Goodbye American Dream: The Average U.S. Household Is $137,063 In Debt, And 38.4% Of Millennials Live With Their Parents
Posted: 21 Nov 2017 Michael Snyder THE ECONOMIC COLLAPSE BLOG
Once upon a time the United States had the largest and most vibrant middle class in the history of the world, but now the middle class is steadily being eroded. The middle class became a minority of the population for the first time ever in 2015, and just recently I wrote about a new survey that showed that 78 percent of all full-time workers in the United States live paycheck to paycheck at least part of the time. But most people still want to live the American Dream, and so they are going into tremendous amounts of debt in a desperate attempt to live that kind of a lifestyle.
According to the Federal Reserve, the average U.S. household is now $137,063 in debt, and that figure is more than double the median household income…
As a nation, we are completely and utterly drowning in debt. U.S. consumers are now nearly 13 trillion dollars in debt overall, and many will literally spend the rest of their lives making debt payments.
Over the past couple of decades, the cost of living has grown much faster than paychecks have, and this has put a tremendous amount of financial stress on hard working families. We are told that we are in a “low inflation environment”, but that is simply not true at all…
Getting our healthcare costs under control is one of the biggest things that we need to do. As I talked about the other day, some families have seen their health insurance premiums more than triple since Obamacare became law.
As the cost of living continues to rise, an increasing number of young people are discovering that the only way that they can make ends meet is to live with their parents. As a result, the percentage of adults age 26 to age 34 that live at home continued to rise even after the last recession ended…
A staggering 59.8 percent of younger Millennials (18 to 25) are now living with relatives, and overall an all-time record 38.4 percent of all Millennials are currently living with family.
If so many of our young people are unable to live the American Dream, what is the future of this nation going to look like?
Consumers are not the only ones that have been struggling to make ends meet. Corporate debt has doubled since the last financial crisis, and it now stands at a record high of 8.7 trillion dollars…
And let us not forget government debt. State and local governments all over the nation have piled up record amounts of debt, and the debt of the federal government has approximately doubled over the past decade.
We were the wealthiest and most prosperous nation in the history of the planet, but that was never good for us.
Now a day of reckoning is fast approaching, and those that believe that we can escape the consequences of our actions are being extremely delusional.
Michael Snyder is a Republican candidate for Congress in Idaho’s First Congressional District, and you can learn how you can get involved in the campaign on his official website. His new book entitled “Living A Life That Really Matters” is available in paperback and for the Kindle on Amazon.com.
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