The American Dream
January 25, 2012
If you are an American under the age of 30, you have probably figured out by now that the entire economic system is stacked against you. The way that our economy is structured today is ridiculously unfair to younger Americans. First, we endlessly push our young people to go to our ridiculously expensive colleges and universities where the pile up enormous amounts of debt. Then they get out into the real world where they find that only a handful of really good jobs are available for the vast army of college graduates entering the workforce. Sadly, most of the jobs that our young people are working these days do not pay enough to be able to support a family or buy a decent home. Meanwhile, our politicians are busy mortgaging their future. Our young people are expected to support a Social Security system that will not be there when they get older, and every single day more than 2 billion dollars is added to a debt that will hang around the necks of younger Americans and their children for the rest of their lives. If you stop and think about all of this for too long, your head might just explode with anger. Well, not literally, but you get the point. The truth is that this is going to be the first generation in U.S. history that is going to do significantly worse than their parents, and that is a terrible shame.
Are you not convinced that things are really bad for younger Americans?
Do you think that they should just shut up and quit whining about things?
Well, keep reading. You just might change your mind by the time this article is over.
The following are 24 facts that show how ridiculously unfair our economy is for Americans under the age of 30 that will make your head explode….
#1 U.S. households led by someone 65 years of age or older are 47 timeswealthier than U.S. households led by someone 35 years of age or younger.
#2 Today, only about 55 percent of all Americans between the ages of 16 and 29 have a job.
#3 Back in the year 2000, more than 50 percent of all Americans teens had a job. This past summer, only 29.6% of all American teens had a job.
#4 Since the year 2000, incomes for U.S. households led by someone between the ages of 25 and 34 have fallen by about 12 percent after you adjust for inflation.
#5 It is absolutely ridiculous how much it costs to get a college education in America today. After adjusting for inflation, U.S. college students are now borrowing about twice as much money as they did a decade ago.
#6 Average yearly tuition at private colleges and universities in the United States is now up to $27,293. That figure has increased by 29% in just the past five years.
#7 Back in 1952, a full year of tuition at Harvard was only $600. Today, it is$35,568.
#8 The cost of college textbooks has tripled over the past decade.
#9 In 2010, the average college graduate had accumulated approximately $25,000 in student loan debt by graduation day.
#10 At some point this year, total student loan debt in the United States will surpass the 1 trillion dollar mark for the first time ever.
#11 The total amount of student loan debt in the United States now exceedsthe total amount of credit card debt in the United States.
#12 Our economy is not producing nearly enough jobs for our college graduates. The percentage of mail carriers with a college degree is now 4 times higher than it was back in 1970.
#13 One-third of all college graduates end up taking jobs that don’t even require college degrees.
#14 In the United States today, there are more than 100,000 janitors that have college degrees.
#15 In the United States today, 317,000 waiters and waitresses have college degrees.
#16 Right now, there are 5.9 million Americans between the ages of 25 and 34 that are living with their parents. According to recent Census data, men are almost twice as likely to live with their parents as women are.
#17 At this point, there are more than 3.5 million Americans that are behind on their mortgage payments. Young people that were offered “teaser rates” on their first homes before the housing collapse represent a large proportion of these mortgages.
CNN recently featured the story of 29-year-old Ginny Gant….
I followed “the plan” to achieve the American dream and now I feel like I’m caught in a stagnant nightmare.
My husband now works for the Navy as a civilian and I am a high school teacher. We bought our two-bedroom townhouse nearly at the peak of the housing boom for $196,500. We’re underwater on our mortgage with a high interest rate. I’m looking at having to stick with this house for eight, nine, 10 years.
I really would like to have two or three children, but I just don’t think it’s feasible to have that many children in this house. It’s too small to have a family and it’s not what I envisioned for myself when I followed the rules.
#18 The total value of household real estate in the U.S. has declined from $22.7 trillion in 2006 to $16.2 trillion today. As noted above, large numbers of young Americans bought homes in the years leading up to the housing crash, and they lost a ton of wealth when home values plummeted.
#19 We are facing a retirement crisis that is absolutely unprecedented in U.S. history. Right now, more than 10,000 Baby Boomers are turning 65 every single day. Young Americans are expected to pay for their Social Security benefits, but Social Security will not be there when Americans under the age of 30 get older.
#20 Young Americans get arrested at a far higher rate than older Americans do. Amazingly, 30% of all Americans get arrested by the time they reach the age of 23. Once you spend time in prison, getting a good job becomes much tougher.
#21 Approximately one out of every five Americans under the age of 30 is currently living in poverty.
#22 In 2010, 42 percent of all single mothers in the United States were on food stamps. A very large percentage of those single mothers are under the age of 30.
#23 According to one recent survey, only 14 percent of all Americans that are 28 or 29 years old are optimistic about their financial futures.
#24 The U.S. government is stealing about 150 million dollars from our children and our grandchildren every single hour. Younger Americans will have to bear the burden of this debt far longer than older Americans will.
So what do you think about the plight of Americans that are under the age of 30?
Please feel free to leave a comment with your thoughts below….
This article was posted: Wednesday, January 25, 2012 at 4:45 am