Over the years, the cultural researchers have started naming and defining the traits of different generations. Still alive today are the baby boomers that were born between 1946 and 1964, followed by the generation X. or the baby busters that were born between 1965 and 1981, and of course what comes after X. is generation Y. or what I like to call the Peter Pan generation. The Peter Pan generation still believes that never never land still exists and they refuse to grow up. This group of young adults refuses to take responsibility for their actions and wants to live as children for the rest of their lives. This is also the group that has been entitled to just about everything they've asked for. Now, as young adults the word no doesn't exist in their vocabulary, including when it comes to financial matters. Looking back at the baby boomers that didn't even use credit until the 1970s, this generation only exists on credit. Instead of having a savings account, they tend to look at their net worth based on available credit. Keeping a high credit score has allowed this group to put themselves deeply in debt with no way out but to file for bankruptcy. A large portion of this group is now losing their homes to foreclosure by their poor spending habits and forcing them to move back in with mom and dad. What's sad is, this is becoming the norm for this future generation being raised up and eventually will have the reins of this country.
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Right now the US is in dire straits due to large amounts of unsustainable debt that has been accumulated over the last 50 years. When Jimmy Carter was president the entire consumer and government debt of the country was only $2 trillion, at the end of 2011 that number is pushed up beyond $55 trillion. Spending will not stop bankruptcy and anyone who says so is foolish. The way to get out of debt is to cut your spending and pay down the debt going forward. The government keeps telling us through the media that things are getting better. While in reality, the number of Americans filing bankruptcy is still exceeding 1.3 million per year. American foreclosure rates have also gone flat but many are expecting this to be the calm before the storm. All the way up until 2007 banks were pushing out ARM loans, some of them being negative amortization piling up the interest on the backend. When these loans come due in 2012 and 2013 we can expect the foreclosure numbers to start ramping up again. Because of all the lawsuits banks have been careful when taking back property through foreclosure due to the Robo signing scandal a few years back. In today's economy the only secure job one can have is that of a bankruptcy attorney. This seems to be a career choice that will be profitable for many years to come as the number of people filing bankruptcy continues to rise.
The Peter Pan generation is finally getting the reality check they need to wake them up and understand that never never land doesn't exist. Moving back in with mom and dad will only end up sending the retired parents into the same financial fate that the kids had. This is time for tough love across the board from consumer to government. It's no surprise of what's to come because of the condition we have put ourselves in due to this unprecedented amount of debt we have rung up. In California, many cities are filing bankruptcy because of falling to the wants and needs of their employees by giving them extravagant pensions and salaries. Parents, government and municipalities, need to learn to use the word no. Just because a screaming brat holds their breath and stomps their feet, doesn't mean they should get their way. It's time for American's to grow a backbone and take the country back.
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