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" ... The Credit Suisse report has an entire chapter devoted to “the unlucky Millennials” who have been hit by rising debt and poorer job prospects. And it’s t
by gesman 8y ago
" ... The Credit Suisse report has an entire chapter devoted to “the unlucky Millennials” who have been hit by rising debt and poorer job prospects.
And it’s true. Recent reports from the Treasury Department show that the US government owns nearly $1.5 trillion in student loans.
That’s pretty sad when you think about it: the US government’s #1 financial asset is debt owed by tens of millions of its young people for university education that didn’t even necessarily qualify them for a real career..."
-- Simon Black
- gammateam 8y agoThe US has always been addicted to serfdom.
- Apocryphon 8y agoThis country was built by indentured servants before it was built by slaves.
- JumpCrisscross 8y ago> the US government’s #1 financial asset is debt owed by tens of millions of its young people This is an odd metric. Most financial assets held by the U.S. government, broadly defined, are in the hands of the Federal Reserve. The Fed owns close to $4 trillion in securities. Furthermore, given student loans held by the government aren’t really legally sellable, they’re more akin to federal lands than financial assets. Parcel in federally-owned energy and mineral rights and we’re talking about over $100 trillion [2]. Student debt holdings by the federal government are large. But they aren’t hyperbolically large. [1] https://www.federalreserve.gov/releases/h41/current/h41.htm https://www.federalreserve.gov/releases/h41/current/h41.htm [2] http://business.time.com/2013/02/05/the-federal-governments-128-trillion-stockpile-the-answer-to-our-debt-problems/ http://business.time.com/2013/02/05/the-federal-governments-...