I sometimes wonder what the future will bring for young people trying
to establish themselves in the GTA. In some cases, their parents are
taking the hit to keep them afloat, borrowing or working longer to
support their children.
The delays getting into the workforce, or in moving up for many of these young people, also
mean their life long earnings are likely to be less.
Where will that take us in the future? Debt is cheaper now, will it
stay that way? The economy is not an easy thing to manage at the
best of times, but when people are living longer and living life
differently (borrowing and not saving for retirement, not leaving much
for the children because it is being spent now) can old theories really
be the grounds for making political decisions that will rebuild Canada
for the future?
I
think there are pieces that are not being put into the equation, and I am
not sure I like where it is leading us. I REALLY hope I am wrong, but
I fear it will only exacerbate the growing rich/poor divide.
"You can't
take it with you," so maybe this is the ME generation going out with a
bang. Like those who deny global warming, they are leaving it to the
next generation to sort out. After all, they have had the best ride in
the history of humankind, so why change now and why should not having enough money saved
change the way they live. So raise a glass and CHEERS.
Source of the idea:
http://business.financialpost.com/personal-finance/debt/canadian-seniors-ramp-up-debt-to-soak-up-glitzier-lifestyle
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