According to the Federal Reserve Bank, American students amassed $1.5 trillion in student loans through the second quarter of 2018, marking the second-largest consumer debt segment in the country after mortgages...and the number just keeps growing! On this episode, we discuss this social, economic, and psychological phenomenon.
According to an article published by the Associated Press in January of 2017, an advocacy group titled Young Invincibles analyzed Federal Reserve data and concluded that millennials have about half the net worth of baby boomers, low rates of home ownership and high levels of student debt. Given that wealth is usually passed down from generation to generation, did Baby Boomers Boom Selfishly? Shouldn’t subsequent generations have been better off?