Gen Y: Solution to the Debt?

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Before I start, I want to make it clear that I do not define myself or want to in any way refer to myself as an expert in politics or economics. Yes, I vote and took a few economics classes. And I watch The Daily Show and The Colbert Report every week. I even read the news every once in a while. But I am not someone to talk deeply about the economy or politics with. Disclaimer ended.

I understand there’s many different levels to the country’s debt problem. But could one solution be as easy as my generation? I say this because I keep hearing from economic analysts that Americans are spending less, but ever since I turned 18 four years ago, I have been spending more and more each year. I know that’s the case with most of my generation, too.

While Gen Y is not as large as Gen X was, we still spend a LOT of money. We are at the age now where we are independent from our parents, we live on our way, or we have bills, or in some cases, children!

Looking at my expenses in a single month, my money goes to rent, gasoline, gas for cooking, electricity, air conditioning, groceries, eating out, alcohol, cable, internet, clothing, cell phone, and any other random payable. That is over 10 different industries receiving money from me every 30 days. While I have been fortunate enough to land a full time job and earning a decent pay, not all of my generation has. But the point is, we still spend a large sum of money in the economy. And I believe that if we were all being paid a significant check from our employers, we would spend even more, funneling money into the economy.

My main point is that if more of Gen Y was earning a steady, decent paycheck, not $8.00/hour, we could definitely put a dent into this debt. Of course, I am not really impartial to this argument because I am a part of Gen Y.

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