Ten years after America’s largest financial institutions upended the economic livelihood of millions of millennials entering the job market, a new report from the Federal Reserve confirms what we already knew: millennials are broke.
Post-recession, the banks regained their footing, the housing market stabilized and company earnings rose. But while big industries were thrown a lifeline, a whole generation — the largest workforce in U.S. history — faced escalating college tuition costs with few streams of money. Now, 44 million Americans are shouldering $1.5 trillion in outstanding student loans, with young people under the age of 35 holding almost half of that debt.
The above excerpt was originally published in The Hill.
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