German public TV last night (late news).....put on a Coronavirus episode in New York City.
The center story? Some young gal (late 20s)....intellectual type, telling her woeful tale that she's broke....no rent money.....no savings....nothing. She's falling apart and the Germans watching this are thinking what kind of third-world country is this?
Well....it's the place where some idiot juvenile was convinced to go borrow $100k to achieve a degree....which has minimal value in the real world. Then these people go out and get debt issues with apartments which are consuming 40-percent of their pay-check, and load up $25,000 on a credit card.
Similar folks in NY City? I'll bet that you can find more than one-million people like this young lady, and telling the same basic story. Some might even be forty years old, and still carrying a massive amount of debt.
Here's the thing to think about....if this virus in the US were to continue for six more months....who would be showing up for college in August? Anyone? At that point, would the colleges clear up the mess by dismissing a quarter of their instructors?
Then would the debt merchants continue the game with credit cards? I kinda doubt it.
But go and try to explain this story to Germans and they have no idea how all of this developed and the weird path that exists now.
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