Many young people feel that they have little to lose if America pivots from capitalism to socialism.
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The schools have not taught much about the ravages of socialism and communism in China, Russia, Venezuela and other countries. To young people, socialism is an abstract concept. Due to their current situations, many young people feel that they have little to lose if America pivots from capitalism to socialism. Since they don’t view their current circumstances and future outlook with any degree of confidence, it's worth it to take a chance and change things up.
If a young person wants to buy a home, they will have to come up with a sizable down payment and closing costs. To maintain the home, they’ll have to pay high real estate taxes, interest on the loans and upkeep to the property. Add a car—if you live in the suburbs—and home furnishings. For a person paying off a large student loan with a job that doesn't pay that well, this is an unattainable goal.
Since more high school graduates attend college than ever before, the value of the degree, specifically in certain majors, has been diluted. The vast amount of liberal arts graduates, who don’t possess the requisite skills for specialized, well-paying jobs, find themselves underemployed or unemployed. They’re forced into the gig-economy, serving as a barista at Starbucks or going for a graduate degree—creating even more debt.
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