Sobering piece @The Atlantic regarding the prospects of Millennials as the next recession approaches.
One could argue that Millenials were already destroyed in the last recession.
Nevertheless, we are ■■■■■■■
" The trade war is dragging on. The yield curve is inverting. Investors are fleeing to safety. Global growth is slowing. The stock market is dipping. The Millennials are screwed.
Recessions are never good for anyone. A sputtering economy means miserable financial, emotional, and physical-health consequences for everyone from infants to retirees. But the next one—if it happens, when it starts happening—stands to hit this much-maligned generation particularly hard. For adults between the ages of 22 and 38, after all, the last recession never really ended.
Millennials got bodied in the downturn, have struggled in the recovery, and are now left more vulnerable than other, older age cohorts. As they pitch toward middle age, they are failing to make it to the middle class, and are likely to be the first generation in modern economic history to end up worse off than their parents. The next downturn might make sure of it, stalling their careers and sucking away their wages right as the Millennials enter their prime earning years.
It was the last downturn—the once-a-century Great Recession—that set them on this doddering economic course. The Millennials graduated into the worst jobs market in 80 years. That did not just mean a few years of high unemployment, or a couple years living in their parents’ basements. It meant a full decade of lost wages. The generation unlucky enough to enter the labor market in a recession suffers “significant” earnings losses that take years and years to rebound, studies show, something that hard data now back up. As of 2014, Millennial men were earning no more than Gen X men were when they were the same age, and 10 percent less than Baby Boomers—despite the economy being far bigger and the country far richer. Millennial women were earning less than Gen X women."
Let’s continuously talk about a recession during one of the greatest economies our country has ever known and maybe, just maybe…we can scare enough people into one before the next election…amirite?
Libs should wear a red hat with one, large “L” on it.
Hogwash. Didn’t you know economies rise and fall on the word of the people? This is like macroeconomics 101 man. He who yells the loudest, impacts the economy the MOST!!!
Yawn - every generation complains about the one coming after them. When I was a teenager I heard my dad and his friends moan about kids my age not knowing the value of hard work etc. Now I am in my 40s I have fallen into that trap again.
My employers has a high % of millennials and they do just as good a job as the older generation in the organization. In many respects they are more capable as they have a greater capacity to handle and navigate an ever more complex workplace.
My only issue with millennials is that they have NO patience. They expect to move up the ladder at improbable speeds and then bounce around jobs too frequently as a result of not getting what they want.
Like I said…he who yells the loudest, impacts the economy the MOST!!!
I love these top-line explanations of how macroeconomics work, aimed at trying to inform people who otherwise have zero understanding of the national, or global economy. I mean, sure, consumer confidence and spending plays a nominal role, but a discussion of facts and data as they exist is hardly the causation for a slide towards a recession.
And Economics 101 Professors around the country weep…
