The working few and the inverted pyramid of labor: 1 out of 3 Americans financially carry the other two-thirds.
Last month a record 93,194,000 Americans were counted as not being in the labor force. Counted might be the wrong word since this group is largely erased from any employment figures. In fact, this is a large reason why the unemployment rate has fallen so dramatically. Yet one grim financial reality remains. That reality includes […]
There is something alluring about swiping a card and making a purchase. It almost seems euphoric and fun. Credit cards come in a variety of sleek designs to help you part with your current and future income. Americans are deeply in debt. Mortgages, student loans, auto debt, and credit cards consume a large portion of […]
The economically lost generation of Millennials: taking a look at net worth data, living arrangements, and student debt.
Young Americans probably missed the memo regarding the economic recovery that has been taking place since 2009. Apparently massive student debt, living at home, and a market full of low-wage jobs isn’t exactly the picture perfect ideal of a booming economy. Millennials are facing an uphill battle. The market has virtually eliminated the pension system […]
The next bailout will be with student loans: White House takes first steps in allowing a bankruptcy option for student debt. $1.2 trillion in student debt outstanding.
It truly is absurd when you hear people moralizing that people should pay their student debt when virtually every other debt class can be discharged through bankruptcy. You can go to Las Vegas, run up $50,000 in credit card debt for a wild night, and if you are unable to pay it back, no problem. […]
The young, broke, and indebted American: 45 percent of 25 year olds carry student debt and the median net worth of those 35 and younger is one month of expenses.
It is clear looking at economic data that young Americans were not sent the memo regarding this economic recovery. People do realize that the “Great Recession” officially ended in the summer of 2009, right? We’re heading into year six of this recovery but many are simply seeing lower paying jobs, a deeper reliance on debt, […]
The revival of the American debt machine: auto loans, student debt, and credit card debt surge in latest report. Total non-housing debt now at $3.15 trillion.
Last week while going through mountains of credit cards offers, it felt as if we were in 2005 and 2006. Even last year, the cold calls started and it seemed like the debt machine was back and alive. This is helpful news for consumers given that half of Americans are living paycheck to paycheck. Now […]
A leveraged system – US debt jumps $100 billion on last day of year. Total US debt markets at $58 trillion.
The New Year came and went and here we are fully into 2015. Most Americans didn’t realize this but on the last day of the year US debt jumped by $100 billion in one day driven largely by Social Security adjustments. The current economy is dangerously addicted to debt. There was a time not too […]