Jack Posobiec addressed Biden’s new student loan forgiveness program on Human Events Daily, discussing the generation that is not only the most impacted by student debt, but by the poor economic decisions made by this and so many past generations. These policies have prioritized older Americans, helped those Americans build their wealth, and have left Millennials to pick up the pieces while wracked with debt and unable to gain a foothold in those areas that traditionally help build wealth, namely housing and investments.
“Millennials have been getting poorer since the last recession, while all other age groups have become wealthier by up to 60 percent,” Posobiec said, noting that the key reason for this is that many millennials graduated from college into a tanking economy, during the 2007 Great Recession. Millennials had massive student debt, and very few prospects as they entered the job market.
“Every generation except for millennials was able to bounce back,” Posobiec said, quoting the Daily Mail. “Millennials are seeing a longer wealth accumulation path as they graduate, marry, buy houses and receive inheritances at only ages.”
“And understand. This is what's going on. This is a result of governments and central banks running policy to coddle older generations for three decades or more at the expense of future generations," he said.
“We keep doing this: we put the debt on the backs of our children. The Federal Reserve and administrations have been using stock prices and home prices as metrics and bubbles that must keep inflating, inflating and inflating and ever rising. Stocks always go up. Home prices always have to go up," Posobiec said.
“But here's the problem," he continued. "Stocks and homes are disproportionately owned by older generations and so that when later generations tried to buy in, what's happening: they're overpaying and they have little upside, so they're overpaying when they get it. They're not generating the wealth they could be generating. And then they're still servicing this debt that they all took on during the Great Recession."
“I remember I had friends that did this,” Posobiec said. These friends, who graduated at the same time, encouraged him to go back to school, to take out more debt.
“That's what so many people in my friend group, my peer group were doing and I said ‘yeah, I don't want to go get more in debt. I shouldn't have any debt. But I don't want to go and do something that's going to put me in debt. Because I don't want to be in debt.’"
Posobiec made the decision to move to China for two years, to learn Mandarin, and to the join the military with that new language asset.
“But that's not what most Millennials did. Most Millennials went back to school, got their advanced degree, and then still wound up running a coffee bar at Starbucks, while having this philosophy degree in the Middle Ages, fantasy poetry or something,” he joked.
“The problem with this is they've done this by design,” he said.