Posted by: Joe Eds | March 9, 2010

Thanks Mom and Dad

Thanks for NOTHING!!!

So says Robert Samuelson in an article in Newsweek where he calls out the “generational gap” and heavy generational burden being placed on what he describes as “millennials” (age 29 and younger). Quick read. Highly recommend.

Samuelson goes on to list on how hard those currently 18-29 are being hit by the recession:

According to Pew Research Center, almost two fifths of 18- to 29-year-olds (37 percent) are unemployed or out of the labor force, “the highest share…in more than three decades.” Only 41 percent have a full-time job, down from 50 percent in 2006. Proportionately, more millennials have recently lost jobs (10 percent) than those 30 and older (6 percent). About a third say they’re receiving financial help from their families, and 13 percent of 22- to 29-year-olds have moved in with parents after living on their own.

Swell. The last paragraph proposes a question on the political blow back to our generation’s disparaging economic outlook:

Millennials could become the chumps for their elders’ economic sins, particularly the failure to confront the predictable costs of baby boomers’ retirement. This poses a question. In 2008, millennials voted two to one for Barack Obama; in surveys, they say they’re more disposed to big government than older Americans. Their ardor for Obama is already cooling. Will higher taxes dim their enthusiasm for government?

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