Bills, Bills, Bills

False equivalencies irk me. I try my best to ignore clickbait and purposely inflammatory social media posts, but every so often one gets to me enough that I have to pull out my soapbox. This is one of those times. You’ve been warned!

It’s hard to fit nuance into a Facebook status, but this one is woefully lacking. The TL;DR of it all is that this is ultimately a class issue (although race always plays a part in that because this is America). I don’t know any black people with well off parents who were not, or would not have been allowed to live at home and get back on their feet when they didn’t get a job right after graduation or when they got laid off from their first job. After Tex got laid off, we lived with his parents for 7 months and didn’t pay any rent, bills, nothing. If it had been much longer than that, they probably would have asked us to chip in for groceries but I wouldn’t have felt it was unfair. Conversely, I’ve known lower income white kids who lived at home and got part time jobs in order to contribute to expenses.

Truthfully, the vast majority of Americans (Black and white!) are living paycheck to paycheck. One recent study shows that about 60% of us don’t even have $500 in savings. That was a small sample size, but if that large a percentage of us don’t have even that small amount, how many don’t have the recommended 3 months’ living expenses? If your financial situation is that precarious, imagine the burden of supporting an adult child who is no longer eligible for Medicaid, must be registered separately on your car insurance, no longer eats 2 of their 3 meals a day at school, and is now at home 8 hours a day with the lights and A/C on. Together, that easily costs another $500 a month.

For parents who earn $250,000 or more a year and have inherited wealth, that picture is completely different. An alumni legacy scholarship and proportionally lower tuition kept them out of college debt. A trust fund from their parents allowed them to put 50% down on their first house, enabling them to pay it off in 10 years, buy a new home and rent out the old one (creating a second stream of income). So when little Becky wants to take off a year between high school and college, it’s no problem for her to spend her time going on spring break and overseas mission trips on her parents’ dime. When Timmy graduates and has to take an entry level job that only pays $30,000 a year, he can stay in his parents’ rental home until he makes enough money to get his own place (which will almost certainly be a house, not an apartment).

Comparing this situation to Black parents who didn’t buy a house until their child started kindergarten, have 15 more years on their mortgage, had to co-sign loans for college tuition, and have to contribute to the cost of a nursing home for their parents (who had no retirement savings) is just unfair. Couple that with the average person’s complete lack of financial education and it creates a vicious cycle.

I really think that financial education should be part of the K-12 curriculum. Every kid has to take calculus even though only a small percentage will pursue careers that require its use. But they don’t know how to balance a checkbook or create a budget as every adult will have to do? That’s madness. I got those lessons throughout life from my parents, and enterprising teachers who taught me about the stock market and income taxes. But that should be available to everyone.

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