The financial situation of young adults

A question from Yahoo! Answers:

What do you think of the financial situation of young adults (18-30)?
How we young adults manage our money and credits.

The question is much broader than just credit management… Today’s young adults may be the first generation in the American history since the Great Depression to consistently experience a standard of living worse than that of their parents. The cost of both education and health care is increasing much more rapidly than inflation, which means that young adults as a group are in a double squeeze; on the one hand, they need to pay more for their education (which they must have in order to have half-decent jobs), on the other, they need to pay more in taxes for their parents’ retirement benefits (Social Security, Medicare, etc.)

The government policies do not help, either. The federal government once again, just like in the 1980s, sinks enormous amounts of money into defense. The result, just like in the 1980s, will be a serious increase in national debt (translation: higher taxes down the road) and high inflation…

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