Well it has always been that younger people will accumulate debt as they start out. I certainly did as I bought my house and started my family. As I got older that debt as a % of assets and earnings grew less and less. What has changed is that when I graduated my pool of competition was in the immediate geographical area. Today the competition for many positions is worldwide. Businesses go after the best talent and they could care less what country they are from.
Today's 20-30yr olds are being pushed out of the middle class and will be forced to reduce their standard of living. Was it these 20-30yr olds who overspent, who bought Hummers/Navigators/other gas guzzlers to impress their neighbors? No, but they will be the victims of those who did. SOXY is right, the talent pool is world-wide and since the US has fallen behind in math/science we've made it tough on ourselves to compete.
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