Generation Debt: How Our Future Was Sold Out for Student Loans, Bad Jobs, No Benefits, and Tax Cuts for Rich Geezers--And How to Fight Back

by Anya Kamenetz

Book Overview

Generation Debt offers a truly gripping account of how young Americans are being ground down by low wages, high taxes, huge student loans, sky-high housing prices, not to mention the impending... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 1594482349
• Release Date: December 2006
• Publisher: Riverhead Books
• Length: 336 Pages
• Weight: 0.65 lbs.
• Dimensions: 8.3" x 0.9" x 5.5"

Customer Reviews

Twentysomethings, unite!

I graduated from an Ivy League school with a liberal arts degree in 2003, spent eight months back at the Hotel Mom & Dad, and then moved to New York City in the hope of finding an entry-level job that paid a living wage. I had no luck finding anything better than unpaid internships and dead-end temp jobs without benefits or the possibility of spending more than a couple months in one office. But while waiting for responses to my grad school applications, Kamenetz's regular "Generation Debt" columns in the Village Voice drew my attention to some alarming information on the economic struggles that our generation as a whole is facing. In an informative and eye-opening way, this book expounds on those subjects of increasingly high college tuition and its consequences on America's young adults. The simple truth that Kamenetz points out is that a college degree's pricetag has skyrocketed at the same time as its overall usefulness toward obtaining at least a moderately paying career-track job has diminished. That's all. Everything else--including the so-called "boomerang" effect of college grads moving back in with their parents and young adults' postponement of marriage and childrearing until their thirties--happens not because young people are selfish, lazy and/or profligate, but because they are overwhelmed with debt and discouraged by a job market that no longer holds much promise to someone with a mere bachelor's degree (hence the increase in competition to get into grad school). The author argues this thesis well by using a combination of objective research from government agencies and profiles of ordinary individuals who are coping with these financial obstacles (and who sound very, very familiar to anyone under thirty). Though it's true that some adults--both young AND old--don't know how to control their spending habits, it is unfair to assume that our generation as a whole is irresponsible when the majority of us who study hard, work long, and play by the rules are still facing conditions that are worse than those our parents faced. I don't want to declare "generation warfare" here, and, despite Kamenetz's polemical tone, I don't think her book advocates taking government resources away from boomers or the elderly. Yes, we are grateful for the sacrifices our parents and grandparents have made; we just think that it's time for the government to actually think responsibly about the country's future. That means: (1) a federal budget that doesn't abuse future workers to make up for its current reckless spending and fear of taxation, (2) some kind of a cap on tuition rates at public colleges, (3) a student loan policy that does not use bloodsucking private institutions such as Sallie Mae. Admittedly, my generation's limited involvement in politics is problematic, but hopefully this book is a sign that young people are starting to wake up and want to take action. To my fellow reviewers who wrinkled their noses at the notion of increa

Good topic for discussion

As a college professor (age: 47) I see students leaving with 100k debt. These students are hardworking and ambitious. More so than I was at their age. Think about it: You are 22 years old and 100k in debt. A house costs 250-300k. A good USED car costs 7 to 10k. Starting wages are not that much better than 20 years ago (unless you go into the remaining (not outsouced) career paths that didn't really exist back then). And although old enough to barely qualify as a 'boomer', I watched those hippies ten years older than me turn into the most greedy and excessive yuppies on earth! They took the hippie 'live for today' motto and sold off the 'we can change the world for the better' part. (No wonder I was a punk rocker during the 80's!) This book is a legitimate attempt to appeal to excessive boomers by way of their children - a good tactic. After all, if they'll spend 50 thousand bucks on an SUV to 'protect them' as children, maybe they'll SAVE some money to protect their children's futures!

The truth is tough to see

It's easy to see why this book has received such a low rating when you observe the average ages of the reviewers. The bottom line, folks, is that this book presents a bitter but honest look at the current state of the nation for young adults. Whether you're a Boomer who scoffs at how the author 'whines' about the situation, or one of the COLLEGE PROFESSORS who has USED this book in their classroom, ultimately this book sheds light on an economic and social disaster that is largely overlooked in contemporary america. For young adults, it is now harder than ever to suceed in America. It has nothing to do with 'personal responsibility' or the right attitude, as other reviewers have stated. The author doesn't NEED to whine or push her opinion, she proves her point with hard, cold facts throughout the book. Have a look for youreslf. Nowadays, more young adults than ever are working harder than our parents, studying longer, pushing ourselves to suceed more than any previous generation (whether or not you like you to admit it), and we see less financial and social success. These aren't abstract, unmeasurable concepts. The author shows us how college tuition has increased compared to income, debt, and other factors. She point out countless testimonials from everyday kids and young adults who are struggling in this society. She compares countless aspects of economic stability over the past several decades and SHOWS us how this is dealing the swiftest, hardest blow to young adults. Long story short, please don't listen to bitter readers who want to tell us how hard THEY had it too. No one is here to whine. This book presnts facts, it's an amazing read, and it will change your perspective of modern america, its history, and our future, regardless of how old you may be. All it takes on your part, is an open mind. It's worth the read.

the real point

Generation Debt is an important and incisive book. Whether the author has "street cred" -- first hand experience with student loans, unpaid credit card bills, whatever -- or whether some resourceful individuals manage to pull themselves out of debt by their bootstraps is beside the point. I think Kamenetz does a great job of making her real point: that a massive economic shift has taken place over the last few decades leaving young people adrift in an insecure job market, up to their ears in debt, and facing an unprecedented social security crisis. Even better, she does this all with a light touch. Also, contrary to what some reviewers have said, she does offer some compelling solutions to the problem at hand, my favorite being that young people think twice before enrolling at an overpriced university and instead educate themselves -- for free.

I'm convinced.

This book shines light on what happens when real people meet economic statistics. Reading the reviews here and elsewhere, the primary complaint against this book and others like it is that young people should stop whining and start taking personal responsiblity. But if those people actually read the book they'd realize that's exactly what Kamenetz is saying: we should take responsiblity for our personal decisions, but also for the larger economic climate in which we're forced to make those decisions. I definitely understand where those critics are coming from, though, because that's pretty much what I thought before reading this. I managed to get through school with only a little debt and paid it off as soon as I could, so I figured it must be your own fault if you don't. But Kamenetz shows in story after story and in a host of surprising statistics that, yeah, our generation really does face some tough obstacles to financial success. More importantly, she talks about how our cultural values are at odds with the economic reality - everyone knows that college is 'the path to success', but with the cost of college today and the lack of financial support from the government, and the kind of crappy jobs that await most people (if they graduate), that might just not be true anymore. And if it isn't, that should be a sad wake-up call for all of us, because it means America has changed for the worse. Yeah, probably calling it "a terrible time to be young" might be overstatement, but i bet that's just a marketing ploy to move books off the shelves. In contrast, I found the tone throughout the book to be thoughtful and sharp, but not shrill. The book is a bit light on concrete policy suggestions, but that doesn't really seem to be the point. It seems to be a rallying call for our generation to realize it's not only their own fault, these are bigger issues, and we should engage politically otherwise we'll continue to be screwed and then blamed for it.