Meanwhile, according to a report from the One Wisconsin Institute, the devastating effects of student loan debt "may reduce new vehicle spending by as much as an estimated $6.4 billion annually in the US."
And, the chief economist for General Motors has even said that student loan debt is one of, if not THE major reason why millennials aren't buying cars.
But the mountains of student loan debt that millenials find themselves buried under today is a relatively new phenomenon.
Before lawmakers in Washington got hooked on Reaganomics and libertarian economics, our country never had a student loan debt crisis.
To compound their problem, while millenials are struggling to pay off their student loan debt, they're also struggling to find employment, another consequence of libertarian economics.
According to Generation Opportunity, as of this past August, the unemployment rate for millenials, aged 18-29, stood at 15 percent, more than double the national unemployment rate.
And that's even more amazing considering millenials make up over a third of the American workforce.
The US has historically had fairly tight job markets, but thanks to libertarian economics and the "free trade" mantra that comes with it, unemployment is through the roof, jobs are being shipped overseas on a daily basis, and millenials are bearing the brunt of it.
Meanwhile, millenials have also seen their parents struggle under devastating libertarian economic policies.
Thanks to massive deregulation of the stock market, millenials saw their parent's 401Ks and retirement plans wiped out when the stock market crashed.
As result, they've become aware of just how dangerous an idea it is to privatize social security and retirement.
From finding themselves buried under mountains of student loan debt, to being unemployed and watching their parent's life savings disappear, the United States' millenials have seen first-hand the dangers of libertarianism, and the devastation that it leaves in its wake.
Fortunately, there's a way to protect future generations from having to go through what the millennial generation has.
The United States' 34-year-long experiment with Reaganomics has been a complete failure and libertarian economic policies, while they might sound great, have done unprecedented damage to our economy and way of life.
Let's not lose the next generation of Americans to the insanity that is libertarianism and Reaganomics.
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