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Well you can't save if you don't have income.

From what I understand of how the US job market works for new entrants, to be even considered for most jobs you have to have a college degree. Higher education in the US is insanely expensive, since you need it to be even considered to have a job, and you (mostly) need a job for income, and everything in the US is monetized, so colleges are raising their prices over the course of time to infinity. This means you need to take on debt to go to college, and the debt can't be discharged in bankruptcy. And it is not only possible to graduate from college and be unable to get a job, it is increasingly likely, though arguably your chances are better than if you didn't go to college at all, since they just have to be above zero. So people are entering the job market having already taken on a large amount of debt, to compete for fewer and less renumerative entry level positions.

The real question isn't the savings rate for the millenials even lower? And why isn't the suicide rate higher?

There is also the issue that savings are pretty useless if interests rate are flat, and there is nothing to put the savings in to earn a return on investment. In this situation they are just deferred consumption. Maybe if you are trying to accumulate enough money for a big purchase (almost never advisable in this environment), or are in a situation like many older people are where you won't be working for a few years, and they you will die, so savings can bridge that gap. Older people still get some appreciation due to the government subsidized appreciation on their houses.

I don't think linking to either the Wall Street Journal or to the President of the United States enhances the credibility of what you are trying to say either.

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