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From: The Socialist issue 967, 18 October 2017: Tories torn - bin them now

Search site for keywords: Debt - Young people - Wealth - Tories - Super-rich - Rich - Pensioners - Tax - Socialist Party - Zero-hour contracts - Workers - Pay - Pension - Parents - The Socialist - Rents - Mortgages - Women - Relief - Tuition Fees - Welfare - Wirral - Universal Credit - Minimum wage - Cuts - Benefits - Claimants - Economy - Low pay - Fees - Government - Media

Young people being strangled by debts

Young people are struggling because of low pay and high rent, not avocado toast, photo TaxRebate.org.uk (Creative Commons)

Young people are struggling because of low pay and high rent, not avocado toast, photo TaxRebate.org.uk (Creative Commons)   (Click to enlarge)

Take the wealth off the super-rich

No to the Tories' scapegoating of pensioners!

Jack Yarlett, Wirral Socialist Party

Over a third of young people are in debt - on average by 2,989 - says the Money Advice Trust.

And this figure does not even include mortgages or our astronomical tuition fees! It also does not include young people borrowing money from our parents.

The head of the Financial Conduct Authority, Andrew Bailey, has admitted concerns about the alarming levels of debt young people aged 18 to 25 are facing.

And fearing more backlash from young people, Tory chancellor Philip Hammond is reportedly considering a tax cut for under-30s - funded by cuts to pension tax relief.

Over half of 18 to 24-year-olds express worries about money and debt, and more than a fifth admit to losing sleep over it, according to the Money Advice Trust study. One in ten has resorted to taking money from predatory payday loan companies - particularly young parents, the Young Women's Trust has found.

To add insult to injury, much of the establishment media likes to stereotype young people as causing our own problems by frivolously borrowing to pay for smartphones, 'useless' degrees and avocado toast. Nothing could be further from the truth.

Young people are going into debt to cover our cost of living, not spending on luxuries. This is no surprise in the new economy of low pay, zero-hour contracts and soaring rents.

This is a problem that will only grow worse as the government imposes the hated 'Universal Credit' welfare scheme, notorious for sometimes leaving claimants for more than a month without any income.

Meanwhile, Hammond's tax plan, like May's meagre 5,000-a-year housebuilding plan, does not come even close to what is needed.

And in unfairly attacking pensioners, it could well backfire - just like the Tories' infamous 'dementia tax' proposal. It's not retired workers, but super-rich bosses, who are to blame.

The Socialist Party demands:

  • 10 an hour minimum wage now, with no exemptions
  • Scrap zero-hour contracts - full-time hours for all who want them; flexibility on workers' terms, not the bosses'
  • Living benefits without compulsion
  • No attacks on pensioners - for a living pension for all





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Related links:

Debt:

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triangleNasty party imploding...drive out the Tories

triangleNHS meltdown - fight the Tory cuts

triangleHousing crisis: Corbyn's positive measures blanked by Labour's right

triangleTories wreck our NHS

Young people:

triangle4,800 young people hurt after officers 'restrain' them

triangleWalk out against tuition fees on Budget Day!

triangleWe can win the vote at 16!

triangleJoin the budget day protests!

Wealth:

triangle'Paradise' for billionaires - austerity for us

triangleRobber bosses own $6trn

triangleCapitalism and human progress

Tories:

triangleNHS cuts kill!

triangleHammond's budget: step up the fight against austerity!

Super-rich:

triangleTories torn - bin them now

Rich:

triangleTrump's tax attacks

Pensioners:

trianglePowerful picture of the Port Talbot steel workers' struggle

Tax:

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Socialist Party:

triangleManchester Socialist Party: Solidarity meeting - hear from Manchester strikers

Zero-hour contracts:

triangleUsdaw elections announced - fight for a left leadership, vote for Amy Murphy

Workers:

triangleStrikes escalate

Pay:

triangleAfter the budget - unions must launch pay fight

Pension:

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Parents:

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The Socialist:

triangleThe Socialist Inbox

Rents:

trianglePosh estate agent's housing crisis solution: make your own sandwiches

Mortgages:

triangleOver a million families in 'extreme problem debt'

Women:

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Relief:

triangleHurricane Harvey: A tragedy made far worse by capitalism

Tuition Fees:

triangleThe Tories must be driven out

Welfare:

triangleChesterfield Socialist Party: The fight for the welfare state

Wirral:

triangleWirral Socialist Party: Lessons of the 1936 French Popular Front

Universal Credit:

triangleCarlisle socialists campaign against Universal Credit

Minimum wage:

triangleUSA: Historic vote for Ginger Jentzen campaign in Minneapolis

Cuts:

triangleDisability cuts outrage: my story

Benefits:

triangleBosses say 217 years to close pay gap - workers' struggle can close it now!

Claimants:

triangleUniversal Credit chaos: Tories punish the poor

Economy:

triangleNationalise to save jobs at BAE Systems

Low pay:

triangleMixed-fleet workers show strikes get results

Fees:

triangleSocialist Students actions against uni fees on Budget Day

Government:

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Media:

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