Americans in their 50s, 60s and 70s are carrying unprecedented amounts of debt, a shift that reflects both the aging of the baby boomer generation and their greater likelihood of retaining mortgage, auto and student debt at much later ages than previous generations.
The average 65-year-old borrower has 47% more mortgage debt and 29% more auto debt than 65-year-olds had in 2003, according to data from the Federal Reserve Bank of New York released Friday.
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This should come as no surprise.
Congress facilitated the offshoring of our jobs, the gutting of our pension funds, and the destruction of what used to be an affordable health care system.
Any nation which would throw its parents and grandparents under the bus this way is morally bankrupt.
Bernie, Hillary, and/or Trump are not going to fix this, because it is exactly what the deep state and its wealthy backers want.
And if you think this is bad, wait until robots put the rest of you out of work. You won't be laughing then.