The Unluckiest Generation In U.S. History
The “student loan debt” of the millennials is gigantic compared to that of other generations (though we are all debt victims). Student “loans” are a system guaranteed to suppress the family-formation prospects of the brightest young people, a sure formula for national disaster in a nation already veering toward Third World status culturally, legally, and especially genetically. What even its victims don’t know is that the banks created those “loans” out of thin air, by creating money with a few strokes of the keyboard. It’s fictitious. The millennials actually don’t owe the bankers a nickel. The “debt” should be canceled and the bankers jailed. As the writer David Sims has said, if the bankers insist on being paid, we should ask them in what denomination: 10, 20, or 50 megatons?
AFTER ACCOUNTING for the present crisis, the average millennial has experienced slower economic growth since entering the workforce than any other generation in U.S. history.
Millennials will bear these economic scars the rest of their lives, in the form of lower earnings, lower wealth and delayed milestones, such as homeownership.
The losses are particularly acute on the jobs front. One brutal month of the coronavirus set the labor market back to the turn of the millennium. The last time there were about 131 million jobs was January 2000.
For millennials who came of age then, it’s as if all the plodding expansions and jobless recoveries of their namesake epoch evaporated in weeks.
* * *
Source: History News Network