Re:Debt Worldwide Hits Record $86k per Person
by coldtea on Saturday December 15, 2018 @07:54AM
(#18688193)
>Using debt for homes, cars, education, and investments are generally assumed to be able to out grow the costs of that borrowing. For example, ideally a better education now means you can probably make more money over time, offsetting those costs and overall ending up much better than without borrowing. Its not stealing, to phrase like that is wrong.
All of the above things have stopped worked for the majority of middle class and most working class people for the past 30+ years in the US (and lots of EU).
"a better education now" doesn't "means you can probably make more money over time", but leaves you straddled with a large debt, as just another person with a degree in a huge pool of people who might not even make as much as their parents did.
And the huge debt crisis shows that people and countries alike increasingly can't "out grow the costs of that borrowing".
All of the above things have stopped worked for the majority of middle class and most working class people for the past 30+ years in the US (and lots of EU).
"a better education now" doesn't "means you can probably make more money over time", but leaves you straddled with a large debt, as just another person with a degree in a huge pool of people who might not even make as much as their parents did.
And the huge debt crisis shows that people and countries alike increasingly can't "out grow the costs of that borrowing".
https://www.forbes.com/sites/patrickwwatson/2018/03/08/the-m...
https://www.brookings.edu/blog/social-mobility-memos/2018/06...
http://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-...
https://www.epi.org/publication/charting-wage-stagnation/