Just been reading a some articles on the situation of workers in the USA and it's not pretty
Student loans are now worth $1 trillion, a jump from roughly $240B 10 years ago.
JP Morgan chase has signalled it will now exit the student loan market. Possibly this is the canary in teh coal min similar to how the banks slowly moved out of the sub prime market shortly before it blew up.
Us Bancorp exited the student loan market last yer.
For all the faults we have with our super system is pails into insignificance to the yanks.
A report by the Internal Revenue Service, shows that even though the economy is improving, the number of workers saving out of their paychecks for old age is shrinking. So is the amount they save, down 6 percent in real terms from 2008 to 2010.
The number of people with work is down, too, by 3.8 million from 2008 to 2010 as measured in the IRS report
Since 1999 the median wage, when adjusted for inflation, has been stuck at a bit north of $500 per week. Average wages have grown, but that is due to raises for those making $100,000 to more than $50 million, W-2 wage reports show. (At least real wages have still groudn their way slighly higher over the same period in Australia).
Census surveys show that only a third of workers in their twenties have any form of retirement plan at work, compared to 62 percent of workers in their fifties.
But having a retirement plan and actually getting benefits are far from the same. Among all adult workers, only 43 percent say they have a vested right to either their own money they saved or money their employer set aside for them