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 retirement of their baby boomer parents. Twenty-four-year-old Anya Kamenetz examines this issue from every angle and provides a riveting, rousing manifesto that will inspire everyone to take care of their financial future.
Generation Debt
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Editorial Reviews
From Publishers Weekly
Surveying the economic realities facing today's 20- and 30-somethings, 24-four-old Kamenetz decides, "It's not too dramatic to say that the nation is abandoning its children." Thanks to skyrocketing tuition and changes in federal funding, college students are graduating with an average of almost $20,000 in loans at the same time that jobs have become scarcer, real wages have dropped and the cost of health care has soared. Is it any wonder that kids are boomeranging home and racking up credit card debt? Kamenetz, who first wrote about these issues for the Village Voice, intertwines an analytical overview of the new economic obstacles with interviews of the financially strapped and descriptions of her own experience struggling to make ends meet as a freelance journalist. Her book is livelier than Tamara Draut's similarly themed Strapped, but lighter in its analysis of law and policy. Most interestingly, Kamenetz documents how our perception of the crisis is shaped by self-centered boomers who have lost touch with their children's plight. More of a white paper than a guidebook, this volume doesn't offer under-40s much personal financial advice (that job is taken up by Gener@tion Debt, see review below). It does, however, make clear how imperative it is that we find solutions to these problems as quickly as possible. (Feb.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.
From Booklist
A new book tackles the 18-to-35-year-old generation's problems--those they face and those they create.Kamenetz believes the younger generation is hampered by the fact that salaries and job opportunities haven't kept up with drastically increasing costs of living. Because of the exorbitant cost of college, many young people can't afford to go, and those who do go graduate with huge debt. Graduates expect to pay off those loans once they get jobs, but entry-level jobs often come with low wages. The job prospects are even worse for those who don't finish or who don't go to college at all--some can't even afford living on their own, another drastically increased cost. The solution to these problems? Kamenetz makes a passionate argument for young people to take action, such as lobbying the government as a cohesive group and being practical and frugal about money matters.
Kristine Huntley
Copyright © American Library Association. All rights reserved
--This text refers to an out of print or unavailable edition of this title.
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Customer Reviews
“ Well the older you get the more you realize you won't have it all and it won't all come at once, but you also will understand that you don't really need it all anyway. ”
Most Helpful Customer Reviews
43 of 46 people found the following review helpful
Format:Hardcover|Amazon Verified Purchase
At the age of 50, I have seen the deterioration of the job market over the past 25 years, to the point where there are very few jobs that can be obtained with a BA or BS degree that will not be outsourced. In addition, I have watched as companies sold out their employees for the bottom line and the almghty dollar. It has become nearly impossible to stay in a job for very long, which in turn makes it very hard to pay down student debt.
I currently have a child in high school and I watch with amazement as districts push more and more students into the college merry-go-round with little thought as to whether or not they will be able to handle the work, or even finish a degree. At the same time I have watched as programs that would be very useful to the majority of today's kids are cut because the world has become so focused on testing and keeping little "Johnny" up to speed when he should be held back.
An example is the auto shop programs from when I was in high school. You could leave high school and get a job working as an auto mechanic directly from school. The programs now don't have the financing to buy the computer technology needed for these kids to actualy work as mechanics, even though the vast majority of graduating students will never go to college and will need some type of vo-tech training before they can become employable.
As is pointed out in this book, maybe we should re-examine the needs and desires of todays students to see what classes will actually beneft them. Adding classes which will allow students to work directly from school would decrease their debt loading and it would free up college space, as well as help employers get emplyees with a good solid training in a field that they want to work in.
I am fortunate enough to live in a district that is looking in that direction and is trying to figure out what classes the kids of today need to become employable in a global economy without having to become mired in debt while obtaining a degree thay may never use.
I currently have a child in high school and I watch with amazement as districts push more and more students into the college merry-go-round with little thought as to whether or not they will be able to handle the work, or even finish a degree. At the same time I have watched as programs that would be very useful to the majority of today's kids are cut because the world has become so focused on testing and keeping little "Johnny" up to speed when he should be held back.
An example is the auto shop programs from when I was in high school. You could leave high school and get a job working as an auto mechanic directly from school. The programs now don't have the financing to buy the computer technology needed for these kids to actualy work as mechanics, even though the vast majority of graduating students will never go to college and will need some type of vo-tech training before they can become employable.
As is pointed out in this book, maybe we should re-examine the needs and desires of todays students to see what classes will actually beneft them. Adding classes which will allow students to work directly from school would decrease their debt loading and it would free up college space, as well as help employers get emplyees with a good solid training in a field that they want to work in.
I am fortunate enough to live in a district that is looking in that direction and is trying to figure out what classes the kids of today need to become employable in a global economy without having to become mired in debt while obtaining a degree thay may never use.
33 of 35 people found the following review helpful
By Mateo Palos
Format:Hardcover
While reading through this book I continually found myself thinking two things: she's probably correct, and she doesn't really know why.
Generation Debt is at its best when it emphasizes statistics and constant dollar comparisons. This is where it's easiest to see that young face financial challenges largely unknown and unpredicted by earlier generations. (In the interests of full disclosure, I should point out that I'm 22 and a fairly recent graduate.) Even if one doesn't accept that recent graduates are worse off per se, it's difficult not to feel that they don't have nearly as many financial certainties as their predecessors.
Where it fails is the solutions. Kamenetz clearly isn't a historian or an economist; even more problematic is her apparent failure to understand that this can and should limit her ability to suggest fixes to the current situation. She clearly considers conservative economics a failure, but what she writes about them reveals that she hasn't studied them very hard, or at any rate not very deeply. It's possible that they are indeed in large part responsible for the current situation, but as her evaluation of them never rises above the superficial, it's difficult to know how correct she is. Similarly, it would have been nice if she'd anticipated some of the possible downsides to the largely socialistic solutions she suggests. Kamenetz is clearly intelligent, but she doesn't seem to understand how serious intellectual debate works.
Overall it's hard not to feel like she's out of her league when discussing these issues, and I can't help but think that her editor would have done better to assign her a coauthor. Then we might have had a book equal to its thesis.
Generation Debt is at its best when it emphasizes statistics and constant dollar comparisons. This is where it's easiest to see that young face financial challenges largely unknown and unpredicted by earlier generations. (In the interests of full disclosure, I should point out that I'm 22 and a fairly recent graduate.) Even if one doesn't accept that recent graduates are worse off per se, it's difficult not to feel that they don't have nearly as many financial certainties as their predecessors.
Where it fails is the solutions. Kamenetz clearly isn't a historian or an economist; even more problematic is her apparent failure to understand that this can and should limit her ability to suggest fixes to the current situation. She clearly considers conservative economics a failure, but what she writes about them reveals that she hasn't studied them very hard, or at any rate not very deeply. It's possible that they are indeed in large part responsible for the current situation, but as her evaluation of them never rises above the superficial, it's difficult to know how correct she is. Similarly, it would have been nice if she'd anticipated some of the possible downsides to the largely socialistic solutions she suggests. Kamenetz is clearly intelligent, but she doesn't seem to understand how serious intellectual debate works.
Overall it's hard not to feel like she's out of her league when discussing these issues, and I can't help but think that her editor would have done better to assign her a coauthor. Then we might have had a book equal to its thesis.
69 of 85 people found the following review helpful
Format:Hardcover
Generation Debt is a depressing, gloom and doom "analysis" of the current financial state of the Generation X/Y kids. A variety of topics are covered: student loan debt, jobs, federal programs, and family relationships. I'm a fan of finance and sociology books but what made this a difficult read for me was the continuous negative and whining narrative. Kamenetz, a young Yalie liberal, interviews numerous financially strapped students to document their many (self-inflicted) misfortunes. There are numerous stories of students who borrowed huge sums of money to attend admittedly charming private universities only to graduate with degrees that afforded them nothing but poor job prospects. I didn't see many mentions of the plight of engineering graduates, but plenty of those who attained humanities degrees. I mean, really, is it any surprise to anyone that someone with an English/Women's Studies major will fare worse in terms of job prospects than a chemical engineering major?
Kamenetz does adequately convey just how she and her peers think, which is perhaps the most disturbing aspect of the book. The kids she describes are financially illiterate, with not even the remotest understanding of the far-reaching impacts of their financial decisions. Naturally they embrace the material trappings of modern society (iPods anyone?) but are frustrated they can't meet their financial obligations. Has society really failed these kids? To a large extent, that's what Kamenetz is suggesting. To her, taxpayers are apparently unresponsive to the plight of these poor kids. Never mind that most of them should have chosen more viable majors, attended cheaper public universities or community colleges, worked the whole time they were attending, and avoided debt like the plague. But, oh dear, that would ruin the whole college experience, would it not? Here's a newsflash. A college education is not a constitutional right. It's not even a guarantee to a successful life. And it most certainly is not the responsibility of already oppressively burdened taxpayers to further subsidize not only poor financial decisions made by students, but lavish, unnecessary spending by university bureaucracies.
I happen to work in the IT industry in the Midwest alongside a number of representatives from Generation X/Y and they are vastly more successful than the people interviewed for this book. And many of these kids weren't computer science or engineering majors. They went to school to learn any number of disciplines but were able to apply their knowledge to IT. In a word, they adapted--a vital skill in an uncertain job market. Nearly all of them went to state schools, worked one or more jobs while attending school, continue to live frugally, work hard, and find ways to add value to the organization every day. And I'm certain that their careers will reward them for it.
Kamenetz did provide a couple of pointers on the importance of living on less than you make (gasp!), but most of her advice either promoted activism or called for more taxpayer dollars to subsidize humanities majors hell-bent on a high society lifestyle on meager incomes in tax hells like New York City. Apparently the biggest thing lost on Kamenetz and those she interviewed is just old-fashioned common sense. In that respect, some of the blame has to be fall on parents of these generations. This is what happens when you indulge your kids and shield them from financial realities. But I really can't expect this author, who was given a $130,000 education, to understand or to articulate this. If my kids grow up this clueless, I will be devastated. Even at their young age, they are learning about the evils of debt, the importance of a college education that imparts practical skills, and the importance of work--regardless of financial aid.
Indeed, life isn't fair, and it never will be. But it's not impossible to make good choices, both vocational and financial, and to do the best you can with the talents you develop. This is as true today as it ever was in this country. But those who are looking to improve their chances will not find this book enlightening. On the contrary, they will probably find additional reasons to continue their self-pity. For those who want to achieve big things, they will find ways to be smart, positive, reliable, and highly productive employees or entrepreneurs. They will pursue financial education, shun credit card debt, and always save a part of their earnings. That's really the secret that eludes the author. I've seen it work again and again. It's not rocket science. This is the benefit of life experience. But since Kamenetz is young, idealistic, and mired in the victim mentality, she never mentions it. And, in a nutshell, this is why the book will fail to ignite the kind of activism the author intends and the results she so desperately desires.
Kamenetz does adequately convey just how she and her peers think, which is perhaps the most disturbing aspect of the book. The kids she describes are financially illiterate, with not even the remotest understanding of the far-reaching impacts of their financial decisions. Naturally they embrace the material trappings of modern society (iPods anyone?) but are frustrated they can't meet their financial obligations. Has society really failed these kids? To a large extent, that's what Kamenetz is suggesting. To her, taxpayers are apparently unresponsive to the plight of these poor kids. Never mind that most of them should have chosen more viable majors, attended cheaper public universities or community colleges, worked the whole time they were attending, and avoided debt like the plague. But, oh dear, that would ruin the whole college experience, would it not? Here's a newsflash. A college education is not a constitutional right. It's not even a guarantee to a successful life. And it most certainly is not the responsibility of already oppressively burdened taxpayers to further subsidize not only poor financial decisions made by students, but lavish, unnecessary spending by university bureaucracies.
I happen to work in the IT industry in the Midwest alongside a number of representatives from Generation X/Y and they are vastly more successful than the people interviewed for this book. And many of these kids weren't computer science or engineering majors. They went to school to learn any number of disciplines but were able to apply their knowledge to IT. In a word, they adapted--a vital skill in an uncertain job market. Nearly all of them went to state schools, worked one or more jobs while attending school, continue to live frugally, work hard, and find ways to add value to the organization every day. And I'm certain that their careers will reward them for it.
Kamenetz did provide a couple of pointers on the importance of living on less than you make (gasp!), but most of her advice either promoted activism or called for more taxpayer dollars to subsidize humanities majors hell-bent on a high society lifestyle on meager incomes in tax hells like New York City. Apparently the biggest thing lost on Kamenetz and those she interviewed is just old-fashioned common sense. In that respect, some of the blame has to be fall on parents of these generations. This is what happens when you indulge your kids and shield them from financial realities. But I really can't expect this author, who was given a $130,000 education, to understand or to articulate this. If my kids grow up this clueless, I will be devastated. Even at their young age, they are learning about the evils of debt, the importance of a college education that imparts practical skills, and the importance of work--regardless of financial aid.
Indeed, life isn't fair, and it never will be. But it's not impossible to make good choices, both vocational and financial, and to do the best you can with the talents you develop. This is as true today as it ever was in this country. But those who are looking to improve their chances will not find this book enlightening. On the contrary, they will probably find additional reasons to continue their self-pity. For those who want to achieve big things, they will find ways to be smart, positive, reliable, and highly productive employees or entrepreneurs. They will pursue financial education, shun credit card debt, and always save a part of their earnings. That's really the secret that eludes the author. I've seen it work again and again. It's not rocket science. This is the benefit of life experience. But since Kamenetz is young, idealistic, and mired in the victim mentality, she never mentions it. And, in a nutshell, this is why the book will fail to ignite the kind of activism the author intends and the results she so desperately desires.
Most Recent Customer Reviews
3.0 out of 5 stars
The book is heavy on evidence, but misses the mark on the solution
The author has done a great job describing the struggles of today's 20- and 30-year olds trying to find meaning in life, career path, and get a grip of the world of personal... Read more
Published 20 months ago by forever
3.0 out of 5 stars
Generation Debt
This book at first intrigued me because I've often thought how good it is that I am not just starting out in life. Read more
Published on January 4, 2010 by J. Lindner
1.0 out of 5 stars
you are wrong
For every generation, some people prosper and some others struggle.
Most of those who take easy classes (liberal arts) are going to
have a harder time. Read more
Most of those who take easy classes (liberal arts) are going to
have a harder time. Read more
Published on June 18, 2009 by top down
1.0 out of 5 stars
It would be bad if not so hilariously absurd
The book is a liberal denunciation of the modern American society in general and of its educational system in particular. Read more
Published on March 23, 2009 by An (almost) impartial observer
1.0 out of 5 stars
This book is more problem than solution
"Generation Debt" is quite possibly the most severe case of entrenched whininess ever put into print. I disagree with nearly all of it, but let me first summarize the argument. Read more
Published on January 30, 2009 by not4prophet
5.0 out of 5 stars
Necessary Reading for Adolescent Adults
This book is very similar in style, thesis, and layout to "Strapped: Why America's 20- and 30-Somethings Can't Get Ahead. Read more
Published on July 2, 2008 by Richard Chen
5.0 out of 5 stars
Very interesting ...
If you are an inmmigrant like me that had no idea how the economy stands out in this country you will find this book very helpful, it covers many areas of financial topics... Read more
Published on February 29, 2008 by Dalia Y. Alvarado
5.0 out of 5 stars
Informed and important
This book somehow avoids the sticky nether regions of pundit drivel by-gasp-actually staying true to its journalistic center. Read more
Published on January 28, 2008 by Trinity Lourdes
4.0 out of 5 stars
Thorough and balanced discussion
Even after I have read all the negative reviews on this book, my girlfriend had decided to pick up this book for me anyways. Read more
Published on January 23, 2008 by Eduardo Antico
4.0 out of 5 stars
Disconcerting, but deserves our attention.
I recently stopped to talk with a merchant in downtown Globe, Arizona - an impoverished copper town trying to revitalize itself. Read more
Published on December 21, 2007 by QuietWalker
Citations (learn more)
This book cites 52
books:
See all 52 books this book cites
2
books
cite this book:
- The Stakeholder Society by Anne Alstott on page 126, page 228, and Back Matter
- The Rise of the Creative Class: And How It's Transforming Work, Leisure, Community, and Everyday Life by Richard Florida on page 75, page 109, and Back Matter
- Born to Buy: The Commercialized Child and the New Consumer Culture by Juliet B. Schor on page 115, and Back Matter
- Deschooling Society (Open Forum) by Ivan Illich on page 223, and Back Matter
- The Rise and Fall of the American Teenager by Thomas Hine on page 2, and Back Matter
See all 52 books this book cites
- The Anti 9-to-5 Guide: Practical Career Advice for Women Who Think Outside the Cube by Michelle Goodman on page 22, page 24, and page 188
- Managing the Generation Mix, 2nd Edition (Manager's Pocket Guide Series) by Carolyn A. Martin on page 51, and Back Matter
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