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from the I-owe,-I-owe,-it's-off-to-work-I-go dept.
Another day, another record broken.
The debt held by US households has surpassed its pre-2008 record, several financial outlets note. A peculiar spotlight in the associated numbers falls on student loans, where delinquencies are multiple times higher than for other debt types: 10 percent is the norm.
That's some pretty troubling news for the economy [and wider society], notes Rana Foroohar at sister outlet the Financial Times. First off, there's the association between the rise in student debt, and a decrease in home ownership for young people. This connection is exacerbated by them millennials increasingly turning towards income-based repayment programmes, which spread out the debt over more years.
Secondly, the level of student debt delinquencies ain't changing: the 10 percent figure is a near-constant over the past 4-5 years. People who've ever had a delinquency -- even if they recover -- have a much lower rate of home ownership at age 30 as compared to their non-defaulted compatriots. Not having a home means not filling it with stuff, and filling with stuff is kinda what the economy is based on.
Then, thirdly, it's not only students that are hit by student debt: increasingly, their parents are taking on debt too, to help out. Fuel for that debt sandwich is something peculiar: the rate of inflation in college admission costs is three times higher than the consumer price index. Must be that college professors wages have increased a lot, then.
Given that boomers and their millennial offspring are the two largest voting blocks in the US, a snappy future president-elect might consider raising the issue a bit.
(Score: 0) by Anonymous Coward on Friday May 19 2017, @04:13AM
2. Purge the illegal aliens
Trump is working on it. Or so he says..
3. Euthanize anybody older than 70
Also called withdrawal of care as in private care for people without money. To make sure this happens one devalues their savings.
4. Euthanize all defective offspring
No healthcare = they die. Though it may be the humans most adapted to survive that lives on. Not necessarily the best for the country.
5. Halt immigration and kill all work-visa programs except those that require $300,000/yr talent.
10. Execute bankers who are complicit in market crashes
11. Execute George Soros and all other foreign meddlers
Corporations profits and won't let that happen.. next? ;-)
6. Shoot anybody who tries to illegally cross the border on sight
Trump, maybe.
7. Nuke the Middle East, including Israel
That radioactive cloud will end up at home, in the US.
8. Halt all foreign aid, including UN/NATO contributions
That will enable Russia to increase their sphere of influence and cut the European bridge head from US influence.
9. Cap all salaries at 300K
Recipe for massive brain drain.
13. Purge the American congress of the crooked pedo human-traffickers
Not in the interest of the congress, which sets the rules for who is elected. Catch-22!