a little JB weld should fix that right up...
i'm kidding. it's trash.
schwinn's today are junk, too. all made cheaply in china.
if you want something that's gonna last, check your craigslist for older american cruisers. you can still pick up 70's-80's schwinns for pretty cheap.
stay away from those ads that say "80's huffy (or murray) made in america."
huffys and murrays were junk back then, too. just because they were made in america doesn't mean they were made well. they've always been low end department store bikes.
the truth is, you get what you pay for. you can make a cheap bike good, but it'll cost you...