The rate of seniors filing for bankruptcy has tripled since 1991. The elderly have little financial cushion in the event of catastrophic health problems, and of course medical costs are rising. And more people are entering retirement age with debt.
More people are living in their cars as homelessness rises in America. “The problem is ‘exploding’ in cities with expensive housing markets, including Los Angeles, Portland and San Francisco, according to Governing magazine.”
Outstanding education debt in the US now exceeds $1.5 trillion (roughly the GDP of Australia), after tripling over the last decade, and more than one million student loan borrowers go into default each year.
The average American works longer hours than a medieval peasant: “Juliet Shore, economist, told the site that during periods of high wages, such as 14th-century England, peasants worked no more than 150 days a year.”