When boomers entered the adult world, very few had significant debt; any debt was likely student loans that could be repaid at a comfortable pace. “Lifestyle,” such as it was, was fuelled by money in the bank. Today’s young adults have easy access to credit, which in many cases is funding lifestyle choices their boomer parents never dreamed of — and which is keeping them from home ownership. How do you save for a home when you are carrying $1.80 of debt for every dollar you earn? Easy credit has taught them to deny themselves nothing in the moment rather than to plan for the future.
It’s certainly not the massive debt incurred for college, it’s the damn kids and their inability to save money.
student loans that could be repaid at a comfortable pace
Wtf. You had it easy by comparison.
