Goodbye American Dream: The Average U.S. Household Is $137,063 In Debt, And 38.4% Of Millennials
Live With Their Parents.
by Edward Morgan.
Once upon a time the United States had the largest and most vibrant middle class in the
history of the world, but now the middle class is steadily being eroded.
The middle class became a minority of the population for the first time ever in 2015,
and just recently I wrote about a new survey that showed that 78 percent of all full-time
workers in the United States live paycheck to paycheck at least part of the time.
But most people still want to live the American Dream, and so they are going into tremendous
amounts of debt in a desperate attempt to live that kind of a lifestyle.
According to the Federal Reserve, the average U.S. household is now $137,063 in debt, and
that figure is more than double the median household income�
The average American household carries $137,063 in debt, according to the Federal Reserve�s
latest numbers.
Yet the U.S. Census Bureau reports that the median household income was just $59,039 last
year, suggesting that many Americans are living beyond their means.
As a nation, we are completely and utterly drowning in debt.
U.S. consumers are now nearly 13 trillion dollars in debt overall, and many will literally
spend the rest of their lives making debt payments.
Over the past couple of decades, the cost of living has grown much faster than paychecks
have, and this has put a tremendous amount of financial stress on hard working families.
We are told that we are in a �low inflation environment�, but that is simply not true
at all�
Medical expenses have grown 57% since 2003, while food and housing costs climbed 36% and
32%, respectively.
Those surging basic expenses could widen the inequality gap in America, as a quarter of
Americans make less than $10 per hour.
Getting our healthcare costs under control is one of the biggest things that we need
to do.
As I talked about the other day, some families have seen their health insurance premiums
more than triple since Obamacare became law.
As the cost of living continues to rise, an increasing number of young people are discovering
that the only way that they can make ends meet is to live with their parents.
As a result, the percentage of adults age 26 to age 34 that live at home continued to
rise even after the last recession ended�
The share of older Millennials living with relatives is still rising, underscoring the
lingering obstacles faced by Americans who entered the workforce during and after the
Great Recession.
About 20% of adults age 26 to 34 are living with parents or other family members, a figure
that has climbed steadily the past decade and is up from 17% in 2012, according to an
analysis of Census Bureau data by Trulia, a real estate research firm.
A staggering 59.8 percent of younger Millennials (18 to 25) are now living with relatives,
and overall an all-time record 38.4 percent of all Millennials are currently living with
family.
If so many of our young people are unable to live the American Dream, what is the future
of this nation going to look like?
Consumers are not the only ones that have been struggling to make ends meet.
Corporate debt has doubled since the last financial crisis, and it now stands at a record
high of 8.7 trillion dollars�
Fueled by low interest rates and strong investor appetite, debt of nonfinancial companies has
increased at a rapid clip, to $8.7 trillion, and is equal to more than 45 percent of GDP,
according to David Ader, chief macro strategist at Informa Financial Intelligence.
According to the Federal Reserve, nonfinancial corporate debt outstanding has grown by $1
trillion in two years.
�Everything is fine until it isn�t,� Ader said.
�We don�t need to worry about that until we�re in a slowdown and profit declines.�
And let us not forget government debt.
State and local governments all over the nation have piled up record amounts of debt, and
the debt of the federal government has approximately doubled over the past decade.
But the fact that we are now 20 trillion dollars in debt as a nation does not tell the full
story.
According to Boston University professor Larry Kotlikoff, the federal government is facing
a fiscal gap of 210 trillion dollars over the next 75 years�
We have all these unofficial debts that are massive compared to the official debt.
We�re focused just on the official debt, so we�re trying to balance the wrong books�
If you add up all the promises that have been made for spending obligations, including defense
expenditures, and you subtract all the taxes that we expect to collect, the difference
is $210 trillion.
That�s the fiscal gap.
That�s our true indebtedness.
We were the wealthiest and most prosperous nation in the history of the planet, but that
was never good for us.
We always had to have more, and so we have been on the greatest debt binge in human history.
Now a day of reckoning is fast approaching, and those that believe that we can escape
the consequences of our actions are being extremely delusional.
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