Maybe it’s not because Millennials have rejected the American dream, but rather because the economy has not only blocked their path to attaining it but punished them for trying to.
Millennials are the most educated generation in U.S. history to date. They bought into a social contract that said: Everything will work out, if first you go to college. But as the cost of college increased, millions of young people took on student loans to complete their degree. Graduates under 35 are almost 50 percent more likely than members of Gen X to have student loans, and their median balance is about 40 percent higher than that of the previous generation.
And what has all that debt gotten them? “Lower earnings, fewer assets, and less wealth,” according to the Federal Reserve paper’s conclusion. Student debt has made it harder for millions of young people to buy a home, since “holding debt is associated with a lower rate of homeownership, irrespective of degree type,” as Fed economists wrote in a previous study. In other words, young people took on debt to pursue a college degree, only to discover that the cost of college would push the American dream further from their grasp.
Is it any wonder that Millennials are eager to overthrow a system that has duped them into a story of permanent progress, thrown them into debt, depressed their wages, separated them from the trappings of adulthood, and then, for good measure, blamed them for ruining canned tuna?
Derek Thompson on killing Millennials.