[quote=flyer]I agree that debt can kill dreams. Had we not been in a financial position to afford our dreams, we would not have pursued them. Managed debt can bring great rewards (within one’s individual realm of reality) but unmanaged debt can destroy a person and/or a family.
It seems that many live in denial about what they can actually AFFORD for whatever reasons, and, as CAR mentioned, they are way over their heads (living beyond their means) in debt with housing, cars, education, etc., etc. and have few, if any, backup resources. IMO, that’s a real recipe for disaster, if something unexpected should happen.
It’s no wonder the stats reveal that most people in this country–in all age groups–will never be able to afford to retire–even if their health or other issues force them to.[/quote]
I’m not sure the age of some of the posters here, but for some/many people, they didn’t have many options in terms of some of the debt. Especially Education. I honestly think the boomers had a much easier time with the cost of living back then than the folks trying to get ahead now (and I mean the folks in the 21-28 bracket).
If you’re from a lower economic class now, the only way out is higher education. The problem is that you probably live in an area with very poor schools, no college in the family, etc…taking on college debt is probably the only way to break out, but even then, the odds aren’t good you’ll get anywhere close to making it. If you see a lot of the non-partisan documentaries on education, it’s pretty bleak IMO for people graduating now even…or trying to get ahead with what’s available. One reason schools are the main driver in a lot of housing areas.
At the end of day, I think we have a global oversupply of labor now and basic college isn’t going to help most people find decent work…but you’re screwed if you go to college and screwed if you don’t since it’s so much more expensive now than 30-40 years ago.
30-40 years ago, it was FAR EASIER than now to reach success since basic necessities were a lot more affordable…This includes a house, education, health care, gas, you name it…
Boomers should be doing well if they saved and didn’t ATM their house, but we know most don’t think that long term and will be tax payer supported…
We’re going to end up like Europe IMO, do nothing and you’ll have violence from the hopeless that I’m sure no one really wants neither.
No easy solutions to the overall lack of decent work and oversupply of labor.
Anyone think WW3 is coming or need some zombies/plague to wipe out 40% of the labor? (wasn’t WW2 the only reason we even got out of the great depression to begin with?)…and with Europe manufacturing bombed to hell, it was easy for America to succeed.
Note that I’m not the 21 year old bitter guy pushing past 40+ now and had a full parent paid college education in engineering so just voicing that when you study and see the “other” folks, it’s not just about wasting money sometimes.
Another point is that the majority of folks aren’t the typical piggy here to begin with and will be a problem I think.
