This generation of children are also dealing with some unprecedented events that we know are pretty bad for cognitive development.
I don't want to play the "who had it harder?" game, because that's always just a war of the sob stories. But COVID is competing with Vietnam enlistment and lead/asbestos poisoning, when it comes to generational intellectual speedbumps. Nevermind the sheer dearth of educational establishments prior to the Boomer-Era buildout of high school and college campuses. I lived through the era when everyone and their kid brother was being diagnosed with a learning disability. And when weed was supposed to obliterated cognition in young people. And when video games were rotting brains. And when Cliff's Notes was destroying academia. There's always something.
I see so many "My 16-year-old is a drooling idiot" hysterical denouncements of modern education. And it's all couched in this insufferable nostolgia for a past that never existed. Long-form Op-Ed articles about how not wearing a bike helmet built character or why Montessori School turned our kids queer. Screaming tirades about the poor quality of STEM and the insidious nature of liberal arts education, combined with jerk-off sessions over Classical Education and the endless need for Teaching The Controversy and in-class debates.
Fucking awful people pushing bullshit lines that get gobbled up by whatever audience is being told "You're the smart ones, every other generation else is worthless trash".
more people have more access to acquire debt than ever before
That's. Not. Actually. True.
Fewer people have access to consumer credit today. A select subset have access to higher debt limits in an inflationary economy. And most of that debt is housing debt, not retail consumer debt, anyway.
The $18.2 trillion isn't distributed equitably. It's also overstated, given that a bunch of it is bad medical and housing debt that debt-holders refuse to write down.