I love when I’m right and I love THAT I’m Right, as in Conservative. I and other Conservatives predicted the situations Millennials would face if they elected Obama as president, and we were ridiculed.
My stomach hurts from getting the last laugh, as the Millennials have not only “boomeranged” back home, but those sissies are afraid to leave.
The question is posed in this video, “How would Millennials fare in a ‘normal’ economy?”
As reported in the NY Times article:
Trending: Finally! A Joe We Can Believe In
One in five people in their 20s and early 30s is currently living with his or her parents. And 60 percent of all young adults receive financial support from them. That’s a significant increase from a generation ago, when only one in 10 young adults moved back home and few received financial support. The common explanation for the shift is that people born in the late 1980s and early 1990s came of age amid several unfortunate and overlapping economic trends. Those who graduated college as the housing market and financial system were imploding faced the highest debt burden of any graduating class in history. Nearly 45 percent of 25-year-olds, for instance, have outstanding loans, with an average debt above $20,000. (Kasinecz still has about $60,000 to go.) And more than half of recent college graduates are unemployed or underemployed, meaning they make substandard wages in jobs that don’t require a college degree. According to Lisa B. Kahn, an economist at Yale University, the negative impact of graduating into a recession never fully disappears. Even 20 years later, the people who graduated into the recession of the early ’80s were making substantially less money than people lucky enough to have graduated a few years afterward, when the economy was booming.
These poor little babies haven’t been taught self-sufficiency and risk-taking. They were led to believe in a system that had always worked, because capitalism run unhindered is undoubtedly the best system of government in the world.
But they believed the hype, and they find themselves living like second-class citizens, subterranean in their parent’s basements. And according to the NYT, it may not be temporary:
These boomerang kids are not a temporary phenomenon. They appear to be part of a new and permanent life stage. More than that, they represent a much larger anxiety-provoking but also potentially thrilling economic evolution that is affecting all of us. It’s so new, in fact, that most boomerang kids and their parents are still struggling to make sense of it. Is living with your parents a sign, as it once was, of failure?
Parenthood Part II: Excuse me while I laugh at Millennials and their parents who created them.
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