Gas prices are at record highs. Student loan rates are up.
The age for retirement has seen a spike. These are signs of a bad economy, and that has the country looking to stay out of financial straits.
The Department of Commerce released a report indicating Americans are saving the most they have since the Great Depression.
But the group of people that should make strides to save the most is college students. Students will be the most affected by the struggling economy because within four years they will enter an unforgiving work force. Over the past year, inflation rose 4.3 percent while salaries rose just 3.4 percent. Translation: the cost of living will remain high, but resources will remain low.
It is evident America is on the shore of a recession, but students have the advantage of looking on the horizon to see the financial storm and prepare for it.
The first step may be to taper needless spending habits or find a way to generate more revenue. Students have to find a way to preserve their financial integrity.
For students who hold the impractical notion that the government will rectify our nation’s budget issues soon, it is important to note that things have only gotten progressively worse. In fact, tuition rates have risen 60 percent since 2000, and the average undergrad owes $25,000 in student loans upon graduation.
Frivolous spending during college may seem OK, but a quick look into the future should encourage students to feed the pig.
Akeem Anderson for the Editorial Board.