Ocasio-Cortez: Student loans mean my 'entire generation... is delaying or forgoing purchasing houses'
Representative Alexandria Ocasio-Cortez, the youngest woman ever elected to Congress, said student debt is holding back America’s economy because employed college graduates are spending so much of their income on paying for their education, preventing them from moving up the property ladder.
“Our entire economy is slowing down due to the student loan crisis.... An entire generation, which is now becoming one of the largest electorates in America, came of age and never saw American prosperity," Ocasio-Cortez said. “I have never seen that, or experienced it, really, in my adult life.” Millennials face a perfect storm of rising rents, low wages, high health insurance costs and burdensome student debt from increasing tuition fees.
The size of student loan debt is largely to blame because it consumes so much of younger people's income, leaving them unable to save to buy a home. A secondary effect is that younger people are having to delay marriage and, eventually, retirement.
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