If we send more money to other parts of the world to fight for their freedom, and keep our allies under our thumbs, where will the money come from to put our children through school and pay for our older citizens to fund Medicare and Social Security?
Not too many people see the relationship between those hot potato political issues, but I’m afraid we have to.
On the one hand, the overwhelming amount of student debt will prevent that whole generation from being able to save some money for a down payment on a home, or buy a new car, or replace the refrigerator with a new one. They will not be taking vacations, they will not drive gas guzzlers, they will not be having babies anytime soon. Imagine how this will impact our economy in the future: no consumers.
The older folks will not have any money to pay for much else but the co-pays and deductibles on their health insurance and bills from medical facilities they cannot afford. They will be the next run of bankruptcies. At 75 and 80 years old? Come on…
As we look at the future of the stock market and the bond market, know its success depends on people who are around to buy and sell them. If there are no investments to be had by the elderly or the young, who will buy your securities when you want to sell them to generate some income? The market is shrinking but no one is looking.
Let’s get some reason around the student debt situation and get it under control. Let’s make sure the elderly can afford the care they need and can find the resources to stay in their own homes rather than overburden facilities which are understaffed and broken at the core.
Is it time to have a friendly chat with your Congress person or Senator? The ones in Washington? Oh wait, they are on their summer vacation…