'Economic nihilism' in the US is pushing young adults toward debt, crypto, and gambling
According to one economist on TikTok, many younger Americans are sliding into what she calls "economic nihilism," as higher costs, shakier early-career opportunities, and a dimmer view of the American dream converge. When buying a home or following the usual financial playbook no longer seems realistic, riskier spending and going into debt are the logical response. Sarah (@econwithsarah), a creator with a PhD in Economics, argued in a TikTok video that money choices often criticized in millennials and Gen Z are better understood as a reaction to an economy that no longer seems to reward patience. As evidence, she cited a youth unemployment rate of around 10% for 16- to 24-year-olds, which she said remains elevated. She also argued that college has become a less compelling bargain, with the college wage premium falling from about 80% in 2001 to roughly 75% by 2023 even as college costs…
