I am not an economist. I don’t even claim to be particularly good at crunching numbers. In fact, statistics was the only subject where I consistently earned abysmal grades. Nevertheless, I am astute enough to recognize that throwing money at poverty, particularly in a top down scheme, does not solve this problem.  Remember Reagan-era TRICKLE DOWN economics? It’s like deja vu! The various bail-out strategies essentially award those individuals responsible for the financial meltdown we find ourselves in.  This yet again leaves those of us who live paycheck to paycheck to either sink or swim.

While the media has focused on the scores of Americans who have or are on the verge of losing their jobs, pension plans, life’s savings and homes, there is an even bigger storm on the horizon. This financial crisis is transforming the scope and character of poverty in ways many Americans have not seen in their lifetime, certainly not those of my generation.  For the most part, Millenials have lived in an environment of economic prosperity. Most of us were too young to comprehend the the economic pumps of the mid/late 1990s.

Nevertheless, recent graduated are faced with mounds of school debt and few, adequate job prospects,

The average debt of students graduating with loans in 2007 jumped to $20,098 – up from $18,976 for those graduating in the previous year, according to the Project on Student Debt, a Berkeley, Calif., advocacy group that tracks student loans.

This year’s graduating class might owe even more as they and their parents borrow more to supplement falling values in their savings plans.

Meanwhile, starting salaries for last year’s graduates haven’t kept pace, growing only 3 percent over the previous year.

While the Federal Government has attempted to reassure students and parents of the availability of credit to pay for school tuition, little effort is put forth to establish fair and reasonable repayment schemes, particularly considering the current job market.