However, we need to stop looking at how so many young people have gotten into debt and start asking why they’ve gotten into debt. The reason is simple: Capitalism. Apparently it’s “the only system that works” and “we don’t need to change it.” But surely you can see that the system doesn’t work if it has failed so many young people. The nature of capitalism makes us materialistic creatures and enforces us to believe that the way to happiness is through purchasing. However, this turns into an endless cycle of unhappiness. You buy things to make yourself fulfilled but then struggle to live which makes you unhappy and to fix that, you’re told to buy more things, putting you in the same situation over and over again, making it worse and worse.
I don’t accept that it’s a working system if so many people are struggling. Yes, you can blame individuals and pay day loan firms but the fact of the matter is, the system is broken and capitalism needs to be revaluated. We need a system that benefits all and not just the elite. It’s not fair that we should struggle at the bottom and fed scraps of enjoyment through saving up for a ten grand car or deposit for a mortgage which you’ll be paying off until you retire. Life shouldn’t be a struggle against the state but an enjoyable journey with support and prosperity.
So, Labour are wrong to blame this rise in youth debt on zero hour contracts. The reason is the City. The reason is the establishment. The reason is capitalism.