Friday, April 28, 2017

THE ECONOMY THEN AND NOW

THE OLD ECONOMY VS THE NEW ECONOMY -

OMB Director Mick Mulvaney

A Millennial learns how he's been screwed. College debt and a bad economy


As all who read this blog know, my husband and I had the grandchild first, that is, he came along when we were old enough to be grandparents. The result is a two generation age gap, and a lot can happen in two generations. We came of age in the Sixties, and the son came of age in the economy that Director of the OMB Mick Mulvaney has very aptly characterized as one where young people who are thirty years old have never experienced a growing economy. Yeah, the son is just that age.

So he's visiting me the other day, debating his future or lack of same and he queries: "So, do I have this right? In the Sixties, if you had a high school diploma, walked out the door, showed up for work on time and worked hard, you could earn enough to pay your utility bill, your phone bill, have kids, buy a house and a new car. Is that how it was?" He looks to me to answer this, because I was there.

"Pretty much," I admitted. "And you could make enough money on your summer break to pay your college tuition for a year."

He just shook his head. Really, I feel for him. All his friends of every age are in so much debt from college that they will more than likely die owing money. Getting a college degree is the ticket to a lifetime of indentured debt servitude. Kind of a hopeless situation. None own their own homes, none have children. Marriage is a distant dream. We're awfully lucky they don't get out pitchforks and attack the DC uniparty, aren't we?

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