For the first time in U.S history, there is a generation that is poorer, more indebted and less employed than any other preceding
generation.
According to an August 2014 Washington Post survey, 65 percent of Americans believe that this generation is “entitled.” Commonly referred to as Millennials, this
generation is us.
Some might argue that the blame for Millennials’ hardships lies in our
own laps.
After all, we are “entitled,” right? We have grandiose dreams and successfully navigate our way through higher education with the help of the latest technology.
We are confident, ambitious and we seek a place in the workforce that corresponds with our educational backgrounds. However, we are not to blame for our sense of entitlement.
Economically, the Great Recession thwarted fiscal growth and the creation and sustainment of
new jobs.
Older generations of people are still in the workforce [often because they do not have the financial means to retire] and adolescents obtaining college degrees has become the
debt-fueled standard.
The Great Recession was caused by the symptomatic troubles of the United States that were long perpetuated, yet unheeded.
The truth of the matter is that the Millennials’ fate was penned long ago by the Baby Boomers: the generation of individuals who have created or maintained the very institutions and policies that encumber us.
They make up one-third of voting-aged Americans and hold about two-thirds of the seats of the United States House of Representatives
and Senate.
They comprise the most unproductive legislature in American history, yet they are re-elected 94 and 87 percent of the time,
respectively.
Some examples of actual entitlement include tripling the national debt; the reliance on fossil fuel, while simultaneously refusing to adapt to the need for radical de-carbonization; exacerbating environmental issues and posing a risk to the planet that we will someday be the
stewards of.
Financially, we seem to make up Generation Y. As in, “Generation Y am I so broke?”
Education is the key to success, we’re told. Stay in school, they say. And
we did.
Nearly two-thirds of Millennials graduate from college, accumulating an average of $26,000 in student loan debt, per person. To combat this, 21.6 million Millennials between the ages of 18 and 31 live at home with their parents.
According to Bloomberg, tuition expenses have increased for our generation [over the past 28 years] an astounding 538 percent.
However, there are roughly 86 million Millennials in the U.S., yet only 4.7 million jobs have been created in the past three years – and about 8 million jobs were lost between 2008 and 2009.
We are part of a generation with more college education than ever before, innovative technology in the palms of our hands and a hardworking mindset with an ambitious attitude.
Unfortunately, we are also part of a generation that faces crippling tuition costs, massive debt and a devastating job market. However, it’s important that we do not lose hope.
After all, by 2020, Millennials will make up 50 percent of the workforce and 40 percent of the
U.S electorate.
Change can and will occur, beginning with us – “The Next Great Generation.”