Ever since the end of the baby boomer, society has developed a new group of young adults called the entitlement generation. Although this is not technically the name these people are known by generation X., Z. and Y. but the common link between them has one shared trait and that is they feel that they are entitled. All through school they were told that they were the best. Psychiatrists made it clear that teachers and parents should not hurt their fragile egos causing them to believe they were better than they really were. Baby boomers were guilty of giving their kids just about everything their parents withheld from them. Because of this gone were the debt free days and large savings accounts preparing for their retirement. This new group had something called credit cards that allowed them to no longer have to wait to purchase anything. Why wait when you can buy it now on plastic? Initially, this idea didn't really catch on until the 1980s and by the end of the 80s the consumer debt to income ratio was about 50%. Fast forward to the end of 2012 and that number has now increased to 154%. This generation that we have created is totally out of touch and because of it there are now close to 50 million Americans receiving food stamps. There are 128 million Americans receiving some sort of government benefits. And people are wondering why the country is so far in debt with no real solutions to the problems. The politicians know that the way to get votes is to work on the greed of this new generation and give them some freebees like a cell phone, welfare, food stamps and extend unemployment benefits indefinitely. Just do the math and then at some point in time all of this will have to come down. This system is now being overwhelmed and people have become so narcissistic that they don't even see it.
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How this problem was created was from Corporate America on one side and progressives on the other using modern psychology to play upon an individual's pride and greed. They used Madison Ave. to make people believe that they deserve it and are owed it. The idea that you too can live like a rock star is a crazy one yet most of this entitlement generation doesn't see anything wrong with it. This group is borrowing themselves into oblivion and surviving by robbing Peter to pay Paul. Recently, the government released the bankruptcy filing numbers that showed a decline from 2010 which was a record year. They use this information to show how the economy has now turned the corner and the recession is over. They are not looking at the entire picture as the consumer debt has now surpassed a record $2.75 trillion. When these young adults should be consulting a bankruptcy attorney, they are instead borrowing more money to fuel their unsustainable lifestyles. The ones that didn't lose their houses to foreclosure, are hanging on to the dream that their tract home will soon be worth millions of dollars once again. When reality sets in, they will see that these days of the real estate bubble is something in the past and will never return.
As this problem continues, many of the entitled have had to move back home with mom and dad putting a huge strain on their parents finances. Do you think they feel bad? Probably not, because in their eyes they can do no wrong. If the parents were smart, they wouldn't help their kids continue to pay these bad debts, but give them a tough love lesson and force them into filing bankruptcy. At some point in time the inevitable will happen, but why continue to feed the problem by throwing good money after bad. The best gift someone could give to one of these individuals is a ride down to see a bankruptcy attorney and have a reality check. Our great grandparents and grandparents that have passed away would be rolling over in their graves if they could see the way the country has gone leaving a debt-free lifestyle that they lived to being buried in debt. Bankruptcy is looming for many of these people, they need to just wake up and smell the coffee.
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