Wishing a better life for our children is normal. Actually setting aside our personal wants in favor of our children is more complicated in practice. The next generation will inherit a record $60 Trillion in total U.S. debt—government debt, business debt, mortgage debt and consumer debt. (See chart below) Furthermore, the growth of student loan debt, a $1.2 Trillion subsection of the total $60 Trillion debt, is outpacing consumer credit card debt and auto loans.
Welcome to the new millennium.
Chart courtesy: zerohedge.com