Economic Danger For Future America
The millennial generation will be facing many challenges when entering the modern workforce.
The current workforce is competing against technology, illegal immigration, foreign labor (VISA work permit), and high government deficits, which can create future recessions and depressions. This combination of factors can be very challenging for young Americans. Will Social Security still exist with the ever growing debt facing the country? How long will I be able to stay in my industry before cheap labor or technology takes over my industry?
These questions for future generations of Americans can be difficult for people to answer. The American workforce does not have a steady outlook for the future because of the lack of education and not enough job training at companies.
Many industries and not smart school planning can be blamed for the failure to prepare young Americans for the future workforce. The K-12 system of education is still living in a 20th-century world. This failure in the k-12 school system is not preparing students for the 21st-century labor force. This is why many students who graduation from high school still live with their parents.
This result can be concerning because these young people are not leaving their parents home for financial reasons. They’re out of high school and cannot find a good paying job or no way to move up in a company, which means no higher pay. The other issue many high school students decide to attend college to receive a college degree. The college degree increases student loan debt for that individual. The student loan debt crisis according to forbes.com has cost the country 1.3 trillion dollars. This means they are not buying a home, new car, or spending on other things, which does not grow the economy. Instead, they are focusing on paying their student loan debt off after they graduate from college.
This is why it is important to make the right financial decisions. The wrong moves can mean financial collapse for yourself and your family. You might have a college degree and have a career in your industry, but you might always be in debt because you attended college.
For example, you should complete your two-year degree at a community college to reduce the cost. You should be able to pay off your community college debt faster; second find a career with your two-year degree to create higher income, third then continue at a four-year university, after you have a steady career with your two degree. This way you are more likely to pay off your 4-year university debt faster, but you have the power to pay it off. It is very important to take the right financial steps. The best way to be safe is to protect yourself from future events by living within your financial means. This just doesn’t apply to school, but life also.
Buying things that you can afford without getting in debt is important to live your life during this period. For example, if you are making $50,000 a year you should buy a $250,000 condo. The reason why, if you lose your job, recession or depression, you should be able to pay off that condo in 10 to 15 years or less. If there is a recession or depression your condo will be paid off. If the economy is doing well, then the condo might be worth $325,000 plus the money you been personal saving. This means you can buy a home fully paid off. It is taking smart steps to build a way to a home and not living in debt.
Debt is the number one reason you might not survive. If you live within in your means, more people would be happier and would be able to keep their possessions. It also means you have more power over your boss the reason why is because you might be able to just quick and find a new job because you live within your means. This is the key to financial success to protect yourself from the future economy.
If every American lived within their means, jobs would pay more, give more vacation time, and would be flexible. The reason they are not is that most businesses and corporations know that you do not live within your means. This is why businesses and corporations might not respect you.
It is important that Americans in the future live within their means because you are competing against greedy corporations, illegal immigration, future technology, foreign labor (VISA Work Permit), and future recessions. The odds are against you and your family currently and in the future in the global economy.
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The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of any agency.