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What will happen? With this debt stuff?
I'm M/16, from the US. I've been hearing a lot about the US debt lately. I want to know what's going on and what might happen. I don't want to hear about how it works, but how it can possibly affect me. Will anything impact the way I live?
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How what is happening on Wall Street is going to effect you as an individual is no exactly known at the moment. What is happening will have effects on you in both a direct an indirect effect in the present and the future. What is not going to happen is the U. S. Government is not going to crumble.
The indirect effects are the unknown effects at the moment. Right now the numbers you see coming out of Wall Street are investors selling off their investments. U.S. Treasury notes, this is how the government raises money have not been effected as of yet. If anything interest rates on these notes are stable or have gone done a bit which is good.
If investors do not get back into the market and purchase some of the stocks they have sold; then we will start to see a direct affect of this sell off.
For now though the direct effect that most economist believe we will feel is higher cost for the average person or business to borrow money. State's who deal or who's budgets are directly effected by business with the government could see a downgrading in their bond rating. This would result in higher taxes and fees, higher tuition costs at state universities. We could be forced back into a recession or even a depression with resulting job losses and home foreclosures.
People who have fixed rate mortgages have nothing to worry about as far as any worries to changes in the mortgage. A contract cannot be changed once it is implemented. People with variable rate mortgages are the ones that could face foreclosure because of this problems as their mortgage goes up as the cost of money raises.
The impact on you personally at 16 will be based mostly on how secure your parents are in their finances and jobs. How secure the companies they work for are. You may find it harder to find part-time jobs of your choosing and may have to settle for fast food type jobs as they are the most recession proof.
Long term what you need to do is make a plan for the future. What do you want to do with your life. Do you want a professional career or a career in the professional trades.
Most of the white collar professions are going to be over burdened with job seekers as will many of the professional trades. The medical fields of Doctors, nurses and paramedics are in general always under filled. These are good professions which provide good incomes. Other fields that would be under-filled would be the emerging fields of alternative resources & new technologies.
You know what you are capable of. Start making a plan for your future. Talk with your parents and high school guidance counselor. The road ahead is not dark and gloomy as the talking heads are making it out to be. It is just not well lighted at the moment. Proper planning now will help you traverse this road and come out on top when you reach the other end of the road.
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No, the debt they are referring to mostly affects middle aged individuals and older. The rise in gas prices could affect you now and in the future. Also medicare and people are losing their homes because of layoffs. Education is very important and going to college will help you more than you know. If you set yourself a goal for the future, you shouldn't have to worry about any of that stuff. The US buys goods and services from other countries to sell in the US, that is the biggest contributor of the US debt.
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