Meet the New Recession, same as the Old Recession – Financial sector devouring a disproportionate amount of revenues. Share of wealth to financial sector at record levels.
The middle class is being squeezed like a ripe tomato out of existence in the United States and the media is largely fixated on trivial nonsense, political theatre, and flashy car advertisements to keep people numb from the grim reality. The financial sector has become a large drag on the overall economy instead of serving […]
Crisis of generations – younger Americans moving back home in large numbers. Student loan default rates surging largely due to for-profit college expansion.
The United States has over 4,000 college institutions many which have been raising tuition and fees far faster than the overall rate of inflation. Combine this with a younger and poorer population and you have a recipe for massive debt serfdom. As the recession drags painfully on, being the deepest and longest economic contraction since […]
The young and the broke – 37 percent of young households held zero or a negative net worth in 2009. The median net worth of those 35 and younger is $3,600.
It is hard to imagine a future generation of Americans were those moving forward are actually poorer than the current generation. Yet that is precisely the world we are diving into. Those that purchased homes in the pre-bubble days and also attended college in less inflated times have a massive head start on the current […]
Crossing the student debt point of no return – for-profit colleges have default rates now rivaling subprime mortgage debt. $1 trillion in student loan debt on the horizon while college graduate wages fall for the decade.
The student loan market is back in the news as it makes its unrelenting march to the $1 trillion mark. This crippling figure comes in the face of a decade of lost wages for middle class Americans. Just like the housing bubble people were supplementing a disappearing middle class with more debt. The allure of […]