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 ...
Yeah, but they're helping to crash the same economy we live in. Bastards.
Sadly that’s a show that could never be produced today.
With different figures this could have been written in 1995 when I didn’t have a car and rented basically the servants quarters in an old, large house. And carried a couple of side gigs. Heck, I still do the occasional barter or small job for a couple of hundred dollars if it looks fin.
I remember someone in my social circle getting an inheritance and paying off her student loans with it. She got herself a glass of champagne and one of the defeatists in the group was so jealous.
Eventually we all figured it out, got better paying jobs, comfortable homes, and I even have a nice car.
Yes. They voted in droves for Democrats last month. They also are not working. Why is this guy unemployed? I see help wanted signs everywhere. Take a lesser job temporarily. It will pay the rent.
All by design, Comrade. All. By. Design.
Take God and any practical skills training out of the Public Schools and this is what you end up with.
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