The immoral, unsustainable debt economy is poised to claim many more victims. Loans pile up, the rich extract wealth, lands, and goods, and thanks to dumbasses in power, the pyramid scheme is on the verge of collapse due to too few new victims. Er, immigrants and youth.
More than a decade has passed since young Americans faced debt levels this high.
Debt among 19 to 29-year-old Americans exceeded $1 trillion at the end of 2018, according to the New York Federal Reserve Consumer Credit Panel. That’s the highest debt exposure for the youngest adult group since late 2007.
Debt levels play a role in how young adults view their spending conditions, according to a University of Michigan
survey Friday. Younger adults – those under age 35 – have reduced their spending compared with previous generations possibly because of weakened job prospects, delayed marriage and educational debt.
Policy makers have recognized that lower spending limits economic growth. As a result, a number of policies to boost younger adults spending such as forgiving student debt have entered the political arena, according to Richard Curtin, director of the University of Michigan consumer survey.
Adults age 19 to 29 surpass the $1 trillion debt threshold last quarter
Source: New York Fed Consumer Credit Panel/Equifax
Student loans make up the majority of the $1,005,000,000,000 owed by this cohort, followed by mortgage debt. New mortgages among young adults today remain quite a bit below levels incurred in the early 2000s. This may suggest adults are waiting longer to buy homes and may opt to rent for a longer period of time than previous generations.