We can already see this in the US economy. Millenials are largely putting off traditional milestones like marriage, car ownership, having children, saving for retirement (or saving at all) and home ownership for lack of capital.<p>These are pretty major drivers of consumption, but think about the second order effects: fewer home pools being built, fewer new auto parts needed, fewer childrens clothes being bought, fewer weddings to need DJs, etc. There&#x27;s quite a bit of fallout there, and it&#x27;s going to be hard to pin John and Son&#x27;s pool construction company going tits up on student loan debt slowing the economy, even if it&#x27;s the case.