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A decent article. I think that Gen-X's problems are a mixture of problems that they individually created and problems they had nothing to do with.

Credit Card Debt. Despite inflation of around 3%, many Gen-Xers have 18% credit card debt. Interest expenses are huge on these balances. This is solely the Gen-Xers fault: they got into the mess themselves. I got the frequent credit card advertisements in college. I even got credit cards, so I could buy things mail order and so that I didn't always have to pay cash. But I also realized that I had to pay the money back every month for what I bought. If I didn't have enough money, I didn't make the purchase. Unfortunately, many of my fellow Gen-Xers didn't follow this model. And many of them still haven't learned.

Taxes. Let's face it: taxes are higher now than they were before, at least for most people. Sure, the top bracket used to be 88% or some ridiculous figure, but most people had shelters to avoid this. If taxes were lowered, this would have a major impact on everyone.

Social Security. FICA is 7.65% of your income up to about $85,000, and your employer has to match. This is much higher than the level a few decades ago. Add to this the probability that Gen-Xers won't collect, and you've got a giant sucking sound in your paycheck going nowhere.

Housing Costs. In many parts of the country, there aren't vast new Levittowns being created, alleviating housing shortages. While there aren't shortages everywhere, the lack of housing has caused to push up housing costs. In many places, there's simply no new room to build. In other places, "open space" laws have served to restrict new development, which has prevented many from being able to afford a new home. Add to this increased property taxes, and housing becomes even less affordable.

Stupid Financial Choices. Rule of thumb has been if you rent, rent something small, and if you own a home, buy as big as you can get. But I know a lot of people who rent huge places, when they should be renting smaller places and saving for a down payment on the first home. I also know lots of people that lease huge cars or SUVs, creating a drain on their cash flow and building zero equity. Yeah, I paid $20,000 for a used Saab, but I paid cash that I'd saved up, and that was four years ago. I'll have that car for at least five more years barring a major wreck.

Living for now. So many people have no concept of putting money into a 401K. Even people that work at financial management companies. It's scary how few people participate, even with employer matching. This is because they use all the money they make to support their lifestyle, and don't have any concept of saving. People need to save more, but they don't. Most can afford to if they don't eat out so much, etc.

From the article: Back in Dallas, Karen Doss says she's angry that she hasn't been able to rely on family, an employer, or the government to help with her future.

And, that's her problem: she thinks someone else is supposed to provide for her. Too many people, from every modern generation not just Gen X, are waiting for someone or something, other than themselves, to magically and effortlessly whisk all their troubles away.

I'm a Gen X-er. I went to college on a fully paid scholarship (plus worked part-time to pay for my mostly macaroni and cheese diet of 4 years), so I'm not saddled with student loan debts.

I did well in the dot coms, didn't get greedy, and got out before the collapse. I lost some employee stock options (what the bubble giveth the bubble that bursteth taketh away), but I was alright with it (since I don't rely on things that haven't been fully realized and had already cashed out what I could at just the right time).

I don't have credit card debt, and don't charge any more than I can pay off at the end of the month. I figure if compounding interest can work so beautifully in your favor, imagine how badly the borderline usury rates of your credit cards' compounding interest can work against you. That's one hole I don't want to fall into.

I don't have any of the other usual debts, either. The car and the "evil" SUV are paid off. I do have a mortgage, but it's manageable. I have some "toys", but put off buying these goodies for years. I don't buy stuff I can't afford, and sure as h3ll would never borrow money to pay for a luxury item. Though, you won't be seeing me on the cover of Forbes magazine, you'll never see me cashing a welfare check, either.

The keys are living within your means, prioritizing, and putting off instant gratification. Maybe, I should also add, knowing the difference between luxuries and necessities, to that list. Most people don't seem to know the difference; they think they have to have a Sony Playstation. Many years ago, I couldn't afford a bed, so I slept on the floor until I could. Contrary to what some of my peers who were quoted in that article may think, it didn't kill me.