An analysis of Federal Reserve data by the advocacy group “Young Invincibles,” released on Friday, finds that the millenial generation – especially white millenials – are far worse off economically than their baby-boomer parents were at the same stage in life – in 1989. (See the above linked article.)
- The median net worth of millenials is 56% lower.
- Median income has fallen 21% in spite of the fact that a larger percentage of millenials (approximately 50% more) have a college education compared to baby boomers.
- Home ownership is down by 3%.
- Millenials are saddled with “drastically higher” student debt.
The article observes that “the analysis fits into a broader pattern of diminished opportunity.”
Looking beyond the Federal Reserve data, millenials are clearly much worse off than their parents in many other ways:
- While most employers offered pensions in 1989, few do today.
- The cost of health care is orders-of-magnitude higher than it was in 1989.
- Good jobs were still fairly plentiful in 1989. Not today. The example cited in the article of a college-educated lady earning minimum wage making pizza isn’t a one-off. It’s pretty typical.
- The millenial generation is famous for depending on their parents for housing and additional support beyond that. It’s not a matter of immaturity among millenials. They do it out of necessity. In 1989, no self-respecting baby boomer would be caught dead living with his/her parents. There was no need.
None of this should come as any surprise to those who understand the consequences of the inverse relationship between population density and per capita consumption. It’s precisely what I predicted in Five Short Blasts, which I began writing in 1993. Since 1989, the U.S. population has grown by approximately 25%. But, worse than that, our effective population density has exploded by 200% since 1989 by economically erasing our borders and attempting to trade freely with badly overpopulated nations who prey on our market and bring nothing in return to the trading table but bloated labor forces, hungry to take jobs from Americans. Diminished opportunity and worsening poverty is inescapable in those circumstances.
Sadly, most millenials are oblivious to what’s been done to them through globalization, which has been slickly packaged and sold to them as some sort of utopian state where we all live in perfect harmony together, masking the underlying truth – that their economic civil rights have been trampled by the greed of global corporations who feed on population growth to stoke their bottom lines.