Yet many people would like to pretend that the financial woes of millions of Americans are not systemic but, rather, their own fault, a side effect of their spendthrift, undisciplined ways. There’s been a long campaign to blame financial difficulties — especially millennials’ troubles — on everything from lattes, to avocado toast and iPhones. Others attempt to sound well-meaning and posit that it has to do with lack of financial literacy, as if there are millions of people out there who somehow don’t believe they need to save money or are ignorant about how to do so. Personal finance advice likes to pass itself off as service journalism, but when the advice is passed off as something anyone can do, with no serious attempt to grapple with how greater economic and sociological circumstances combine to render the advice offered useless to almost everyone, that “service” becomes as political as it gets. It’s blaming individual Americans for their failure to surmount a system in which the rich get richer and the rest of us fall behind.
Helaine Olen















