63 Percent Of All U.S. Jobs Created Since 1990 Have Been Low Wage Jobs

If you have a good paying job, you should probably try to hold on to it as hard as you can, because those types of jobs are steadily becoming rarer. Since 1990, the U.S. economy has produced millions of jobs, but as you will see below nearly two-thirds of them have been low wage jobs. Of course this is one of the biggest factors causing the systematic erosion of the American middle class. Today, half of all U.S. workers make less than $33,000 a year, but meanwhile the cost of living has been steadily increasing. Housing costs, health insurance and other basic necessities have been rising much faster than our paychecks have, and this has put an enormous amount of financial stress on hard working American families.

A job making making chicken sandwiches at Popeye’s is not equivalent to a structural engineering job. In other words, the quality of the jobs that we create is perhaps even more important than the number of jobs that we create.

Yes, the U.S. has been creating a lot of jobs in recent years, but meanwhile the overall quality of our jobs has degraded rapidly

Although the U.S. is on a record streak for job creation, many Americans still feel like they can’t get ahead. It’s not their imagination. The past three decades have seen the economy churn out more and more jobs that offer inadequate pay, a group of researchers found.

“The history of private-sector employment in the U.S. over the past three decades is one of overall degradation in the ability of many American jobs to support households — even those with multiple jobholders,” they wrote.

In fact, if you go back to 1990 about half of all jobs in the U.S. were good jobs.

But since that time, a whopping 63 percent of the jobs that have been created have been “low-wage, low-hour jobs”

“In 1990, the jobs were pretty much evenly divided,” said Daniel Alpert, a founder of Westwood Capital and one of the creators of the index. In the process of running the numbers, he said, “We discovered that 63% of all jobs that were created since 1990 were low-wage, low-hour jobs. That was a pretty stunning statistic.”

So what is the answer?

In the past, you could make good money in America even if you just had a high school education. There were millions upon millions of high paying manufacturing jobs in this country, but at this point most of those high paying jobs have been shipped to other nations where wages are far, far lower.

Today, our young people are being greatly encouraged to get a college education so that they can compete for the dwindling number of good paying jobs. Of course there aren’t enough good paying jobs for all of our college graduates, but at least with a college degree you have a better chance of landing one.

Unfortunately, getting a college education has become oppressively expensive, and our young people have been taking on enormous amounts of debt as a result.

In fact, Time Magazine says that the total amount of student loan debt in the United States is now over 1.5 trillion dollars…

Today more than 44 million Americans have outstanding student loan debt, which has become the one of the biggest consumer debt categories. All told, student debt in the U.S. now totals more than $1.5 trillion.

Sadly, that number has almost doubled over the past decade. We have never seen a student loan debt bubble of this magnitude in the entire history of this country, and student loan debt delinquency rates are soaring.

And even though there has been a national uproar about this, the cost of a college education continues to rise much faster than the overall rate of inflation

As the issue of college affordability continues to be a prominent talking point on the campaign trail ahead of the 2020 presidential election, a new study shows that the cost of a college education is still increasing at a rate that far outpaces inflation.

The study, put out by the financial technology company Self, found that on average, college costs have risen $2,835 since 2015, increasing 112 percent more than the rate of inflation during the same period.

At this point, you are probably asking one very important question.

Where in the world is all of that money going?

Well, one recent study discovered that “administrative bloat” is the biggest factor that is driving up costs…

“Administrative bloat contributes enormously to the high and rising cost of tuition. In recent years, non-teaching personnel in higher education have exploded,” Pulliam said. “At some colleges bureaucrats outnumber faculty. The ‘diversity bureaucracy’ has proliferated at many schools. UT employs nearly 100 people in its diversity department, some of whom are paid in the six figures. Unnecessary and overpaid administrators are responsible for much of the increased overhead borne by students in the form of tuition increases.”

So as you pay off your student loan debt for decades to come, you can be comforted by the fact that the associate provost for diversity and inclusion at your college is bringing home more than $100,000 a year.

And perhaps that is the solution for the U.S. economy as a whole. If we just create enough “diversity” and “inclusion” administrative jobs, then we can all make six figures a year and the U.S. middle class will be restored.

Of course I am being facetious. The truth is that if we ever want to restore the U.S. economy to greatness, we need to start making things in this country again. We need jobs that add real value to our society, and we need an economic environment that respects and encourages innovation.

Unfortunately, what we have today is just the opposite. We are consuming far more wealth than we are producing, many of our “good paying jobs” are administrative or government jobs that add very little value to our society, and our small businesses are being strangled to death by rules, regulations and oppressive levels of taxation.

The only way that we have been able to maintain our debt-fueled standard of living is by piling up the biggest mountain of debt in the history of the world, and if we continue on the path that we are on there is no way that our story is going to end well.

We desperately need a return to common sense economics, but unfortunately common sense appears to be in short supply in America today.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The End, Get Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. This article may contain opinions on political matters, but it is not intended to promote the candidacy of any particular political candidate. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.

The College Admissions Scandal Is A Perfect Example Of How Deeply Corrupt America Has Become

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.

The “mastermind” behind this college admissions scam was a con man named William Rick Singer. He had been successfully getting the kids of wealthy people into top colleges for years using “side doors”, and he probably thought that he would never get caught.

But he did.

There were four basic methods that Singer used to get children from wealthy families into elite schools. The first two methods involved bribes

Bribing college entrance exam administrators to allow a third party to facilitate cheating on college entrance exams, in some cases by posing as actual students,’ is the first.

Bribing university athletic coaches and administrators to designate applicants as purported athletic recruits – regardless of their athletic abilities, and in some cases, even though they did not play the sport,’ is the second.

Because many of these kids didn’t even play the sports they were being “recruited” for, in some cases Photoshop was used to paste their faces on to the bodies of real athletes

In order to get non-athletic kids admitted to college as athletes, Singer often had to create fake profiles for them. Sometimes this involved fabricating resumes that listed them having played on elite club teams, but to finish the illusion Singer and his team would also use Photoshop to combine photos of the kids with actual athletes in the sport.

A number of college coaches became exceedingly wealthy from taking bribes to “recruit” kids that would never play once they got to school, but now a lot of those same coaches are probably going to prison.

The third and fourth methods that Singer used involved more direct forms of cheating

‘Having a third party take classes in place of the actual students, with the understanding that the grades earned in those classes would be submitted as part of the students’ application,’ is the third.

The fourth was ‘submitting falsified applications for admission to universities … that, among other things, included the fraudulently obtained exam scores and class grades, and often listed fake awards and athletic activities.’

Of course the main thing that the media is focusing on is the fact that some celebrities are among those being charged in this case, and that includes Lori Loughlin from “Full House”

It was important to “Full House” star Lori Loughlin that her kids have “the college experience” that she missed out on, she said back in 2016.

Loughlin, along with “Desperate Housewives” actress Felicity Huffman, is among those charged in a scheme in which parents allegedly bribed college coaches and insiders at testing centers to help get their children into some of the most elite schools in the country, federal prosecutors said Tuesday.

Despite how cynical I have become lately, I never would have guessed that Lori Loughlin was capable of such corruption.

After all, she seems like such a nice lady on television.

But apparently she was extremely determined to make sure that her daughters had “the college experience”, and so Loughlin and her husband shelled out half a million dollars in bribes

Loughlin and Giannulli ‘agreed to pay bribes totaling $500,000 in exchange for having their two daughters designated as recruits to the USC crew team – despite the fact that they did not participate in crew – thereby facilitating their admission to USC,’ according to the documents.

As bad as this scandal is, can we really say that it is much worse than what is going on around the rest of the country every single day?

Of course not.

We are a very sick nation, and we are getting sicker by the day.

William Rick Singer had a good con going, and he should have stopped while he was ahead

William “Rick” Singer said he had the inside scoop on getting into college, and anyone could get in on it with his book, “Getting In: Gaining Admission To Your College of Choice.”

“This book is full of secrets,” he said in Chapter 1 before dispensing advice on personal branding, test-taking and college essays.

But Singer had even bigger secrets, and those would cost up to $1.2 million.

But like most con men, Singer just had to keep pushing the envelope, and in the end it is going to cost him everything.

The ironic thing is that our colleges and universities are pulling an even bigger con. They have convinced all of us that a college education is the key to a bright future, but meanwhile the quality of the “education” that they are providing has deteriorated dramatically. I spent eight years in school getting three degrees, and so I know what I am talking about. For much more on all this, please see my recent article entitled “50 Actual College Course Titles That Prove That America’s Universities Are Training Our College Students To Be Socialists”.

I know that it is not fashionable to talk about “morality” and “values” these days, but the truth is that history has shown us that any nation that is deeply corrupt is not likely to survive for very long.

Our founders understood this, and former president John Adams once stated that our Constitution “was made only for a moral and religious people”

Avarice, ambition, revenge and licentiousness would break the strongest cords of our Constitution, as a whale goes through a net. Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.

Today, we are neither moral or religious.

What we are is deeply corrupt, and America will not survive if we keep going down this path.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

12 Statistics That Prove That The U.S. Is Facing A Consumer Debt Apocalypse

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.

If you think that I am exaggerating even a little bit, please read over the following list very carefully. The following are 12 statistics that prove that the U.S. is facing a consumer debt apocalypse…

#1 Total consumer debt in the United States just surpassed the 4 trillion dollar mark. That has never happened before in all of U.S. history.

#2 When you throw in mortgages and all other kinds of individual debt, U.S. consumers are now 13.5 trillion dollars in debt.

#3 A whopping 480 million credit cards are in circulation in this country. That number has shot up by nearly 13 percent since 2015.

#4 U.S. consumers are carrying 870 billion dollars worth of balances on their credit cards right now.

#5 56 percent of Americans that currently have credit card balances have been carrying them for more than a year.

#6 The number of “seriously delinquent”credit card accounts in the U.S. has shot up to 37 million.

#7 Americans now owe a total of 1.3 trillion dollars on their auto loans.

#8 At this moment, more than 7 million Americans are delinquent on their auto loan payments. The figure has already surpassed what we witnessed during the peak of the last recession by about a million.

#9 The total amount of student loan debt in the United States has reached the 1.5 trillion dollar mark. Over the last 10 years, that number has more than doubled.

#10 Right now, more than 166 billion dollars in student loan debt is considered to be “seriously delinquent”.

#11 Millennials are now more than a trillion dollars in debt. No generation of Americans has ever been deeper in debt at this stage in life.

#12 One recent survey found that 78 percent of Americans “are living paycheck to paycheck”. Suffocating debt levels are a big reason why that figure is so incredibly high.

Since so many Americans are living paycheck to paycheck, that means that there is very little room for error. During the last recession, large numbers of Americans immediately began getting behind on their bills once they were laid off, and we saw mortgage defaults rise to unprecedented levels. Sadly, we haven’t learned from our past mistakes, and millions upon millions of Americans will find themselves drowning in an ocean of red ink once again during this next recession.

But even if you are not living paycheck to paycheck, carrying credit card balances is a very unwise thing to do.

Most Americans don’t realize that if you only make the minimum payment on a credit card every month, you can end up paying more in interest than you did for the original purchases. The following comes from USA Today

If a credit-card borrower only made the minimum payments on $5,000 of debt, for example, they’d be in debt for more than 18 years and would end up paying $6,372 in interest based on national average interest rates, according to Ted Rossman, industry analyst for CreditCards.com.

If you keep playing this game, I promise you that you will never get rich. Instead, the only people that will be getting wealthy will be the people that are receiving your debt payments.

Credit card debt is one of my pet peeves. One of the best financial moves that anyone can make is to get out of credit card debt and never look back.

And that is particularly important at this juncture because the economy is really starting to slow down. Compared to last year, U.S. job cut announcements were up 117 percent in February.

We haven’t seen anything like that since the last financial crisis.

At this point, even mainstream economists are openly admitting what is coming. Mark Zandi, the chief economist at Moody’s Analytics, sounded downright gloomy in his most recent article…

The economy is throttling back. Way back. That’s the message in the near stall out of job growth last month. Job creation probably isn’t as bad as February’s disappointing numbers suggest — unusually poor weather played a role in limiting job growth to just 20,000 — but it is weaker than just a few months ago. Businesses are nervous, and sentiment is at risk of breaking if anything goes wrong.

And plenty could go wrong. A recession could materialize swiftly if businesses lose faith, and there is a good chance they will.

And when the next recession strikes, things are going to get very, very rough for U.S. consumers.

A consumer debt apocalypse is coming, and it is going to be incredibly painful.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

Millennials Are More Than A Trillion Dollars In Debt, And Most Of Them Don’t Even Own A Home

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

New findings from the New York Federal Reserve reveal that millennials have now racked up over US$1 trillion of debt.

This troubling amount of debt, an increase of over 22% in just five years, is more than any other generation in history. This situation may leave you wondering how millennials ended up in such a sorry state.

Many young adults are absolutely drowning in debt, but the composition of that debt is quite different when compared to previous generations at a similar point in time.

Mortgage debt and credit card debt levels are far lower for Millennials, but the level of student loan debt is far, far higher

While the debt levels accumulated by millennials eclipse those of the previous generation, Generation X, at a similar point in time, the complexion of the debt is very different.

According to a 2018 report from the St. Louis Federal Reserve Bank, mortgage debt is about 15% lower for millennials and credit card debt among millennials was about two-thirds that of Gen X.

However, student loan debt was over 300% greater.

Over the last 10 years, the total amount of student loan debt in the United States has more than doubled.

It is an absolutely enormous financial problem, and there doesn’t seem to be an easy solution. Some politicians on the left are pledging to make college education “free” in the United States, but they never seem to explain who is going to pay for that.

But what everyone can agree on is that student loan debt levels are wildly out of control. The following statistics come from Forbes

The latest student loan debt statistics for 2019 show how serious the student loan debt crisis has become for borrowers across all demographics and age groups. There are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone. Student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans. Borrowers in the Class of 2017, on average, owe $28,650, according to the Institute for College Access and Success.

What makes all of this even more depressing is the fact that the quality of “higher education” in the U.S. has gone down the toilet in recent years. For much more on this, please see my recent article entitled “50 Actual College Course Titles That Prove That America’s Universities Are Training Our College Students To Be Socialists”.

Our colleges and universities are not adequately preparing our young people for their future careers, but they are burdening them with gigantic financial obligations that will haunt many of them for decades to come.

We have a deeply broken system, and we desperately need a complete and total overhaul of our system of higher education.

Due to the fact that so many of them are swamped by student loan debt, the homeownership rate for Millennials is much, much lower than the homeownership rate for the generations that immediately preceded them. The following comes from CNBC

The homeownership rate for those under 35 was just 36.5 percent in the last quarter of 2018, compared with 61 percent for those aged 35 to 44, and 70 percent for those aged 45 to 54, according to the U.S. Census. The millennial homeownership rate actually dropped in the fourth quarter compared with the third quarter, but was unchanged year over year.

This is one of the big reasons why “Housing Bubble 2” is beginning to burst. There are not enough Millennials buying homes, and it looks like things could be even worse for Generation Z.

If you are a young adult, I would encourage you to limit your exposure to student loan debt as much as possible, because the debt that you accumulate while in school can have very serious long-term implications that you may not even be considering right now.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

50 Actual College Course Titles That Prove That America’s Universities Are Training Our College Students To Be Socialists

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.

So how did this happen?

Well, the truth is that it really isn’t a mystery. Progressives have a stranglehold on higher education in the United States, and they are training future generations of leaders to think just like them.

Young America’s Foundation has just released their yearly report on the craziest college courses in America, and I pulled some examples out of that report that demonstrate how bad things have gotten.

The following are 50 actual college course titles that prove that America’s universities are literally training our college students to be socialists…

#1 Harvard University: FRSEMR 62O—Who is a Fascist? Culture and Politics on the Radical Right

#2 Princeton University: FRS 139—Marx in the 21st Century

#3 Yale University: AMST 469a—Progressivism: Theory and Practice

#4 University of Alabama: SW 351—Oppression & Social Justice

#5 University of Florida: WST 3349—Ecofeminism

#6 University of Florida: POT 4053—Great Political Thinkers: Machiavelli to Marx

#7 University of Kentucky: SOC 235—Inequalities in Society

#8 University of Missouri: PSYCH 4984—Promoting Social Justice, Diversity, and Inclusion Capstone

#9 Middlebury College: AMST 0269—Beyond Intersectionality: Developing Anti-Racist and Anti-Capitalist Feminisms

#10 Middlebury College: ECON 0405—Economics of Discrimination

#11 University of Minnesota: AFRO 1917—Inequality and the American Dream

#12 University of Minnesota: SOC 3507—Immigration to the United States: Beyond Walls

#13 University of Minnesota: CSCL 3405—Marx for Today

#14 University of Minnesota: CI 5137—Multicultural Gender-Fair Curriculum

#15 University of Iowa: GWSS 1005—Introduction to Social Justice

#16 University of Iowa: GWSS 2045—Working for Social Justice

#17 University of Illinois: GWS 337—Interrogating Masculinities

#18 Indiana University: GNDR-G 330—Looking Like a Feminist: Visual Culture and Critical Theory

#19 University of Maryland: WMST 300—Feminist Reconceptualizations of Knowledge

#20 University of Michigan: WOMENSTD 434—Eco/Queer/Feminist Art Practices

#21 Michigan State University: ANP 859—Gender, Justice, and Environmental Change: Methods and Application

#22 Ohio State University: WGSST 3200—Breaking the Law: An Introduction to Gender Justice

#23 Penn State University: AFAM 147—The Life and Thought of Malcolm X

#24 Purdue University: OLS 45400—Gender And Diversity In Management

#25 University of Wisconsin: HISTORY 346—Trans/Gender in Historical Perspective

#26 University of Wisconsin: GEN&WS 536—Queering Sexuality Education

#27 University of Wisconsin: AFRICAN 233—Global HipHop and Social Justice

#28 Williams College: AFR 342—Racial Capitalism

#29 Williams College: AMST 219—Understanding Social Class

#30 Williams College: ENVI 103—Global Warming and Environmental Change

#31 Amherst College: POSC 407—Contemporary Debates: Gender and Right-Wing Populism

#32 Amherst College: SWAG 351—From Birth to Death: LGBTQ Life Trajectories

#33 Swarthmore College: ENVS 043—Race, Gender, Class and Environment

#34 Swarthmore College: RELG 032—Queering God: Feminist and Queer Theology

#35 Swarthmore College: RELG 033—Queering the Bible

#36 Wellesley College: AMST 281—Rainbow Republic: American Queer Culture from Walt Whitman to Lady Gaga

#37 Wellesley College: SOC 205—Modern Families and Social Inequalities

#38 Carleton College: POSC 275—Black Radical Political Thought

#39 Pomona College: AFRI144A—Black Women Feminism(s) and Social Change

#40 Pomona College: GWS142—Queering Childhood

#41 Claremont McKenna College: GOVT113—Inequality, Politics, and Public Policy: Class, Race, and Gender

#42 Davidson College: SOC 356—Feminization of Poverty

#43 Butler University: RI379—The Problem of God

#44 Creighton University: ANT 178—Global Citizenship

#45 DePaul University: LGQ 338—Sexual Justice: Lesbians, Gays and the Law

#46 Georgetown University: WGST 250—The Breast: Image, Myth, Legend

#47 Providence College: SOC 418—Globalization and Social Justice

#48 St. John’s University: SOC 1170—Inequality; Race, Class and Gender

#49 University of Pennsylvania: RELS 110—American Jesus

#50 University of Pennsylvania: URBS 050—Womanism and Identity Politics in the Realm of Hip-Hop

This system of “higher education” has produced Alexandria Ocasio-Cortez and millions of young radical leftists just like her.

And even though she has only been in Congress for a little more than two months, AOC is already one of the most popular politicians in America.

Unfortunately, she is tremendously disgusted with capitalism. In fact, according to NBC News she just told a large crowd that capitalism “cannot be redeemed”…

She dismissed concern about the government taking over corporations, which she said she doesn’t favor, by saying “corporations have already taken over our government.”

Instead, she said, her view of democratic socialism emphasizes making everything, politics and the economy, more democratic. And she said capitalism — which she defined as an ideology of “putting profit above of everything else in society” — “cannot be redeemed.”

Is this where our country is headed?

Is there any hope that we can return to the values that this nation was founded upon?

We better hope so, because those values helped us to become the greatest nation on the entire planet. I really like how Trish Regan made this point in her recent piece

America is losing its way amid this socialism madness. The new alt-left’s mob-like insanity is spinning a lie– a lie that capitalism is bad and that capitalists are bad.

Capitalism has made us what and who we are as an economy and as a nation.

Alexander Hamilton said during the founding years of our great republic:

“True liberty, by protecting the exertions and talents of industry, and securing to them their justly acquired fruits, tends more powerfully than any other cause to augment the mass of national wealth and to produce the mischiefs of opulence.” – Alexander Hamilton, “Defense of the Funding System,” July 1795, in Papers of Alexander Hamilton, Vol. 19, p. 32.

I very much agree with her. As a nation, we are definitely losing our way.

Hopefully we can find our way back, because the path that we are currently on doesn’t lead anywhere good.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

Global Inequality Explodes: 26 Ultra-Wealthy Billionaires Now Have As Much Money As The Poorest 3.8 Billion People

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.

According to Oxfam’s new report, global billionaires got 12 percent richer during 2018.

That is the good news.

The bad news is that the poorest half of the world’s population got 11 percent poorer. The following comes from the Guardian

Oxfam said the wealth of more than 2,200 billionaires across the globe had increased by $900bn in 2018 – or $2.5bn a day. The 12% increase in the wealth of the very richest contrasted with a fall of 11% in the wealth of the poorest half of the world’s population.

As a result, the report concluded, the number of billionaires owning as much wealth as half the world’s population fell from 43 in 2017 to 26 last year. In 2016 the number was 61.

We are clearly going in the wrong direction.

Every year global wealth just keeps becoming more and more concentrated, and it makes you wonder how all of this will eventually end.

You can only push people down for so long before they finally explode.

What we need is a system that empowers everyone. All over the world we need more entrepreneurs, more small business owners and more risk-takers. But instead, what we have is a system that centralizes wealth in the hands of a few and that keeps everyone else down. Here are some more numbers from Oxfam’s new report

  • In the 10 years since the financial crisis, the number of billionaires has nearly doubled.
  • Between 2017 and 2018 a new billionaire was created every two days.
  • The world’s richest man, Jeff Bezos, the owner of Amazon, saw his fortune increase to $112bn. Just 1% of his fortune is equivalent to the whole health budget for Ethiopia, a country of 105 million people.
  • The poorest 10% of Britons are paying a higher effective tax rate than the richest 10% (49% compared with 34%) once taxes on consumption such as VAT are taken into account.

Today, the global financial system is literally a wealth extraction machine. It has been designed to systematically funnel as much wealth to the top of the pyramid as possible. In a recent article, I discussed the fact that the world is now 244 trillion dollars in debt…

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.

The global elite have always understood the magic of compound interest, and they are laughing all the way to the bank.

Of course the left keeps insisting that the way to end all of this inequality is to hit the wealthy really hard with more taxes. But the truth is that the wealthy have become absolute masters at legal tax evasion. The U.S. tax code is millions of words long for a reason, and it is absolutely full of loopholes. Whenever taxes get raised it is hard working people like you and me that get slammed, and meanwhile the elite just deep finding more ways to slither out of paying their share.

And most people don’t want government handouts anyway. What people want is to be able to work hard and take care of themselves and their families. Unfortunately, the game is rigged against the small guy today. In the U.S., small business creation and the percentage of Americans that are working for themselves are both near record lows.

Instead, more wealth and more power become concentrated in the hands of corporations with each passing year. Our country is now completely and utterly dominated by big business, big government and big finance, and such a system greatly benefits those at the very top.

If we want a more equitable system, we will need to rediscover the values of our forefathers. Our founders were greatly suspicious of large concentrations of power, and so they sought to establish a very limited federal government, and they greatly restricted the size, scope and power of corporations.

Unfortunately, we have been going in the exact opposite direction for decades, and it won’t be easy to turn the boat around now.

But if we don’t, wealth and power will continue to become more concentrated in the hands of the elite, and that is a recipe for disaster.

Get Prepared NowAbout the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

Global Debt Surpasses 244 Trillion Dollars As “Nearly Half The World Lives On Less Than $5.50 A Day”

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.

The world has never seen anything like this mountain of debt ever before, and one of the central themes of The Economic Collapse Blog is that all of this debt will ultimately destroy our society. According to the Institute of International Finance, the total amount of global debt is now “more than three times the size of the global economy”

The world’s debt pile is hovering near a record at $244 trillion, which is more than three times the size of the global economy, according to an analysis by the Institute of International Finance.

The global debt-to-GDP ratio exceeded 318 percent in the third quarter of last year, despite a stronger pace of economic growth, according to a report by the Washington-based IIF released on Tuesday.

But it isn’t as if all of this spending has lifted billions of people out of poverty. In fact, 46 percent of the population of the world is “living on less than $5.50 a day” according to the World Bank

Over 1.9 billion people, or 26.2 percent of the world’s population, were living on less than $3.20 per day in 2015. Close to 46 percent of the world’s population was living on less than $5.50 a day.

Global inequality continues to grow worse with each passing year, and that is because the global financial system is literally designed to funnel as much wealth to the very top of the pyramid as possible.

Of course things could be very different. We don’t actually need to have a debt-based system which systematically makes the rich even richer.

One of the big secrets that nobody is supposed to talk about is the fact that governments don’t actually have to borrow money. For example, the U.S. government could start issuing debt-free “United States notes” tomorrow, and this actually happened for a very brief period of time under President John F. Kennedy in the 1960s just before he was assassinated. It is highly immoral for us to be borrowing trillions of dollars that we expect future generations to repay, and that is why I have been a huge proponent of shutting down the debt-based Federal Reserve system and ending the debt-based currency known as “Federal Reserve notes”.

But these days, only a small minority of the population seems to care. We are literally debt slaves, and most Americans have seemingly embraced their enslavement. I really like what Devvy Kidd had to say about this in her latest article

The average American is a debt slave already at birth. And by the time he dies, his debt will have increased exponentially, thus passing on an even bigger debt and greater enslavement to the next generation.

This is a vicious circle that has gone on for just over 100 years. A very small elite has become incredibly wealthy and the masses have become enslaved by private and government debt.

For the majority of people, it will be impossible to extricate themselves from this massive debt stone around their neck. Instead they will add to the debt by taking on more debt.

Wake up!

At least the “yellow vests” in France are willing to take a stand against the systematic tyranny that is raging all around them. In America today, most people don’t really care about much of anything unless it somehow intrudes on the bubble of mindless entertainment that most Americans have constantly surrounded themselves with.

And guess who produces all of that mindless entertainment?

It is produced by giant media corporations that are owned by the same global elitists that control our giant mountain of debt.

The system of our enslavement is far more sophisticated than it was in previous eras of human history, but it is still deeply insidious.

There is one more thing that I would like to mention today. On many previous occasions, I have discussed how the elite have transformed Wall Street into the largest casino on the entire planet, and it is true that some people have made a lot of money in that casino.

But so many others have been deeply burned and have lost everything. Here is just one example

I had quit day-trading back in November but was still using a swing trading system that damn near never lost (really), until I got completely run over last week. Literally every move I made was wrong, and I managed to completely wipe out my entire gambling account. I want to be clear, we’re not broke or anything near it (still get to claim millionaire status), but holy crap did I decimate my account something stupid.

So, I’m here to tell you that the scary stories you hear from elders who quit trading? They’re true. Trading is a losing game. It’s just gambling.

Most people who claim to be winners just ignore their losses and pretend everything is ok. To be sure, some people really can make a living at it, and good for them. But the odds are massively against you. The system is designed to take your money while you’re stressed, guessing, nervous, angry, depressed, or most of all – desperate.

The game is literally rigged against us, and we need to realize what we are up against.

Tinkering around with the current system is not going to fix anything. We need to ditch this current system and start again from scratch, but it will probably take a horrific collapse before most people start to understand this.

Get Prepared NowAbout the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

Middle Class Erosion: 33 Million Americans Will Not Travel During The Holidays Because They Can’t Afford To Do So

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.

And we got more evidence of this fact on Tuesday. According to one new survey, 33 million Americans will not travel during the holiday season because they simply cannot afford to do so…

Wallet Hub’s Winter Travel Survey has revealed a disturbing trend: 33 million Americans won’t travel this winter because they can’t afford it.

I have been warning about the effect that rising interest rates would have on the economy, and rising rates are being blamed for this travel slowdown. The following comes from MSN

However, Americans are still feeling the pinch of the pocketbook—part of that has to do with rising interest rates.

“U.S. consumers will be shelling out billions of dollars in extra charges they otherwise could be spending on other things such as travel,” said Mark A. Bonn, director of the resort and vacation rental management program at Florida State University. “This makes it difficult to travel now, let alone after the holiday spending has ended.”

But of course the truth is that most Americans were deeply struggling long before interest rates started to rise.

Those of us in our prime working years can try to work even harder to make ends meet, but when you are elderly and on a fixed income, there is little that can be done.

According to the Sacramento Bee, 9 million elderly Americans across the country “can’t afford to eat”, and in one of their recent articles they featured the plight of 71-year-old Floridian Janet Burke…

Burke is one of the nearly 9 million elderly people at risk of hunger in the United States. In Florida, with the highest percentage of people 60 and older, more than 750,000 elderly need food assistance, according to experts.

The problems confronting the elderly have become one of the hot topics for candidates this election year. Candidates in South Florida have pointed to the needs of the elderly as one of the key concerns voiced by voters.

More than 100 million Americans receive assistance from the government each month, but many citizens do not believe in receiving any help and so they just quietly suffer as they search for a way to make things better.

Today, I would like to share with you a testimony from someone that has been there. My good friend Daisy Luther knows what it is like to barely survive from month to month, and the way that she described those struggles in one of her most recent articles was extremely poignant

Let’s talk about poverty.

I don’t mean the kind you’re talking about when your friends invite you to go shopping or for a night out and you say, “No, I can’t. I’m poor right now.”

I don’t mean the situation when you’d like to get a nicer car but decide you should just stick to the one you have because you don’t have a few thousand for a down payment.

I don’t mean the scene at the grocery store when you decide to get ground beef instead of steak.

I’m talking about when you have already done the weird mismatched meals from your pantry that are made up of cooked rice, stale crackers, and a can of peaches, and you’ve moved on to wondering what on earth you’re going to feed your kids.

Or when you get an eviction notice for non-payment of rent, a shut-off notice for your utilities, and a repo notice for your car and there’s absolutely nothing you can do about any of those notices because there IS NO MONEY.

If you’ve never been this level of broke, I’m very glad.

I have been this broke. I know that it is soul-destroying when no matter how hard you work, how many part-time jobs you squeeze in, and how much you cut, you simply don’t make enough money to survive in the world today.

If the U.S. economy really is “booming”, then why are millions upon millions of American families struggling like this?

Sadly, it is because the truth is that the U.S. economy is not “booming”, and we continue to get more indications that another major economic downturn is imminent.

It doesn’t have to be this way. Blueprints have been proposed that would mean much better days ahead for America, but most Americans seem quite content with the status quo.

Most Americans seem to want corrupt politicians in Washington, a Federal Reserve system that is bankrupting future generations, an exploding national debt, a deeply oppressive system of taxation and a bloated national government that is becoming more monstrous with each passing day.

In this day and age, “liberty” and “freedom” are seen as antiquated concepts that are standing in the way of “progress”, and more government always seems to be the “solution” that is proposed whenever any crisis arises.

If we truly want to turn America around, we need to return to the values and the principles that once made this nation so great, and right now that simply is not happening…

About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.

The Last Days Warrior Summit is the premier online event of 2018 for Christians, Conservatives and Patriots. It is a premium-members only international event that will empower and equip you with the knowledge and tools that you need as global events begin to escalate dramatically. The speaker list includes Michael Snyder, Mike Adams, Dave Daubenmire, Ray Gano, Dr. Daniel Daves, Gary Kah, Justus Knight, Doug Krieger, Lyn Leahz, Laura Maxwell and many more. Full summit access will begin on October 25th, and if you would like to register for this unprecedented event you can do so right here.

The American Dream Is Getting Smaller, And The Reason Why Is Painfully Obvious…

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.

One of the primary reasons why our system doesn’t work for everyone is because virtually everything has been financialized. In other words, from the cradle to the grave the entire system has been designed to get you into debt so that the fruits of your labor can be funneled to the top of the pyramid and make somebody else wealthier. The following comes from an excellent Marketwatch article entitled “The American Dream is getting smaller”

More worrying, perhaps: 33% of those surveyed said they think that dream is disappearing. Why? They have too much debt. “Americans believe financial security is at the core of the American Dream, but it is alarming that so many think it is beyond their reach,” said Mike Fanning, head of MassMutual U.S.

Almost everyone that will read this article will have debt. In America today, we are trained to go into debt for just about everything.

If you want a college education, you go into debt.

If you want a vehicle, you go into debt.

If you want a home, you go into debt.

If you want that nice new pair of shoes, you don’t have to wait for it. Just go into more debt.

As a result, most Americans are currently up to their necks in red ink

Some 64% of those surveyed said they have a mortgage, 56% said they had credit-card debt and 26% said they have student-loan debt. Many surveyed said they don’t feel financially secure. More than a quarter said they wish they had better control of their finances.

You would have thought that we would have learned from the very hard lessons that the crisis of 2008 taught us.

But instead, we have been on the greatest debt binge in American history in recent years. Here is more from the Marketwatch article

It makes sense that debt is on Americans’ minds. Collectively, Americans have more than $1 trillion in credit-card debt, according to the Federal Reserve. They have another $1.5 trillion in student loans, up from $1.1 trillion in 2013. Motor vehicle loans are now topping $1.1 trillion, up from $878.5 billion in 2013. And they have another nearly $15 trillion in mortgage debt outstanding.

That is one huge pile of debt.

We criticize the federal government for running up 21 trillion dollars in debt, and rightly so, but American consumers have been almost as irresponsible on an individual basis.

As long as you are drowning in debt, you will never become wealthy. In order to build wealth, you have got to spend less than you earn, but most Americans never learn basic fundamentals such as this in our rapidly failing system of public education.

Many Americans long to become financially independent, but they don’t understand that our system is rigged against them. The entire game is all about keeping consumers on that debt wheel endlessly chasing that piece of proverbial cheese until it is too late.

Getting out of debt is one of the biggest steps that you can take to give yourself more freedom, and hopefully this article will inspire many to do just that.

To end this article today, I would like to share 14 facts about how the middle class in America is shrinking that I shared in a previous article

#1 78 million Americans are participating in the “gig economy” because full-time jobs just don’t pay enough to make ends meet these days.

#2 In 2011, the average home price was 3.56 times the average yearly salary in the United States. But by the time 2017 was finished, the average home price was 4.73 times the average yearly salary in the United States.

#3 In 1980, the average American worker’s debt was 1.96 times larger than his or her monthly salary. Today, that number has ballooned to 5.00.

#4 In the United States today, 66 percent of all jobs pay less than 20 dollars an hour.

#5 102 million working age Americans do not have a job right now. That number is higher than it was at any point during the last recession.

#6 Earnings for low-skill jobs have stayed very flat for the last 40 years.

#7 Americans have been spending more money than they make for 28 months in a row.

#8 In the United States today, the average young adult with student loan debt has a negative net worth.

#9 At this point, the average American household is nearly $140,000 in debt.

#10 Poverty rates in U.S. suburbs “have increased by 50 percent since 1990”.

#11 Almost 51 million U.S. households “can’t afford basics like rent and food”.

#12 The bottom 40 percent of all U.S. households bring home just 11.4 percent of all income.

#13 According to the Federal Reserve, 4 out of 10 Americans do not have enough money to cover an unexpected $400 expense without borrowing the money or selling something they own.

#14 22 percent of all Americans cannot pay all of their bills in a typical month.

This article originally appeared on The Economic Collapse Blog. About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.

11 Rage-Inducing Facts About America’s Wildly Out Of Control Student Loan Debt Bubble

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.

In all of American history, we have never seen anything quite like this student loan debt bubble. Since 2007, the total amount of student loan debt in America has nearly tripled.

Let me repeat that again.

Since 2007, the total amount of student loan debt in America has nearly tripled.

But of course the quality of college education has not tripled over that time. Instead, it has progressively gotten worse. At this point most college courses have been so “dumbed down” that the family pet could pass them. If you would like to look into this more, you can find a list of 37 of the most idiotic college courses in America right here.

These days, most college courses do not require any actual writing. Instead, your performance is judged by a series of “tests” consisting of multiple choice, fill in the blank, and true/false questions. And the questions are usually ridiculously easy, because most of our high school graduates need to take remedial courses in basic skills when they get to college.

I spent eight years at public universities, and the quality of education that I received was a joke, and that was many years ago. Now the quality of education has deteriorated so dramatically that most college degrees are essentially worthless from a practical standpoint, but for many professions you still need that “piece of paper” in order to “qualify” for certain jobs.

So the scam continues, and thousands upon thousands of “administrators”, “diversity specialists”, “career counselors” and “college presidents” are taking home massively bloated salaries at our expense. Beautiful new lecture halls, residential complexes and sports stadiums are going up at colleges and universities all over the country, and textbook publishers are laughing all the way to the bank.

If everything but the basics was stripped away, the cost of actually delivering a college education to students would be quite low. In fact, most learning could be done over the Internet.

But instead, the “college education industry” has convinced all of us that we desperately need their services, and that we shouldn’t care about the price.

Of course many of our young people are filled with regret once they get out into the real world and they realize that student loan debt is going to financially cripple them for the rest of their lives.

At this moment, America is drowning in more student loan debt than ever before. The following are 11 rage-inducing facts about America’s wildly out of control student loan debt bubble…

#1 The student loan debt bubble has now grown to 1.4 trillion dollars.

#2 In 2007, the total amount of student loan debt in the U.S. was just 545 billion dollars.

#3 Over the previous ten years, student loan debt has grown by a staggering 176 percent.

#4 Americans now owe more on their student loans than they do on their credit cards.

#5 In 2003, student loan debt accounted for just 3.3 percent of all household debt. Today, that number has grown to 10.5 percent.

#6 The current student loan 90-day delinquency rate is 11.2 percent.

#7 30 percent of all student loans in the United States are either in “deferment” or “forbearance”. The most common reason a loan is placed into one of those categories is because the borrower cannot pay.

#8 It is being projected that a whopping 40 percent all student loan borrowers will default on their loans by 2023.

#9 From 2007 through 2017, “college tuition costs jumped 63 percent, school housing surged 51 percent and the price of textbooks by 88 percent.”

#10 In 2001, 18.6 percent of all U.S. households led by someone in the 18 to 34 age bracket were carrying household debt. Today, that number has jumped to 44.8 percent.

#11 Each year, more than a million Americans default on their student loans.

This article originally appeared on The Economic Collapse Blog. About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.

These Days Young Men In America Are Working A Lot Less And Playing Video Games A Lot More

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.

It is certainly no secret that young men like video games. But the study found that in recent years the amount of time young men dedicate to gaming has shot up dramatically

Comparing data from the American Time Use Survey (ATUS) for recent years (2012-2015) to eight years prior (2004-2007), we see that: (a) the drop in market hours for young men was mirrored by a roughly equivalent increase in leisure hours, and (b) increased time spent in gaming and computer leisure for younger men, 99 hours per year, comprises three quarters of that increase in leisure. Younger men increased their recreational computer use and video gaming by nearly 50 percent over this short period. Non-employed young men now average 520 hours a year in recreational computer time, sixty percent of that spent playing video games. This exceeds their time spent on home production or non-computer related socializing with friends.

Those are some absolutely staggering numbers.

But how can these young men get away with spending so much time playing video games? After all, don’t they have bills to pay?

Well, some of them do, but a lot of them are still living at home with Mom and Dad. According to this new report, a whopping 35 percent of young men “are living at home with their parents or a close relative”

Men ages 21 to 30 years old worked 12 percent fewer hours in 2015 than they did in 2000, the economists found. Around 15 percent of young men worked zero weeks in 2015, a rate nearly double that of 2000.

Since 2004, young men have increasingly allocated more of their free time to playing video games and other computer-related activities, according to the study. Thirty-five percent of young men are living at home with their parents or a close relative, up 12 percent since 2000.

This phenomenon is known as “extended adolescence”, and it is becoming a major societal problem.

In the old days, most young men in their twenties would be working hard, starting families and becoming solid members of their communities.

But these days, way too many young men are living in the basement with Mom and Dad and spending endless hours playing video games.

So what is going to happen when older generations of Americans start dying off and these guys are forced to become “the leaders of tomorrow”?

I love baseball, and one of the things that you learn when you follow baseball is that hitters tend to peak around the age of 27. Of course there are plenty of exceptions to this rule, but on average there is something very special about the age of 27.

The reason I bring this up is to show that in many ways men from the ages of 21 to 30 are in their prime years. If they are wasting those years playing video games, that is not a good thing for our society.

And of course this isn’t the first survey to find that so many young men are still living with their parents. Not too long ago, a Census Bureau report discovered that one out of every three 18 to 34-year-old Americans is still living at home

According to the Changing Economics and Demographics of Young Adulthood report for 2016, one in three Americans ages 18 to 34 are living at home with their parents.

Coming in second place is living with a spouse (27 percent), followed by other (i.e. living with a roommate or other relatives, 21 percent), living with a boyfriend or girlfriend (12 percent) and living alone (8 percent).

The fact that only 27 percent of them are “living with a spouse” is particularly noteworthy. As I noted in a previous article, that number has fallen by more than half since 1975…

Did you know that the percentage of 18 to 34-year-old Americans that are married and living with a spouse has dropped by more than half since 1975? Back then, 57 percent of everyone in that age group “lived with a spouse”, but today that number has dropped to just 27 percent.

I have a new book coming out later this month, and in that book I am going to talk about some of the reasons why so few of our young people are getting married these days. Our culture tends to glamorize the “single lifestyle”, and it also tends to portray marriage as a “ball and chain” that needs to be put off for as long as possible. But studies have shown that married men tend to be happier, they tend to make more money, and they tend to live longer.

However, it is undeniably true that it can be very tough to start a family in today’s economic environment. The middle class is steadily shrinking, and millions of young people are working jobs that pay close to the minimum wage. So when you are barely scraping by, it can be quite intimidating to think about taking on all of the expenses that come with raising a child.

But as so many of us have learned, there never is a “perfect time” to have a child. Many of our parents really had to struggle to survive when we were young, and there is nothing wrong with that.

There is nothing that can replace the joy that family can bring, and we need to encourage our young people to embrace marriage and parenthood. The family is one of the fundamental building blocks of society, and without strong families there is no way that our country is going to have any sort of a positive future.

(Originally published on The Economic Collapse Blog)

Why Are So Many Millennials Living With Their Parents Instead Of Getting Married And Starting Their Own Families?

Did you know that the percentage of 18 to 34-year-old Americans that are married and living with a spouse has dropped by more than half since 1975? Back then, 57 percent of everyone in that age group “lived with a spouse”, but today that number has dropped to just 27 percent. These numbers come from “the Changing Economics and Demographics of Young Adulthood” report that was just released by the U.S. Census Bureau. Some are postulating that the reason for this dramatic cultural shift is a phenomenon known as “extended adolescence”, while others fear that large numbers of young men and/or young women are giving up on the concept of marriage altogether.

Instead of getting married and starting their own households, many young adults are deciding that living with Mom and Dad is the best approach. In fact, this new Census Bureau report found that one out of every three 18 to 34-year-old Americans is currently living with their parents

According to the Changing Economics and Demographics of Young Adulthood report for 2016, one in three Americans ages 18 to 34 are living at home with their parents.

Coming in second place is living with a spouse (27 per cent), followed by other (i.e. living with a roommate or other relatives, 21 per cent), living with a boyfriend or girlfriend (12 per cent) and living alone (8 per cent).

Once the last recession ended, this trend was supposed to start reversing, but instead the number of young adults still living at home has just continued to increase. This is going to have very serious implications for our looming retirement crisis, and that is something that I am going to write about later today on End Of The American Dream.

And a lot of these young adults are not being productive members of society at all. In fact, this new report from the Census Bureau found that one out of every four 25 to 34-year-old Americans that are currently living at home do not have a job and they are not going to school either.

In other words, they need to get a life. I really like how a recent CNBC editorial made this point…

One of the most memorable Saturday Night Live sketches ever was broadcast in 1986 when guest host William Shatner played himself appearing at fictional Star Trek convention. After fielding one childish question after another from costumed fans in their late 20s and 30s, Shatner loses his cool and shouts: “GET A LIFE, will you people? I mean, for crying out loud, it’s just a TV show! … Move out of your parents’ basements! Get your own apartments and GROW THE HELL UP!”

Thirty-one years later, it sure seems like all of America needs to heed that message. Here’s why: The Census Bureau now says that more 18-34 year-olds are living with their parents than with a spouse.

But a lot of young men these days do not even want to go down the traditional route of marriage, family, career, etc.

In fact, a lot of them are forsaking the concept of marriage together. Author Suzanne Venker says that a lot of these men are blaming their lack of desire to get married on modern women

“When I ask them why, the answer is always the same: women aren’t women anymore.” Feminism, which teaches women to think of men as the enemy, has made women “angry” and “defensive, though often unknowingly.”

“Now the men have nowhere to go. It is precisely this dynamic – women good/men bad – that has destroyed the relationship between the sexes. Yet somehow, men are still to blame when love goes awry.”

“Men are tired,” Venker wrote. “Tired of being told there’s something fundamentally wrong with them. Tired of being told that if women aren’t happy, it’s men’s fault.”

On the flip side, a lot of women are extremely distressed that so few men seem to have the willingness to commit these days. So many men just want to run around having sex with an endless series of women without ever putting a wedding ring on any of their fingers.

Of course many men figure that if they can get some of the best benefits of marriage (sex, companionship, etc.) without having to make a commitment then that is a pretty good deal for them.

Personally, I am a huge advocate of marriage, but the rest of society is moving in the exact opposite direction. According to the Pew Research Center, 44 percent of 18 to 29-year-old Americans now believe that “marriage is becoming obsolete”. And for a lot more numbers like this, please see my previous article entitled “43 Facts About Love, Sex, Dating And Marriage That Are Almost Too Crazy To Believe”.

But of course not all young adults that are living at home are doing it for the wrong reasons. Thanks to our long-term economic decline, it is much more difficult for young people to find good paying jobs today than it was several decades ago. The following comes from CNS News

“More young men are falling to the bottom of the income ladder,” says the Census Bureau study. “In 1975, only 25 percent of men, aged 25 to 34, had incomes of less than $30,000 per year. By 2016, that share rose to 41 percent of young men (incomes for both years are in 2015 dollars).”

I have absolutely no problem at all with young adults that are living at home temporarily for economic reasons. These Millennials are simply victims of our failing economy, and thus we should not be so quick to judge them.

And many of these young people graduate from college already saddled with tremendous amounts of debt.

According to the Bureau of Labor Statistics, the cost of going to college has increased by an astounding 63 percent since 2006. We assure our youngsters that they will get good paying jobs when they graduate that will enable them to pay off those student loans, but once they do finally graduate many of them are discovering that the good paying jobs that we promised them do not exist.

Today, Americans owe more than a trillion dollars on their student loans. It has become a major national crisis, and it is financially crippling an entire generation.

So the next time you hear of a young adult that is still living at home, don’t be so quick to judge until you know the facts.

Yes, there are many that need a good kick in the pants to get them going in life, but there are also millions that are simply victims of our ongoing long-term economic collapse.

(Originally published on The Economic Collapse Blog)

America’s Problem with Student Loans Is Much Bigger Than Anybody Realized

The Department of Education recently released a memo admitting that repayment rates on student loans have been grossly exaggerated. Data from 99.8% of schools across the country has been manipulated to cover up growing problems with the $1.3 trillion in outstanding student loans. New calculations show that more than half of all borrowers from 1,000 different institutions have defaulted on or not paid back a single dollar of their loans over the last seven years.

This comes in stark contrast to previous claims and should call into question any statistics provided by government agencies. The American people haven’t fully grasped the long-term implications of loaning a trillion dollars to young people who have no credit or assets.

(Read the rest of the story here…)

Generation Snowflake: Percentage Of Young Adults Living With Their Parents Hasn’t Been This High Since 1940

snowflake-public-domain

Have we failed this generation of young adults by not equipping them to be able to handle the harsh realities of the real world? According to the Wall Street Journal, the percentage of Americans in the 18 to 34-year-old age bracket that are currently living with their parents hasn’t been this high in 75 years. At this point nearly 40 percent of our young adults in that age range are living at home, and many are concerned that this could have some alarming implications for the future of our nation.

In the United States today, more than 60 million people live in multi-generational households, and it is a good thing to have a tight family. But at some point young adults need to learn how to live their own independent lives, and in millions of cases this independence is being delayed or is never happening at all.

There are many factors involved in this trend. First of all, there is truly a lack of good jobs despite what we are being told about an “economic recovery”. Millions of young adults are graduating from college only to discover that there is a very limited number of good jobs available for our college graduates. So some college graduates are able to secure the types of jobs that they were hoping for, but millions of others are not.

Normally when a recession ends, the percentage of young adults living with their parents starts to go back down. But this has not happened this time around. Instead, the percentage of young adults that live at home has just continued to rise

The trend runs counter to that of previous economic cycles, when after a recession-related spike, the number of younger Americans living with relatives declined as the economy improved.

The result is that there is far less demand for housing than would be expected for the millennial generation, now the largest in U.S. history. The number of adults under age 30 has increased by 5 million over the last decade, but the number of households for that age group grew by just 200,000 over the same period, according to the Harvard Joint Center for Housing Studies.

Another major factor in all of this is the fact that Americans are getting married later in life than ever before and they are having fewer kids than previous generations.

In the old days, people got married young and they set up their own households even if they were dirt poor. But these days we have hordes of single young adults that are perfectly content to sit at home and sponge off of Mommy and Daddy.

There seems to be a real lack of toughness to this generation of young adults, and many that have perceived this lack of toughness have resorted to referring to them as “Generation Snowflake”. Over the past 12 months this term has become so common that the Guardian has dubbed it “the defining insult of 2016″…

Until very recently, to call someone a snowflake would have involved the word “generation”, too, as it was typically used to describe, or insult, a person in their late teens or early 20s. At the start of November, the Collins English Dictionary added “snowflake generation” to its words of the year list, where it sits alongside other vogue-ish new additions such as “Brexit” and “hygge”. The Collins definition is as follows: “The young adults of the 2010s, viewed as being less resilient and more prone to taking offence than previous generations”. Depending on what you read, being part of the “snowflake generation” may be as benign as taking selfies or talking about feelings too much, or it may infer a sense of entitlement, an untamed narcissism, or a form of identity politics that is resistant to free speech.

The phrase came to prominence in the UK at the beginning of 2016, after Claire Fox, director of the thinktank Institute of Ideas, used it in her book I Find That Offensive to address a generation of young people whom she calls “easily offended and thin-skinned”.

Of course there are exceptions. I have some close friends that are young adults in this age range, and they are extraordinary people.

But overall, we seem to have dramatically failed this generation. Maybe it is because we tend to baby our children from a very early age, and we want to protect them from danger so much that we never allow them to be exposed to the challenges that they need to face in order to toughen up and mature.

And it certainly doesn’t help that many of our young adults enter “the real world” already drowning in tens of thousands of dollars of debt. According to CNN, about 70 percent of all college graduates in the U.S. will leave school with student loan debt, and the average loan balance for those college graduates is approximately $28,950. Paying off student loan debt can be extremely painful, and it can be financially crippling for young people that are just trying to start their new lives.

When our high school kids are looking toward the future, we very much encourage them to go to the very best schools that they can possibly get into, and we tell them to not even worry about the cost. We promise them that there will be plenty of good jobs once they graduate, and we push them into these loans without even warning them to consider the future implications.

According to a stunning article in the Wall Street Journal, many Baby Boomers are actually having money taken out of their Social Security checks because of unpaid student loans. So when you go into student loan debt, it can literally haunt you for the rest of your life…

The government has collected about $1.1 billion from Social Security recipients of all ages to go toward unpaid student loans since 2001, including $171 million last year, the Government Accountability Office said Tuesday. Most affected recipients in fiscal year 2015—114,000—were age 50 or older and receiving disability benefits, with the typical borrower losing about $140 a month. About 38,000 were above age 64.

The report highlights the sharp growth in baby boomers entering retirement with student debt, most of it borrowed years ago to cover their own educations but some used to pay for their children’s schooling. Overall, about seven million Americans age 50 and older owed about $205 billion in federal student debt last year. About 1 in 3 were in default, raising the likelihood that garnishments will increase as more boomers retire.

What we are doing is clearly not working, but I am not particularly optimistic that this system will be fixed any time soon.

If you are a young person, you need to have a solid plan before pursuing an expensive college education. Many young people just major in anything that they want without even considering if it will lead to a good career. And instead of working hard to graduate in four years, many decide that they want to stretch the “college experience” out for five or six years so that they can party as much as possible before entering the real world.

The real world is a cold, cruel place, and if you start your new life drowning in debt that is just going to make things even more difficult for you.

On a personal note, I want to thank everyone that has supported the growth of The Most Important News. It is a central news hub where you can find all of my articles, posts by incredible guest authors and many of the key news stories from all over the globe all gathered in one place. Some technical issues have forced the site to be down for extended periods of time lately, but now it is being migrated to a much more powerful server. I will not be updating it during the migration, but I should resume a normal posting schedule again very soon.

And I would like to thank all of my readers for making 2016 an absolutely amazing year. I love you all, and I wish you all the very best as we head into what should prove to be a very “interesting” 2017.

About the author: Michael Snyder is the founder and publisher of The Economic Collapse Blog and The Most Important News. Michael’s controversial new book about Bible prophecy entitled “The Rapture Verdict” is available in paperback and for the Kindle on Amazon.com.

U.S. Marshals are now arresting people for not paying their federal student loans

What - Public Domain

Believe it or not, the US Marshals Service in Houston is arresting people for not paying their outstanding federal student loans.

Paul Aker says he was arrested at his home last week for a $1500 federal student loan he received in 1987.

He says seven deputy US Marshals showed up at his home with guns and took him to federal court where he had to sign a payment plan for the 29-year-old school loan.

(Read the rest of the story here…)

Mark Cuban: ‘The Student Loan Bubble Is Going To Burst’

Student Loan Debt

The end of the student loan bubble, Cuban says, will be like the housing bubble, where tuition collapses the way the price of homes collapsed.

These collapses will put colleges out of business.

Cuban:

“It’s inevitable at some point there will be a cap on student loan guarantees. And when that happens you’re going to see a repeat of what we saw in the housing market: when easy credit for buying or flipping a house disappeared we saw a collapse in the price housing, and we’re going to see that same collapse in the price of student tuition, and that’s going to lead to colleges going out of business.”

(Read the rest of the story here…)

College is ripping you off: Students are cash cows, and schools the predators

Dartmouth College - Public Domain

An educational publisher wrote to me a few months back; they wanted to reprint an essay of mine that they had seen on the Internet, where it is available for free. The textbook in which they wanted to include it, they said, would be “inexpensively priced,” and authors were therefore being asked to keep their reprint fees to a minimum. The low, low price that students were to pay for this textbook: $75.95. “Approximately.”

I was astounded, but it took just a few minutes of research to realize that $76 was, in fact, altruistic by the standards of this industry. Paying $250 for a textbook is more like it nowadays; according to one economist, textbook prices have increased 812 percent over the past thirty-five years, outstripping not only inflation (by a mile) but every other commodity—home prices, health care—that we usually consider to be spiraling out of control.

The explanation is simple. The textbook publishers use every trick known to the marketing mind to obsolete their products year after year, thus closing off the possibility of second-hand sales. What’s more, textbook publishing is a highly concentrated industry—an oligopoly—which means they can drive prices pretty much as high as they feel like driving them. Meanwhile, the professors who assign the textbooks and who might do something about the problem don’t have to pay for them.

(Read the rest of the story here…)

18 Sobering Facts About The Unprecedented Student Loan Debt Crisis In The United States

Student Loan Debt

The student loan debt bubble in America is spiraling out of control, and it is financially crippling an entire generation of young Americans. At this point, the grand total of student loan debt in the United States has reached a staggering 1.2 trillion dollars, and an all-time record high 40 million Americans are currently paying off student loan debts. Just when our young people should be planning on buying homes and starting families, they find themselves financially paralyzed by oppressive levels of debt. What makes all of this even worse is that only some of our college graduates are able to get the “good jobs” that we promised them. So with limited job prospects and suffocating levels of debt, this generation of young Americans is increasingly putting off major life commitments such as buying a home and getting married. As a society, we really need to rethink how we are “educating” our young people, because what we are doing now is clearly not working. The following are 18 sobering facts about the unprecedented student loan debt crisis in the United States…

#1 According to the Wall Street Journal, the class of 2014 is “the most indebted ever“…

As college graduates in the Class of 2014 prepare to shift their tassels and accept their diplomas, they leave school with one discouraging distinction: They’re the most indebted class ever.

The average Class of 2014 graduate with student-loan debt has to pay back some $33,000, according to an analysis of government data by Mark Kantrowitz, publisher at Edvisors, a group of web sites about planning and paying for college. Even after adjusting for inflation that’s nearly double the amount borrowers had to pay back 20 years ago.

#2 In 1994, less than half of all college graduates left school with student loan debt. Today, it is over 70 percent.

#3 Approximately 15 percent of graduate and professional school students leave school with student loan debt balances in the six figures.

#4 At this point, student loan debt has hit a grand total of 1.2 trillion dollars in the United States. That number has grown by about 84 percent just since 2008.

#5 According to the Pew Research Center, nearly four out of every ten U.S. households that are led by someone under the age of 40 is paying off student loan debt right now.

#6 The median net worth of young households that have student loan debt is 20 percent lower than the median net worth of young households that do not have any student loan debt and that are led by someone with only a high school education.

#7 Among college educated people, the median net worth of young households that do not have student loan debt is seven times higher than the median net worth of young households that do have student loan debt.

#8 In 2008, approximately 29 million Americans were paying off student loan debts. Today, that number has ballooned to 40 million.

#9 Since 2005, student loan debt burdens have absolutely exploded while salaries for young college graduates have actually declined

The problem developing is that earnings and debt aren’t moving in the same direction. From 2005 to 2012, average student loan debt has jumped 35%, adjusting for inflation, while the median salary has actually dropped by 2.2%.

#10 According to CNN, 260,000 Americans with a college or professional degree made at or below the federal minimum wage last year.

#11 Even after accounting for inflation, the cost of college tuition increased by 275 percent between 1970 and 2013.

#12 Debt for law school students has risen dramatically over the past decade or so

J.D.s certainly don’t come cheap. It’s almost unheard of to attend law school without taking out significant loans. What’s more, the average debt load is mounting: in 2001-2002, JDs borrowed on average $46,500 at public law schools and $70,000 at private law schools; by 2011, those numbers rose to $75,700 and $125,000, respectively.

#13 Last year it was being reported that 34.9 percent of all student loan borrowers under the age of 30 are at least 90 days behind on their student loan payments.

#14 One survey found that 27 percent of those with student loan debt moved back in with their parents after college.

#15 Another survey found that 70 percent of all college graduates wish that they had spent more time preparing for the “real world” while they were still in school.

#16 Student loan debt is causing many young Americans to delay getting married. The following is from a recent NBC News article

While there is no specific data on student debt-related delays to marriage, a recent study by the Pew Research Center shows that a record number of Americans have never married. The study found the median age at first marriage is now 27 for women and 29 for men. In 1960, the median age was 20 for women and 23 for men.

#17 Many Americans are not even using most of their student loan money to pay for college. Instead, many are using much of that money to pay bills or stock the fridge

Take Ray Selent, a 30-year-old former retail clerk in Fort Lauderdale, Fla. He was unemployed in 2012 when he enrolled as a part-time student at Broward County’s community college. That allowed him to borrow thousands of dollars to pay rent to his mother, cover his cellphone bill and catch the occasional movie.

Tommie Matherne, a 32-year-old married father of five in Billings, Mont., has been going to school since 2010, when he realized the $10 an hour he was making as a mall security guard wasn’t covering his family’s expenses. He uses roughly $2,000 in student loans each year to stock his fridge and catch up on bills. His wife is a stay-at-home mother who also gets loans to take online courses.

We’ve been taking whatever we can for student loans every year, taking whatever we have left over and using it to stock up the freezer just so we have a couple extra months where we don’t have to worry about food,” says Mr. Matherne, who owes $51,600 in federal loans.

Some students end up going deeper into debt. Early last year, when Denna Merritt lost her long-term unemployment benefits, the 49-year-old Indianapolis woman enrolled part-time at the Art Institute of Pittsburgh’s online program, aiming for a degree in graphic design. She took out $15,000 in federal loans, $2,800 of which went to catch up on unpaid bills, including utilities, health-insurance premiums and cable.

“Obviously, it’s better not to use it that way if you can help it, because you’re just going to owe that much more later,” says Ms. Merritt, a former bookkeeper.

#18 Only 28 percent of Americans know that the U.S. government can garnish wages and withhold tax refunds if student loan debts are not repaid.

It should come as no surprise that the delinquency rate on student loan debt in this country is far higher than the delinquency rate on mortgages, auto loans and credit card debt.

This is a financial bubble that gets worse with each passing year, and if we continue on our current course it is going to end very, very badly.

So what do you think the solution is? Please feel free to share your thoughts by posting a comment below…

(Originally posted at End of the American Dream)

1.2 Trillion Dollars: Student Loan Debt In The U.S. Hits A New Record High

Student Loan Debt College University

Student loans have hit a record high of $1.2 trillion, putting a crimp in The American Dream of owning a home and starting a family. And it’s affecting the broader economy too.

“People cannot participate in the American dream because of student debt,” said Natalia Abrams, executive director and co-founder of StudentDebtCrisis.org.

Cody Hounanian, 23, graduated from University of California, Los Angeles last year with about $30,000 in debt. He worked part-time at an In-N-Out Burger restaurant near campus throughout college and now works full-time as a manager at Whole Foods in his hometown of Santa Clarita, Calif. He is in the process of applying to law school.

He’s not married, doesn’t expect to be anytime soon and puts part of the blame on the burden of student debt.

(Read the rest of the story here…)

Student Loan Debt Burdens More Than Just Young People

Student Loan Debt

JANET LEE DUPREE, 72, was surprised when she received her first Social Security benefits seven years ago. About one-fifth of her monthly payment was being withheld and she called the federal government to find out why.

The woman, who is from Citra, Fla., discovered that the deduction from her benefits was to repay $3,000 in loans she took out in the early 1970s to pay for her undergraduate degree.

“I didn’t pay it back, and I’m not saying I shouldn’t,” she said. “I was an alcoholic, and later diagnosed with H.I.V., but I’ve turned my life around. I’ve been paying some of the loan back but that never seems to lower the amount, which is now $15,000 because of interest.

(Read the rest of the story here…)

40 million Americans now have student loan debt

Student Loan Debt

Carrying tens of thousands of dollars in student loan debt has become the new normal.

Thanks to climbing tuition and inadequate college savings, 40 million Americans now have at least one outstanding student loan, according to new analysis from credit bureau Experian. That’s up from 29 million consumers in 2008.

On average, borrowers are carrying roughly four student loans each, up from less than three in 2008. Meanwhile, the average balance has increased to $29,000 from $23,000.

That has helped to push nationwide student loan debt to an all-time record of $1.2 trillion, an 84% jump since the recession.

(Read the rest of the story here…)

I’m 57 and owe $152,000 in student loans

Debt

Rosemary Anderson, 57, is on the hook for $152,000 in student loans she took out 20 years ago.

The divorced mother of two grown daughters represents a growing number of older Americans with student debt.

The 50-and-over crowd makes up 17% of $1.2 trillion in outstanding student loan debt — a 30% increase since 2005, according to the Federal Reserve Bank of New York.

Anderson’s loans financed her own education. However, one of the main reasons for the big increase is because more parents have taken out loans to finance their children’s college education.

(Read the rest of the story here…)

What Americans Don’t Know About Student Loans: A Lot

Student Loan Debt College University

The survey covered 1,029 people, including those with and without debt. Only 28 percent of respondents knew that if student loans aren’t repaid, the U.S. government can garnish wages, withhold Social Security payments and tax refunds, and report the debt to credit bureaus. Even more people—35 percent—incorrectly thought the government couldn’t do any of those things or said they didn’t know what the government could do. Only 37 percent of those surveyed knew that students loans are extremely hard to shed in bankruptcy, a reality that differentiates student loans from other debts, such as mortgages and credit cards.

(Read the rest of the story here…)

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