Unfortunately they are not wrong. If anything, I’m surprised that number isn’t higher than 25%.
Also if Gen X is this fucked now, then what does that portend for Millenials and Gen Z?
The younger generations in this country have been resigned to lives of crippling inequality and crushing debt, that it is not possible to pay off in our current economic system.
Productivity in this country has increased tremendously the last 37 years, yet worker wages have remained flat, just take a look at this chart to truly see how badly American workers have been fucked these past 37 years.
Multinational corporations that were founded in the US and do the bulk of their business in the US need to start sharing the wealth earned from all of this increase in productivity with their workers again, like we used to before the 80’s. Our current paradigm of increased profits for the suits and multinational corporations every year while the workers don’t even get enough to keep up with the price of inflation is insane.
It’s worked out wondrously for the shareholders of said multinational corporations and its executives, but its wrought wretched desperation and poverty all across this country.
The younger generations in this country are trapped in a cycle of debt, be it from student loans or medical bills and the government in this country has been completely bought out by the wealthy to rig the economic system in their favor in every way imaginable.
Public college should be free and healthcare should be paid for by single payer coverage healthcare from the government, similar to Canada, just doing that would go a long way in alleviating the wage slave/debt slave status of many young people in this country.
It isn’t surprising or new information that Generation X has higher debt loads than other generations. Gen X — aged roughly 36-51 — often have mortgages, children, parents to take care of, and student loan debt.
But Gen X is facing more financial pressures than other generations did when they went through the same lifestage, says NerdWallet’s Kimberly Palmer.
This is reflected in a survey from Lightstream, the online lending division of SunTrust Bank. Almost 25% of Gen X-ers it surveyed say it’s “nearly impossible” to pay off significant debt.
“Gen X is at the most expensive time of their life,” Palmer explained. “Even though mortgages and student debt might not be included [in Gen X debt load surveys], it still explains the pressure and why they’re turning to credit cards.”
“That explains the spike. Credit cards are the one thing — it’s the debt that goes up and down a lot depending on a person’s needs. It’s the safety net that they turn to,” she said.
According to the report, which surveyed more than 2,000 people in the U.S., 80% of Gen X has debt. Millennials are the next most likely group to have debt — 75% are carrying a debt load. Just under 70% of baby boomers have debt.
According to 2017 statistics from credit reporting agency Experian, the report found that Gen X is carrying roughly $30,000 of debt on average — excluding mortgages. That’s compared to baby boomers who have around $27,000 and millennials who carry nearly $23,000 of debt. Gen Z, typically considered young adults aged 22 and younger, have the least amount of debt at some $7,000.