Is there anything left in this country that has not been deeply tainted by corruption? By now you have probably heard that dozens of people have been arrested for participating in a multi-million dollar college admissions scam. Enormous amounts of money were paid out in order to ensure that children from very wealthy families were able to get into top schools such as Yale University, Stanford University, the University of Texas and the University of Southern California. We should certainly be disgusted by these revelations, but we shouldn’t be surprised. Such corruption happens every single day on every single level of society in America. At this point our nation is so far gone that it is shocking when you run into someone that actually still has some integrity.
In the entire history of the United States, consumers have never been in so much debt. And that would not be a crisis as long as the vast majority of us were regularly making our debt payments, but as you will see below delinquency levels are starting to rise to extremely alarming levels. In fact, some of the numbers that are coming in are even worse than we witnessed at any point during the last recession. If things are this bad already, what are they going to look like once the economy really gets bad? Because even though it appears that we are heading into a new recession, according to the Federal Reserve it has not officially begun yet. That means that much worse is yet to come. Just like last time, millions of Americans will likely lose their jobs, and without an income most of those that suddenly find themselves unemployed will not be able to pay their bills. The stage is set for the largest tsunami of consumer debt defaults that this country has ever seen, and that will absolutely devastate major financial institutions all across America.
When compared to a similar point in time, Millennials are deeper in debt than any other generation that has come before them. And the biggest reason why they are in so much debt may surprise you. We’ll get to that in a minute, but first let’s talk about the giant mountain of debt that Millennials have accumulated. According to the New York Fed, the total amount of debt that Millennials are carrying has risen by a whopping 22 percent in just the last five years…
What in the world are they teaching to our young people? As you go through the list of college course titles below, I am sure that many of you will be completely shocked. Most parents assume that they are sending their children to college to get prepared for their future careers, but the truth is that a lot of our major colleges and universities have become little more than indoctrination centers for progressive thought. Our college students are literally being systematically trained to be socialists, and it is working. According to a brand new Harris Poll that was just released, 37.2 percent of all Americans “prefer living in a socialist country”. But for Millennials and Generation Z combined, that figure is 49.6 percent. That means that essentially half of our young adults want to be socialists, and that has enormous implications for the future of our society.
If you add together all of the money owned by the poorest 3.8 billion people living on this planet, it would roughly equal the wealth controlled by the 26 wealthiest men in the world. Oxfam has just issued a brand new report on global inequality, and what they have discovered is making headlines all over the globe. The rich just keep getting richer, and meanwhile the slice of the pie owned by the poor just keeps getting smaller. Today, almost half the world lives on less than $5.50 a day, and approximately 795 million people “do not have enough food”. And even in a “wealthy country” like the United States, the gap between the rich and the poor is the largest that it has been since the 1920s, and more than half a million Americans are homeless right now. This growing inequality is a ticking time bomb, and at some point it is going to explode.
The borrower is the servant of the lender, and one of the primary ways that the elite keep the rest of us subjugated is through the $244,000,000,000,000 mountain of global debt that has been accumulated. Every single day, the benefits of our labor are going to enrich somebody else. A portion of the taxes that are deducted from your paycheck is used to pay interest on government debt. A portion of the profits that your company makes probably goes to servicing some form of business debt. And most Americans are continuously making payments on their mortgages, their auto loans, their credit card balances and their student loan debts. But most people never stop to think about who is becoming exceedingly wealthy on the other end of these transactions. Needless to say, it isn’t the 46 percent of the global population that is living on less than $5.50 a day.
We have repeatedly been told that the U.S. economy is “booming”, but meanwhile the middle class in the United States continues to be hollowed out. The financial bubbles that the Federal Reserve has created have been a great blessing for those at the very top of the economic pyramid, but most of the country is still deeply struggling. According to one survey, 78 percent of all full-time workers in the U.S. live paycheck to paycheck, and that doesn’t even include part-time workers or those that are unemployed. We have also been told that unemployment is “low”, but the real numbers tell us that there are more working age Americans without a job in 2018 than there was at any point during the last recession. Most of the people that my wife and I know are struggling, and I continually get emails from readers all over the country that are struggling. The sad truth is that the middle class is slowly but surely dying, and more people are falling into poverty with each passing day.
Over the past decade, an unprecedented stock market boom has created thousands upon thousands of new millionaires, and yet the middle class in America has continued to shrink. How is that even possible? At one time the United States had the largest and most vibrant middle class in the history of the planet, but now the gap between the wealthy and the poor is the largest that it has been since the 1920s. Our economy has been creating lots of new millionaires, but at the exact same time we have seen homelessness spiral out of control in our major cities. Today, being part of the middle class is like playing a really bizarre game of musical chairs. Each month when the music stops playing, those of us still in the middle class desperately hope that we are not among the ones that slip out of the middle class and into poverty. Well over 100 million Americans receive money or benefits from the federal government each month, and that includes approximately 40 percent of all families with children. We are losing our ability to take care of ourselves, and that has frightening implications for the future of our society.
Higher education has become one of the biggest money-making scams in America. We tell all of our young people that if they want to have a bright future, they must go to college. This message is relentlessly pounded into their heads for their first 18 years, and so by the time high school graduation rolls around for many of them it would be unthinkable to do anything else. And instead of doing a cost/benefit analysis on various schools, we tell our young people to go to the best college that they can possibly get into and to not worry about what it will cost. We assure them that a great job will be there after they graduate and that great job will allow them to easily pay off any student loans that they have accumulated. Of course most college graduates don’t end up getting great jobs, but many of them do end up being financially crippled for decades by student loan debt.
If you could stay home and play video games all day, would you do it? According to a brand new report that was released by the National Bureau of Economic Research on Monday, American men from the ages of 21 to 30 are working a lot less these days. In fact, on average men in this age group worked 203 fewer hours per year in 2015 than they did in 2000. So what did they do with all of that extra time? According to the study, a large portion of the time that young men used to spend working is now being spent playing video games.