reality of the economy.
Based on the weekday truck traffic on I 81, the economy is not all that bad. Commerce is moving
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