09/02/2024
The Fairy Tale Is Over
Once upon a time, all a person had to do was go to school, get a job, work hard,
and retire. Until a few years ago, the company you worked for took care of you
when you retired…you received a pay check and medical benefits for life.Today
this is a fairy tale.
Once upon a time, all a person had to do was buy a house,and
the house went up in value.
Home owners got rich in their sleep.Many people
could sell their home, some even pocketing a small fortune to sustain them
through retirement, down size to a smaller house, and live happily ever after.
Today this is a fairy tale.
Once upon a time, the United States was the richest country in the world. Today
this is a fairy tale.
Once upon a time, the U.S. dollar was as good as gold.Today this is a fairy tale.
Once upon a time, all a person had to do was goto college and they were
virtually assured of earning more money thanthose who did not graduate from
college.
Today this is a fairy tale.
In 2007,the subprime mortgage market collapsed,and the biggest financial
disaster in history began.The fairy tale is now a nightmare.And the night mare is
not over…yet.
Out of fear, millions of parents continue to advise their children, "Go to school
and get a college degree so you can get a high-paying job."
Panicked parents
recite this mantra inspite of the fact that unemployment is high among young
people, even those with college degrees.Many college graduates, unable to find
work, go on to graduate school for advanced degrees.