Hi Mom, I’m Home!
“One in five people in their 20s and early 30s is currently living with his or her parents. And 60 percent of all young adults receive financial support from them. … The common explanation for the shift is that people born in the late 1980s and early 1990s came of age amid several unfortunate and overlapping economic trends. Those who graduated college as the housing market and financial system were imploding faced the highest debt burden of any graduating class in history. Nearly 45 percent of 25-year-olds, for instance, have outstanding loans, with an average debt above $20,000… And more than half of recent college graduates are unemployed or underemployed, meaning they make substandard wages in jobs that don’t require a college degree.”
Read on: It’s Official: The Boomerang Kids Won’t Leave
“Things could have been even worse. This week, we managed to avoid driving off a cliff. But we’re still on the road to nowhere.”
“You want lessons? Don’t sprawl. That Ponzi scheme will catch up with you. Nurture real universities, constant reinvention and civic decency and opportunity that includes all citizens. Don’t assume the “creative destruction” of the supposedly unfettered free market won’t destroy your community, too. Or end up at the gates of your gated property (not for nothing do we have a zombie craze). Invest in your city. Beware of scare tactics by the right and some quarters of the media about the gazillions facing us in “unfunded liabilities.” There is a gap between public pension promises and assets, but who the hell’s fault is that? We’re the richest country in the world. Wall Street is gambling with $600 trillion in nominal derivatives. And the retired garbageman is to blame?”
“As America becomes increasingly homogenous in its desires and habits, the need for trade diminishes.”
This is a perfectly natural reaction to a woman that’s obviously trying to ask you a question in Brazil.