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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:

triangleTunisia: explosion of protests against government austerity

triangleA world in crisis, ripe for revolution

triangleRetail sector crunch: nationalise to save jobs

triangleAmber warning lights flash on British economy

triangleMarch for free education! We demand a future!

Young people:

triangleSweden: School strike against deportations

triangleMovement challenges Iranian regime

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

triangleWalk out against tuition fees on Budget Day!

Wealth:

triangleWidening wealth gap, increase in poverty...make the fat cats pay

triangleThem & us

triangle'Paradise' for billionaires - austerity for us

Tories:

triangleCabinet chaos as shambolic reshuffle underlines Theresa May's impotence

triangleSustained mass movement needed to stop Tories wrecking our NHS

Super-rich:

triangleThem & Us

Rich:

triangleTrump's tax attacks

Pensioners:

trianglePowerful picture of the Port Talbot steel workers' struggle

Tax:

triangleCardiff West Socialist Party: How the Poll Tax was beaten

Socialist Party:

triangleTeesside Socialist Party: 'Fake' Trump! What's really going on in the US?

Zero-hour contracts:

triangleAmy Murphy for Usdaw president - vote for a fighting and democratic union

Workers:

triangleCarillion and the construction industry

Pay:

triangleHackney school cleaners strike

Pension:

triangleUCU members balloting for action on pension cuts

Parents:

triangleNewham: school strike solid against academy

The Socialist:

triangleSalford Socialist Party: Building the Socialist Party

Rents:

triangleTwo in five 'right to buy' homes now for let

Mortgages:

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

Women:

triangleSocialist Party women's meeting brings together members to share experiences

Relief:

triangleHurricane Harvey: A tragedy made far worse by capitalism

Tuition Fees:

triangleMobilise against rip-off executive pay

Welfare:

triangleChesterfield Socialist Party: The fight for the welfare state

Wirral:

triangleWirral Socialist Party: Lessons of the 1936 French Popular Front

Universal Credit:

triangleTory prescription for mental illness: stress and bureaucracy

Minimum wage:

triangleUSA: Historic vote for Ginger Jentzen campaign in Minneapolis

Cuts:

triangleCorbyn's Labour needs 100% anti-cuts strategy and fight for democracy

Benefits:

triangleWaltham Forest Universal Credit protest

Claimants:

triangleThousands live in tents and sheds - seize empty homes

Economy:

triangleNationalise to save jobs at BAE Systems

Low pay:

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

Fees:

triangleUni market 'failure', two-year degrees - end cuts, scrap fees!

Government:

triangleUndercover policing legal challenge

Media:

triangleSocialist sales highest in years as mistrust in capitalist media hits record levels