Note: This post is a consolidation of a series microposts originally published December 6th, 2021.
Americans have created a society built on systematic debt wherein many, if not most, of its citizens perpetually live with five or even six figure debt.
People coming of age have a choice between quickly amassing debt upfront from higher education in hopes that higher wages will pay off in the long run, or slowly accruing debt incrementally from low wage jobs that don’t always quite pay the bills.
Higher education is still the best way to go, but earning better wages often also requires living in areas with extremely high cost of living. Many of those who are able to pay off their education loans will still face crushing mortgage payments.
And this doesn’t even touch on debt from medical treatments or elderly care. It’s almost as if America capitalism is Sisyphean for most people in that it isn’t designed to help them build capital, but rather to give them just enough money to manage their debts in perpetuity.