AlterNet reports:
"Financial insecurity is one of the staples of American life, and fuel for our nation's politics as well as cable TV shows. Once the elderly worried endlessly about money matters, athough now people over 65 count as the wealthiest group of Americans. Rather, today the biggest worriers about what's euphemistically called our "financial future" are the young, and especially people under 25 years old.
For new college graduates and people out of school for only a few years, financial worries are enormous. Home prices, even if they are starting to fall, remain very high relative to ordinary incomes, and higher mortgage rates are no balm to money worries either. All Americans carry more debt on average than in the past but the increase for young people is most striking since young workers generally earn the least. Between college loans and car loans, people in their 20s are amazingly burdened financially compared to earlier generations, especially compared to my own generation of late-stage baby-boomer."
It is unlikely that the situation is much different in Australia. If that be the case the face of Australia will change in material ways, not necessarily for the better. A lifetime of debt and all that goes with it will not play out well in the so-called mortgage-belt. Politicians, of all shades, beware. A community, divided between the haves and the have-nots is a danagerous mix.
"Financial insecurity is one of the staples of American life, and fuel for our nation's politics as well as cable TV shows. Once the elderly worried endlessly about money matters, athough now people over 65 count as the wealthiest group of Americans. Rather, today the biggest worriers about what's euphemistically called our "financial future" are the young, and especially people under 25 years old.
For new college graduates and people out of school for only a few years, financial worries are enormous. Home prices, even if they are starting to fall, remain very high relative to ordinary incomes, and higher mortgage rates are no balm to money worries either. All Americans carry more debt on average than in the past but the increase for young people is most striking since young workers generally earn the least. Between college loans and car loans, people in their 20s are amazingly burdened financially compared to earlier generations, especially compared to my own generation of late-stage baby-boomer."
It is unlikely that the situation is much different in Australia. If that be the case the face of Australia will change in material ways, not necessarily for the better. A lifetime of debt and all that goes with it will not play out well in the so-called mortgage-belt. Politicians, of all shades, beware. A community, divided between the haves and the have-nots is a danagerous mix.
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