Bingo, it has to be emphasized:
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Burdened with debt that THEY CHOSE.
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Kids jump all over credit cards that give them an illusion of wealth in order to achieve the status they crave in order to be more competitive socially.
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Most have no idea what interest they are paying much less any clue how to pay it off.
“Most have no idea what interest they are paying much less any clue how to pay it off.”
...says the American who has enjoyed the fruits of federal deficit spending for the past 30 years, whether you like it or not or agreed to it or not, that is the case.
There are two fundamental economic truths in the US today.
1. We aren’t paying back our National Debt (we may inflate it away, but that’s not the same thing)
2. Many, if not most kids are not paying back their student loans
You can get all huffy about it, but it doesn’t change the fundamental truth. They aren’t paying and we aren’t paying.
So where do we go from here? I think a lot of people are going to sound like these two whiny kids in the not too distant future.
Bingo. In 1980-1982, bottom fell out of economy (12% unemployment in Wisconsin), interest rates on student loans were 13-15%. Top that off salaries were pegged to minimum wage of 2.65$/hr., and bankruptcy laws were much more unforgiving. I re-enlisted after two years out to bridge. Thus, I am not that sympathetic to whiny millennial hipsters with art history degree pouring coffee.