I am not one of those. I don’t have much savings but I don’t owe anything, either. House is paid. Debts long ago paid. I don’t buy stuff on time.
Well they have such an excellent example in the WH to follow its just a natural progression...
Obama voters! Lazy, stupid, selfish, obnoxious, devoid of morals and values, etc.. I could go on and on...
The only things I buy with debt are guns and ammo.
I know quite a few millennials that have a LOT of college (inc. post graduate) debt (like $100 - 200K). To make it worse, there aren’t as many well paying jobs in their fields as there used to be so they’re underemployed and not really able to save much money.
They have basically given up on ever paying it back, so they’re just going to pay interest for 20 years until they can default, then take the tax hit that will occur then.
I hope they send a note of thanks to the U.S. taxpayers.
Taking this as an axiom, there are several important considerations.
1) The grossly inflated higher education bubble is sooner or later going to burst. It likely won’t happen because of the feds, but because the states are no longer willing to spend most of their budgets to pay for it.
2) Even though many students might be willing to put themselves in indentured servitude for the rest of their lives with student loans, this is going to have to collapse as well.
3) Universities will be slashed until they provide only very limited professional majors, and pretty much cash on the barrel head, with states willing to pay partial tuition for critical needs graduates. But still a fraction of what it costs today.
4) Degrees acquired before the collapse will be seen as inflated and worthless for most jobs, so independent testing and certification will be used to select new hires.
5) Student loans may have to be erased as part of the national debt restructuring. That is, the national debt will need to be renounced, along with any obligations to pay the debts of “too large to fail” financial institutions.
(Note, part of this new finance bill again gives FDIC backing to banks that engage in derivatives gambling, thus making the US responsible for tens or hundreds of trillions of imaginary dollars lost in their gambling.)
I hope that’s sarcasm. Debt is an obligation; a stupid one, but an obligation none the less.
So 4 out of 5 Americans have better ethics than the government.
Why should they? Look at the government, it never pays off it’s debt.
Many years ago I had a girlfriend whose father was terminally ill and expected to die within 3 weeks. With that news, she and her mother went on a spending spree and maxed out all his credit cards. The affair sickened me and I dropped her. Never found out if the scheme worked.
If we are talking credit card debt, or other high interest consumer debt like payday loans or rent to own items, they will pay back many times in interest what they owe in principle.
“We Whites don’t get it?” Well guess what, if we don’t pay our bills, then you don’t get to sit on your a$$es all day, on welfare, and go out and roam the streets and act like you belong in a Zoo, then what are you “poor” idiots going to do then?
Just hang on until March 1, 2017 when President Warren forgives them all
Just hang on until March 1, 2017 when President Warren forgives them all
Improved Headlines: ‘One-fifth of Americans are dead beat liberals and think big companies can afford it.’