Posted on 01/29/2024 3:04:18 AM PST by davikkm
As the economic horizon teems with optimism, a darker reality unfolds for Generation X and Millennials, signaling a looming debt crisis. Recent reports indicate a concerning uptick in bankruptcy assistance, a silent alarm echoing amidst the cheers for positive economic data. LegalShield’s December Consumer Stress Legal Index (CSLI) reveals a three-year peak in financial duress, driven by a relentless rise in bankruptcy and legal assistance requests—over 35 million and counting.
Contrary to the recent surge in consumer confidence, this data forecasts a dip, exposing a groundswell of fiscal challenges. Particularly impacting younger generations, this trend hints at a latent economic strain that macroeconomic figures may not fully capture. The echoes of potential credit reckoning loom on the horizon.
(Excerpt) Read more at citizenwatchreport.com ...
As the costs of everything goes up, it’s not surprising. Heck we’re struggling too.
The increasing number of bankruptcies and financial pressure on millennials highlight systemic challenges that require comprehensive solutions. It’s imperative to address underlying economic issues, provide financial education, and explore policies that promote equitable opportunities for all generations.
Not a problem. Drop Box Joe will print another 10 trillion to dig us all out of dept and get some new solar panels to cool the planet.
Record credit card debt.
Rising credit card default rates.
Rising car loan default rates and already high car loan rejection rates.
Worst home buying market in 30 years.
Rising bankruptcies in addition to all the above comes as no surprise.
I hope Biden keeps talking about how wonderful the economy is and people just don’t know how good they have it.
I’m shocked. /sarc #Bidenomics
Federal Budget Deficit Grew to $2 Trillion in FY 2023 Tax Foundation, 12 October 2023
Spending much more money than they have?
Who do they think they are?
The federal government?
A lot of this can be contributed to poor financial skills and parents who bought them everything well into their 20’s. We know people that are paying for their “kids” cell bills, insurance and they’re 28-30. No independence needed. Daddy is there when you need him. Which is often.
Sorry to be blunt but your post is just word salad.
Yes we need jobs and better jobs, stop H1-B visas, scale back colleges as degree mills and de facto indoctrination centers. End entry requirements for so many jobs now requiring a college degree, they are gatekeeping only to inflate education costs.
Stop allowing corporations to by up vast tracks of land that is best used as residential and stop same companies from buying up much of the residential housing.
There solved 80% of the issues. The other 20% is to get large companies (conglomerates and shells with a parent) to go back to a model where the employee is also considered valuable and stop making EVERY decision about maximizing profit to the detriment of anything else.
#6. Rising property tax rates.
#7. Rising rent rates.
#8. Rising fuel and transportation rates.
#9. Beyond means hospitalization and physical procedural costs.
Thanks for your post, dull of ideas. (See what an alleged word salad can do!)
Many millennials went straight for the home, instead of a one bedroom apartment to pay off first that they could then sell and have a nice down payment.
If you do the math, you can save hundreds of thousands of dollars by starting as small as you can and, from there, save your money while working two jobs towards owning a home.
> The nation as a whole and in many cases individually is functionally bankrupt. <
You are correct that a reset is needed. But except for Rand Paul, no important politician cares. Heck, when Trump was president he did not veto a single major spending bill. Not even one.
So when it comes to deficit spending, it won’t matter much who wins in November. Eventually there will be a reset. But it will not be by choice. It will be forced upon us. And it will be very ugly.
D or R, a pox on both their houses (so to speak).
“As the economic horizon teems with optimism…”
So where’s the problem?
Mom and Dad are always there when I need them, but having heeded their advice* when I was 18, I haven’t needed their money yet.
Most my age have parents who are struggling with their own finances. Usually both parents working.
I have older friends in their 50’s and 60’s and most of them are still working, and in two-income families.
One more affluent acquaintance is probably worth around $10M and he’s thinking of filing bankruptcy.
*Avoid debt. No plastic, no mortgages, no car loans.
Solution:
#1. Require every student, after 12 years of public education, to pass a law bar examination,
with on site practical work experience and observation in a court of law.
#2. Every individual under the age of 30, or those individuals starting their first business, 100 percent tax exemption quarterly and all schedules for 10 years.
#3. No-zero closed contact and closed communication with any federal United States Senator and Congressman of any business or corporation whatsoever.
That has to be one of the greatest word salad statements I have ever heard
Systemic changes, comprehensive solutions,, underlying economic issues, and my favorite “ equitable opportunities for all generation”, certainty worthy of a press secretary.
Reminds me of ever popular comprehensive immigration reform.
One of my favorite is record college debt. Why is that? Who is responsible for that?
Could it be the lovely liberal institutions who have jacked up tuition rates to obscene levels in conjunction with govt providing nearly unlimited loans.
Often for degrees that never had a snowballs chance in hell of providing income to pay off these loans, and the narrative that everyone needs a degree even if it is in ancient Egyptian lesbian arts studies. In fact any degree that ends in studies.
To be clear I am not giving a pass to students and parents who signed the papers and signed up for these “degree “ programs. they are as responsible for their loans just as people who could not afford homes were given loans they had no chance in paying off(another problem created by government IMO)
Starting out your adult life with debt you can’t pay off, degrees that are worthless, and indoctrination that you are entitled and your problems are the fault of others makes for a fine recipe for disaster
One of my sons joined the military and got a degree in business administration, and has done well though the job he got was not helped non one bit by the degree. Anyone off the street could have learned his job without the degree, as is often the case the degree is just a way to limit application pool
The other two became lineman. Hard job, but no debt and good income that can’t be outsourced. BTW son who went to college got education paid for through military service, deployed twice to Middle East and learned more from those experiences than he did in any college class.
Last bit of rant, I went to college in 1980 for mechanical engineering, tuition was 299 per qtr, 14 credits and above was 299. Did three years, had enough joined the military and spent 39 years there and loved it
lol just my 2 cents
Well, if you ever require the services of a communications director . . .
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