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This weekend Demos hosted a conference that focused solely on the economic black hole the Millennial Generation seems to be spiraling into.
"This generation of young people are engaging in politics in a way we haven't seen for a long time," said Tamara Draut, Director of the Economic Opportunity Program at Demos, author of a new report, "The Economic State of Young America," and also a book entitled Strapped: Why America's 20-and 30-Somethings Can't Get Ahead."They are reeling from the effects of a decades-long retrenchment in the investments and public policies that helped previous generations work or educate their way into the middle class. This conference is the first step in building a sustained movement of young people to repair our social contract and build a better future."
In conjunction with The Center for American Progress, a recent report was released regarding the state of the economy and its specific effects and attitudes for/by young people. On the conference call linked from the CAP page above, Tamara Draut specifically says that "Millennials are having the hardest time educating themselves into the middle class."
Her recent article in the March edition of the American Prospect also says that 18-29 year olds are
"very likely to be the first generation to not surpass the living standards of their parents. Evidence of their declining economic opportunities and security abound, from widespread debt to lower earnings in today's labor market for all but those with advanced degrees."Mike Connery's recap of the conference call and report details a fascinating point:
"The real significance of CAP's research is that all the data is compiled from long-term studies and surveys. That allows them to speak not only to the concerns of Millennials, but to compare those concerns to those of Generation X and the late Baby Boomers when they were of a comparable age. In doing so, they help dispel the myth that voters become more conservative as they age (what the study calls "lifecycle factors"), and paints a picture of a generation that is far more progressive than its predecessors ever were. The CAP report argues that this is evidence of a long-term, generational shift towards a more progressive set of political beliefs.Paul Starr has some potential ideas for building the young middle class in his piece A New Deal of their Own:
"Beyond health care, however, the GI Bill may provide the most relevant model. It was the one concerted effort in recent history to focus public resources on expanding opportunity for young adults, and it had a big pay-off in postwar prosperity."Even though he's old - I really love Jack Cafferty on this:
I wish I had some answers, but if I did, I'd probably be writing somewhere a lot less entertaining. What do you think is the worst place you are feeling the squeeze?
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Comments (6)
Great post.
Posted by Nora Thomason
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May 12, 2008 10:21 AM
Posted on May 12, 2008 10:21
I agree pam - but ya'll have access to Social Security which I'm fairly certain will not be taken away. BB's are closer to retirement than Millennials are and while there are many jobs that are falling asunder - you all also have more experience - actual work experience that benefits you.
Posted by Alicescheshirecat
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May 12, 2008 1:52 PM
Posted on May 12, 2008 13:52
Ally and Pam - you guys are both right. Ally I do hope that young people - especially since there are so many of you - do realize that times are very tough right now for older people. Every day, I see people in their 40s and 50s losing everything - their homes, their cars, their bank accounts, their jobs, their health insurance and their health. It's never been this bad for older workers in my lifetime. It's particularly tragic when an older worker loses everything.
Social Security is not available to people in their 40s, 50s or early 60s. And, when it does come, it only pays about $1200 a month total. That's barely enough for an apartment rent, some utilities and some food - not leaving anything left over for medicines, Medicare premiums, a car or anything.
It's tragic when an older worker is no longer a valued commodity in the job market and has to lose everything. I see it everyday and it breaks my heart.
Posted by Lola Wheeler
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May 12, 2008 2:08 PM
Posted on May 12, 2008 14:08
"It's the folks older than Baby Boomers that are on Social Security. Baby Boomers aren't old enough for social security yet."
I know - but next year the first part of the BB gen begins to draw SS and retire... I'm thinking more about longterm state of the economy and how things must change not like - this second. It sucks right now, but it will collapse in the coming years which is reflective in estimates from BB's drawing SS and Medicare - because we've dipped into the fund or stretched our budget with funding for Iraq and whatnot... make sense?
This is about the economy and longterm funding - not the budget which I think of more as short term
Posted by Alicescheshirecat
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May 12, 2008 4:22 PM
Posted on May 12, 2008 16:22
Even though a few Baby Boomers will be eligible for Social Security in 2008, most of these 62 year olds will wait until they are 67 to enroll because of the disincentives of enrolling early.
Even so, 95% of all Baby Boomers are not yet eligible for SS.
Remember, the largest "boom" of births during the Baby Boom period occurred between 1953 and 1963, which means that the most Baby Boomers were born then.
So the vast majority of Baby Boomers are aged 45 to 55 in 2008. Considering that age 70 is the new retirement age, that means that Baby Boomers are supposed to be in the workplace for another 15 to 25 years! That's a lot of years to face unemployment, outsourcing of jobs, lowered wages and all.
This economy is bad for people of all ages, from the Millennials up to the Baby Boomers.
I don't know what it will take to fix it but with all these Boomers still needing jobs and so many of them unemployed - we need to fix this economy.
Ally, you always give me such great things to think about. You do such a wonderful job of presenting your information and giving sources and links too.
I agree with Pam that you are the best blogger at Everyday Citizens. I enjoy and appreciate every single thing you write.
Posted by Lola Wheeler
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May 12, 2008 7:49 PM
Posted on May 12, 2008 19:49
Me too. I think your blogs are the best!
Posted by Nora Thomason
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May 12, 2008 7:53 PM
Posted on May 12, 2008 19:53