After reading the above link, a couple of things should become glaringly obvious. First, the United States will be in their recession for quite some time yet. Second, and more importantly, maybe they should have been more diligent about collecting on student loans back in the day. The article mentions a large majority of the student loan debt crisis is because of people who are now 60 years of age or more, putting them in the prime birth years for Baby Boomers, never paid back their student loans. So, not only have they been sucking dry the health care, the savings and loans, the properties and investment markets, they’ve also been, unsurprisingly, renegging on their obligations.
Their typical attitude of “do as I say and NOT as I do” is evidenced by their apparent unwillingness to pay back their debts. It was not because they could not pay back their obligations, but they simply did not want to, nor were they pushed or forced to do so. So, in the end, they have no one to blame for their financial “crisis” but themselves.
Perhaps if they’d spent a little more time on the books and not at Woodstock, they’d have been able to make this connection on their own. As it is, they will whine and cry about their poor financial situations as they progress into retirement and, ONCE AGAIN, they will have to be bailed out like the Big Babies the rest of us have come to know they are.
Thanks a million. We not only get to pay back OUR student loans because we won’t possibly get away with it like your generation, but we’ll also have to bail you out on top of it, sending our generation further into the hole because unlike yours, our generation actually does have a global conscience.