Few things illustrate the failure of American capitalism more grotesquely than the state of the country’s millennial generation. This is woefully articulated in a recent FortuneÂ articleÂ that shows the average salary for millennials on a state-by-state basis. Â
While the numbers on their own are grim — millennials in five states have an average salary of less than $20,000 — when coupled with theÂ average student loan debt per millennialÂ andÂ average credit card debt per millennialÂ they illuminate the heinous reality that many in the demographic cohort are being impoverished. And just when you think this nightmare can’t get any worse, consider that their debt doesn’t qualify them for the advantages of federal aid or low-income housing and thatÂ their student loan lenders are protected by the federal government. Â Â
To better understand the situation, let’s first take a look at some of the numbers. Â In North Carolina, the average salary for millennials is $18,899. Â The average student loan debt for graduates in 2016 is $37,172. Â Let’s assume aÂ student has the average 10 year repayment plan at a 7% interest rate (the new average for 2017). Â This means the student will owe $3,717.20 per year with an additional $260.20 in interest, totaling $3,977.40 in student loan debt in the first year. Â When subtracted from their salary, this reduces it to $14,921.60 between salary and student loan debt. Â But then consider the average millennial credit card debt of $5,808, subtract it from the difference between salary and student loan debt, and you’ll end up with $9,113.60 in that year. Â TheÂ federal poverty level for the contiguous 48 states in 2017Â is $12,060 per year, so if you’re a millennial in North Carolina, you’re likely not only to be poor but to be poor by a lot.
Millennials have fully submitted to defeatism. Â Instead of uniting against the forces that have literally impoverished them — Sallie Mae, the baby boomer generation, the credit system, the fake news media — they continue to drink the poisons of consumerism, vanity, materialism, and mindless distractions. Â Despite being forgotten by the liberal media, which still claims that thatÂ collegeÂ debtÂ isÂ worthÂ itÂ despite the aforementioned statistics, they continue to allow it to distract them with identity politics and misdirect their hatred towards the imaginary monsters of fascism and upward mobility. Â And instead of taking steps to administer real change, they engage in the meaningless protest moments of Occupy Wall St. and its spiritual sequel the Resistance, both of which have to date done absolutely nothing to accomplish any goals whatsoever.
American capitalism is destined to die with the millennial generation unless theyÂ begin basing their ideologies on logic instead of emotion. Only by taking viciously inhumane action (such as defunding the Medicare and social security of their parents) will they have a chance at restoring American prosperity to their children. But since they are still letting the corrupt liberal media outlets such as The Washington PostÂ andÂ USA TodayÂ Â tell them that college is still worth walking into poverty over, it seems far more likely that their children will be waging civil war to replace the democracy that failed them. Â
Tags: college debt, credit card debt, education, millennials, poverty