According to latest data from Pew Research, the number of U.S. households renting their home increased significantly between 2006 and 2016, as did the share.
Given the financial collapse of 2008 and the weakened position of the American working and middle classes, the data is not really surprising. For a long time, America rewarded hard work and education with social mobility, higher incomes and ultimately wealth. But since 2008, the American Dream has lost its attraction. For the less advantaged, there are no magic doors for work placement and education debts are deeply threatening against uncertain job prospects.
It’s no surprise that there is a strong correlation between those who suffered most in the 2008 financial collapse and the increase in renting. Since 2008, America has become an even more divided country. But for many of Trumps working class voters, down on their luck, matters are likely to get much worse under Trump’s presidency. Tragically, there’s a third correlation, with opioid abuse on the rise and a major cause of death for the under fifties in the US.
But as my fellow blogger, John Gelmini and I have commented many time, there are still opportunities for today’s millennials. People need to choose ‘smart futures’ that play to their relative strengths, with least risk from advancing technology. There are no silver bullets but taking stock is a start and finding a mentor could well be beneficial. Self-help or self improvement are the best way forward, like for example, ‘the Twelve-step program‘. Ultimately, to beat poverty, obesity, or dependency on alcohol or drugs takes inner strength and self-help.
So let me ask an open question:
So how should we choose a ‘smart future’?