Oh

 

its not just them...

and its not just a red/blue or American problem.

Young Americans are in for a rude awakening with the coming recession

"For many young people who have known nothing but relative ease, the coming years will be a harsh reality check."

(Not just for the type of individuals listed above either)

"Many under-40s seemed to enjoy a “Goldilocks” view of the American economy. Any major pressure — from 9/11, to the 2008 financial crash, to massive money printing, to the pandemic — appeared to be solvable, for the most part, through a combination of economic stimulus spending and smoke and mirrors at the Federal Reserve. While each of the above came with its own economic pain, a low-inflation, moderate-growth future appeared inevitable for millennials and Generation Z — especially for those with a college education. However, this type of economic growth cannot remain forever. The current runaway inflation shows just the tip of the iceberg of federal irresponsibility, which we are already paying for as a massive unlevied tax."

(There was irresponsibility during the financial crisis as well which forced us into the current back against the wall status we now find ourselves in)

"The U.S. will tumble into a full-blown recession in 2023 as inflation soars, 70 percent of economists predict. The past two years are a reminder that economic policy has consequences. The pandemic ushered in full-force Keynesian economics. The Fed grew the money supply by a whopping 42 percent in 2020 and 2021, while keeping interest rates low."

("The U.S. will tumble into a full-blown recession in 2023 as inflation soars..." or already is in one...and "The Fed grew the money supply by a whopping 42 percent in 2020 and 2021, while keeping interest rates low." Exactly what was the other alternative? Some of us knew at the manner in which we handled the financial crisis was setting the stage for this to happen sooner or later.)

"A pre-pandemic survey found most Gen Zers have less than $1,000 in their bank accounts, and almost half have nothing at all. The 22.5 million young people under 35 who attended college carry an average of $28,000 in student loan debt. Millennials also carry over $27,000 in average non-mortgage debt."

(Stagflation debt crisis anybody? But its okay the pundits wanna tell you, were better equiped to deal with a deep recession this time around...Baloney! Take it from somebody who knows, know what the difference between having $1000 in savings and $0 is? Not enough to make a difference.)

"Almost three-quarters of millennials and 65 percent of Generation Z live paycheck to paycheck. Rapidly increasing rental and mortgage costs and the overall pressure of inflation will be the coup de grace of a 1970s-esque stagflation spiral."

(Fed Chairman Powell said this week our economy is strong...With 3's like that? Really? How exactly "STRONG is it?)