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From The Socialist newspaper, 18 October 2017

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:

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In The Socialist 18 October 2017:


What we think

Tories torn - bin them now


Socialist Party news and analysis

Schools "can't go any further" - stop the cuts: set deficit budgets now

Young people being strangled by debts

Tories scrap the NHS pay cap: now fight for real-terms pay rises!

Obesity epidemic: end food market anarchy

What we saw


Socialist Party workplace news

Royal Mail bosses block strike - back postal workers

PCS ballots members on the pay cap

Nationalise to save jobs at BAE Systems

Striking back against sackers' charter at Leeds Uni

North London hospital workers fight cuts and job losses

Unite local government sector plans strike ballot

Salford Unison condemns pay cuts


October revolution 1917

Russia, October 1917: When workers took power

October 1917 reviews: 'More bright than any heaven'

October 1917 centenary pull-out and poster


Socialist Party reports and campaigns

No cuts - hands off King George A&E!

Can you donate to the Socialism 2017 appeal?

Uprising to save the NHS!

Hundreds turn out for rally aimed at removing west Wales Tory MP

Sheffield Labour council threatens peaceful protesters with prison

Socialist Students 'welcome' Hillary Clinton to Swansea


International socialist news and analysis

Campaign against political repression in Hong Kong


Socialist Party comments and reviews

Powerful picture of the Port Talbot steel workers' struggle

Conference on state spies: who's watching who?

'Dazzling' Bad Art show points to socialist future


 

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Related links:

Debt:

triangleLecturers strike around country in defence of pensions

trianglePrivate profit out of our NHS

triangleTunisia: explosion of protests against government austerity

triangleA world in crisis, ripe for revolution

triangleRetail sector crunch: nationalise to save jobs

Young people:

triangleYoung people need homes

triangleAlienation and austerity behind London deaths - fight for socialism

triangleWaltham Forest Socialist Party: Young people and the fight for a future in austerity Britain

triangleFrance: Pressure mounts on Macron government

Wealth:

triangleBillions for the bosses, benefit cuts for us

triangleCapitalists fear for their system at Davos

triangleTurn Carillion crisis into movement against privatisation and capitalism

Tories:

triangleLocal paper reveals Labour candidate 'tried to defect to the Tories'

Super-rich:

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

Rich:

triangleMajority of kids poor in some areas

Pensioners:

trianglePowerful picture of the Port Talbot steel workers' struggle

Tax:

triangleBristol South Socialist Party: The battle that defeated the Poll Tax

Socialist Party:

triangleLondon Socialist Party: France's 1968 'month of revolution'

Zero-hour contracts:

triangleLeeds Socialist Party: The fight against zero-hour contracts and low pay

Workers:

triangleBromley library workers win strike campaign

Pay:

triangleUsdaw conference 2018: time for new era of fighting trade unionism

Pension:

triangleStrike action forces bosses to retreat but keep the pressure on

Parents:

triangleMore staff join strike action at Barnsley school

The Socialist:

triangleThe Socialist - a fighting, campaigning, workers' paper

Rents:

triangleRent doubles in a decade: cap rents, build council homes!

Mortgages:

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

Women:

triangleBristol South Socialist Party: The struggle for women's suffrage

Relief:

triangleHurricane Harvey: A tragedy made far worse by capitalism

Tuition Fees:

triangleStrike continues: set dates for next national action

Welfare:

triangleChesterfield Socialist Party: The fight for the welfare state

Wirral:

triangleFighting fire cuts in Wirral

Universal Credit:

triangleSave Free School Meals!

Minimum wage:

triangleTaking the anti-austerity message to the chancellor's back yard

Cuts:

triangleCoventry TUSC: Council cuts - how can we fight back?

Benefits:

triangleProfits up Wages down

Claimants:

triangleUniversal credit: set up to fail

Economy:

triangleA socialist approach to Corbyn and a customs union

Low pay:

triangleSainsbury's raise really a cut: fight for 10 with no strings!

Fees:

triangleMobilise against rip-off executive pay

Government:

triangleMay elections: a chance to fight attacks on health and social care

Media:

triangleSocial media - the potential and the limits

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