Millennials often are the brunt of many jokes and criticism concerning their future. A recent analysis found that 14 million adults between the ages of 23 to 37 live with their parents, a sign that some millennials may have financial burdens. The analysis by Zillow determined that 21.9 percent of millennials lived with their parents, up from 12.7 percent in 2000.
Until the recent generation of Millennials, it has always been said that the next generation would do better than the previous one. Looking at recent data, the evidence is increasingly clear that 50% of the Millennial generation will underperform their parents.
Millennials’ fate will depend largely upon whether they’re the progeny of wealthy families or not. Those who can depend on “the bank of mom and dad” for an interest-free loan (or a generous inheritance) will always have an advantage in procuring the best homes, jobs and school placement as entry to the upper echelon of society still largely depends on having access to the best schools and alumni networks. Millennials who don’t enjoy these advantages will be forced to compete in a market set up to cater to those who do.
At nearly the same time in their lives as Millennials today, Baby Boomers held 21% of wealth then vs. Millennials’ paltry 3% now. In other words, few Millennials will have the capital to form strong families, let alone build new business.
One thing is for certain is the percentage of Baby Boomers holding wealth did not overwhelmingly come from the upper echelon of society or have wealthy parents – so what is the variable change here? Millennials have had far more access to grants and funding for higher education, greater technological assists, and their families’ access to subsidy programs far greater than Baby Boomers. Does the difference lie within the Marxist progressive indoctrination that breeds narcissism, lack of critical thinking skills, entitlement, apathy, and lack of motivation?
This has caused some Millennials to become despondent even depressed, choosing to checkout of today’s society. You know the stereotype – sitting in their parent’s basement playing X-Box eating MacDonald’s and getting fat. Others escape via drugs, alcohol, and various forms of sexual diversions. Only the selected few will be part of the “beautiful people” rich and successful – mostly driven by well-off parents.
A famous cultural icon sums up what many believe is their only path forward. Get Rich or Die Tryin‘ was the debut studio album by American rapper 50 Cent. Is it no wonder that many Millennials fall into the trap of socialism? This is the idea of stealing from your neighbor via government to get a government substance handout, using the notion that this is somehow equality of economic justice. Often it uses racial and tribal politics as another source of their moral justification. This notion historically ends badly as it eliminates the merit-based productive drive to wealth creation.
Are Millennials America’s first failed generation?
It remains to be seen. They are still young. It is the most educated of any American generation in the past. Usually, by the age of 30, one starts to mature and can start thinking for oneself. Will Millennials choose what has worked in the past or succumb to the Marxist indoctrination of their youth.
One thing is for sure, like the WW2 generation (the Greatest Generation), and unlike the Baby Boomers, Millennials will receive a test like no other generation since then. We, as conservatives, must reach out to them and provide the principled-based tools necessary to pass this test and achieve the success that the generations before them have enjoyed.