May 13, 2024
“Why can’t they be like we were
Perfect in every way
What’s the matter with kid’s today?”
That’s a very good question. Every generation has had its own seminal events to deal with. The Greatest Generation had The Depression and WW II. Baby Boomers saw the enactment of the Environmental Protection Act, the Voting Rights Act, and Roe vs. Wade, and lived through Viet Nam and Woodstock. Today’s young adults were born in nineties and the aughts so it is worth taking a look at their life experiences before we make any critical judgements about their character or try to guess how they are going to vote.
The Columbine High School shooting occurred in Jefferson County, Colorado on April 20, 1999, when Eric Harris and Dylan Klebold walked in and massacred 12 students and one teacher, and injured 20 others before committing suicide. Since then, we have had a steady stream of mass shootings at schools, Sandy Hook probably being the most infamous. As a result, this generation has practiced active shooter drills in school for their entire lives, and, at the same time, watched the NRA get ever stronger and more influential.
Time magazine ran a story in 2022 titled “Climate Change Became Politicized in the 1990s. It Didn’t Have To Be That Way.” These Gen X’ers and Gen Y’ers have experienced a world where temperatures are rising, storms are getting stronger, droughts are getting worse, glaciers are melting, oceans are warming and rising, populations are being displaced, coral reefs are dying, species are disappearing, and more. Young adults are extremely sanguine about their environmental future.
Americans owe $1.74 trillion in education debt. Among all borrowers, the average student loan debt in 2023 was $38,290. 47% of the total outstanding federal loan debt is held by 10% of borrowers, who owe $80,000 or more. The student debt problem started in the 1960’s when Gov. Ronald Reagan of California cut funding for higher education, and raised tuition. At that time, public higher education was virtually free. Today, funding for higher education is closer to 13%, forcing students and their families to make up the difference.
This is the COVID generation. Many of these young adults spent a good part of their high school and college years in lock down and on Zoom. They lost social contact with their peers. 33% reported job loss, reduced hours, or taking leave. Youth were twice as likely to report losing their jobs compared to adult workers (19% v 10%). According to Forbes, young adults are having a challenging time finding good, well-paying jobs. The job market is extremely competitive, as more and more Americans attain college degrees. Furthermore, employers are requiring unrealistic professional experience for entry-level positions, making it difficult for recent graduates to compete in the job market. Job listings often require three to five or more years of relevant experience.
The average price of home has gone from about $120,000 in 1990 to $425,000 today. The average young adult believes that buying a home is just a pipe dream. With mortgage interest rates hovering around 7%, the real dream of owning a home is even more remote. This group has lived through the Great Recession of 2008 where many people saw their life savings and their homes evaporate.
Young people see people in their 60’s and beyond living the dream in retirement while they are required to pay into a Social Security system that may be quite different when they get there. They see seniors retiring to Florida, living in places like The Villages, playing golf, and essentially reaping the benefits that were bestowed on them decades ago via educational subsidies, good-paying jobs, and affordable housing. Joseph Coughlin, in his book “The Longevity Economy,” discusses the aging crisis that countries like the US and Japan face. Japangave rise to the slogan “Hurry up and die.”
A national poll released by the Institute of Politics at Harvard’s Kennedy School indicated that, among 18-to-29-year-olds, more than half said that they will definitely be voting in the Presidential election this Fall. The poll also found that there was broad support for a permanent ceasefire in the Israel-Hamas war. Economic concerns continued to be top of mind for young voters, and their confidence in public institutions continued to decline. Which way they will vote is anyone’s guess even though polls see a major tilt towards President Biden. However, I think what they are essentially saying and feeling is a pox on both your houses.
Paul Chiampa