That's neither was Clag was stating nor what I was answering. I too think interest rates are too low. It's insanely unsustainable.
It's part of exactly what I was referring to. Part of it is people going into massive amounts of credit card debt to sustain a lifestyle they can't afford. That will eventually slow down consumption, which will hurt the economy. Mostly that's just stupidity. But I was chiefly thinking of the housing crisis.
----
I'm an older millennial, but I've had a savings account for as long as I can remember. At least since I was 11 or 12. My parents encouraged me to deposit all of my birthday money in there (and I mostly did). I think I had accumulated a few thousand dollars between that and summer jobs. And all of that disappeared towards college. I had never written a check so large. Or so depressing.
----
This generation as serious issues. So did the last. This current iteration of America also has a ton of issues that go well beyond a single generation or a single administration.
What bugs me the most is the belief that we could somehow return to the heyday of the American Dream, where prosperity was possible for most, if not all (or at least, we could believe that and not sound delusional). Coupled with that, the belief that had we not done something wrong somewhere down the line, we'd still be living in that America. But what we expect out of prosperity has changed. Mostly though, the world has changed. And there is no way the Dream fits in a globalized economy. We could have done everything right, and the Dream would still be moribund.
What I like about my generation is that across the political, social, educational, and economic spectrum, nobody buys into the American Dream anymore. We're more realistic as a result. And hopefully. Hopefully. By the time the majority finally grow up, we'll start making wiser decisions as a result (at least, ceteris paribus)