Alarming signs are emerging as about 20.2% of the U.S. population relies on major means-tested government assistance programs, such as Medicaid and SNAP, every month. This growing dependency is a stark reminder of deepening economic strains.
Even more troubling, household bankruptcies are on the rise, especially among younger adults. Bankruptcy filings for individuals aged 18 to 29 have surged nearly 17% from the first to the second quarter of 2024, marking a 13% increase over last year. This spike is driven by ballooning household debt, which has hit a staggering $17.29 trillion.
The situation is teetering on the edge, with mounting debt and increased financial instability threatening to overwhelm vulnerable populations. The warning is clear: without urgent intervention, this trend could spiral out of control.
Sources:
socialjusticeresourcecenter.org/facts-and-figures/welfare/
fortunly.com/statistics/welfare-statistics/
www.forbes.com/advisor/debt-relief/bankruptcies-on-the-rise-gen-z-millennial-debt/