The future of a country depends highly on the young people within that country. The young are the consumers of goods, the purchasers of homes, the starters of families, the buyers of stocks, and everything else that supports all these industries. The economic health of these young people then determines what the future looks like.
The so called ‘Generation X’ in the US, is better aptly named ‘Generation bankrupt.’ They have suffered massive losses in their stock investments, their housing investments, their US dollars, and their education investments. While stocks, housing, and currency losses are certainly tragedies, the biggest travesty in their loss is their education investment. This is supposed to produce the greatest return on investment. But rather, it has produced low incomes, and massive debts that are not dis-chargeable. It has created in an entire generation of indentured servants, that are unable to participate in the American economy. They are not starting families, they are not buying homes, and they are certainly not purchasing stocks – mainly because all of their income is going into debt repayment. Even those who have found good jobs with good salaries have paid so much for their education, that the debts seems insurmountable. A country can not grow and prosper if they have an entire generation of people drowned in this type of debt. We currently view these people as young, and thus assume they will recover with time. That may not be something we can count on in the near future.
I don’t always regret my student loan debt, but when I do, I think there could have been a better use for my money