Victor Thorn
American Free Press
Over the course of this three part series, the American Free Press takes a hard look at who the middle class is and what it would mean should the heart and soul of America be sacrificed for the benefit of globalism and the moneyed elite.
Young Americans See Daunting Future; Seniors Look to Keep What They Have
Although it hasn’t been a pronounced aspect of the Occupy Wall Street movement, there exist definite hostilities between today’s youth and America’s aging population. This conflict hits right to the core of who will be America’s middle class in the future. As the American dream continues to slip away from the younger generation, will “ageism” become the rift that tears the nation apart at the seams?
According to a Nov. 28, 2011 article by economics writer Annalyn Censky, the average net worth of households led by someone 65 or older is 47 times larger than the median net worth of households led by someone 35 or younger.
“The young feel the system is failing them,” said Michael Snyder, who runs the widely read website The Economic Collapse, “and it creates a great deal of resentment when viewing higher unemployment figures among their ranks.”
Housing and education debt are two critical issues facing younger people today, but these are not the only pitfalls.
Snyder told AFP: “Credit card debt for the young is a very real problem, plus couples starting out are strapped with underwater homes or even foreclosures that have completely wiped them out. This age group has been hit disproportionately worse.”
The matter of Social Security must also be addressed. Snyder speaks for many in their 40s and younger: “I’m convinced I’ll never see a single penny of Social Security. I don’t believe it’ll be around in the future, or it’ll be so devalued as to be almost worthless. We’re paying tremendous amounts of money into this fund, with more and more of a burden placed on younger workers, but we may never get anything out of it in the end.”
Snyder cites our government’s irresponsibility: “Passing a $15T debt on to future generations is a horrible legacy.” And then there is the estimated $200T worth of unfunded future mandates that include Medicare, government pensions and other social safety nets.
“With a 105%-national-debt-to-GDP ratio, I see an economic collapse before we ever get to the point of paying out these unfunded mandates,” he said. “I’m talking about a global collapse that will require tremendous restructuring. When things blow up, it’s difficult to envision what will happen. We’re at a point of crisis.”
Will these factors compel youth, who have nothing to lose, to turn on the elderly, especially those who reaped the benefits of more successful times in U.S. history?
“If the world loses faith in the U.S. dollar as a reserve currency, we’ll collapse under the weight of our debt,” Snyder said. “To compensate, the government continues its policies of overspending and printing more money, with the result being massive inflation and a debt that swamps us.”
If Americans feel the middle class slipping away from them now, try to imagine how younger generations feel in terms of their inability to pursue the American dream.
- Middle Class at a Crossroads (Part 2 of 3)
- Middle Class at a Crossroads (Part 1 of 3)
For more no-nonsense, uncensored, and independent news like this, visit American Free Press online.
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