So far outside the box you can't even see the box from here.
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Saturday, January 17, 2015
The next bubble?
So what is it that causes a young healthy 20 something to sell all their things and go off-grid? He got rid of his nice car (with a loan) to pay cash for a clunker. Last I heard the guy was heading west with not much more than a good sleeping bag. He even got rid of his cell phone. When a young man gets rid of his smartphone he really means to disappear.
Why did that young guy decide to disappear? Student loans. He's overwhelmed by them. His education was very expensive, yet he's been unable to find anything but low paying seasonal work. It's not like he didn't try. Unpaid internships in a major city can't be swung by working class kids. The guy tried to do it by working a sales job, but there was no way to work enough hours and do the internship.
Now the young man has dropped out of the system and gone underground. When that's a person's good option, things are pretty grim.
I can't help but wonder how many young people are facing the same loan problems that young man is. If there's a lot of them it won't be long before the system chokes. My guess is that a huge percentage of those student loans will never be paid back. The economy is just not producing the high paying jobs needed to make it happen.
I live in an area of NH known as the Great North Woods. I'm in my dome-i-cile out in the county with my lovely wife and a varying number of family and friends
-part red neck, part hippie but all country. Experimenting and enjoying the adventure of life.