Tag Archives: debt

The Most Entitled Generation Isn’t Millennials

The Most Entitled Generation Isn’t Millennials

“For the first time in America’s history, an entire generation of her citizens are poorer, more indebted, and less employed than the preceding generations.

That generation is the millennials – our generation.

The culprit, say some social commenters, are millennials themselves. In this telling, we are a lazy cohort of entitled and narcissistic brats — the proverbial Generation Me. But this is a classic case of blaming the victim.

The true cause of this unfortunate situation is clear: It’s the economy. The Great Recession stymied economic growth, halted job creation, kept older Americans in the workforce longer, and encouraged younger Americans to continue debt-financed schooling.

Moreover, the Great Recession was not merely a one-off calamity — it was a symptom of economic ills long perpetuated and ignored. And the criticism and labels that have been heaped upon millennials bear much more resemblance to the type of intergenerational stereotyping that has always existed (“darn kids these days”) than to any measurable reality.

The truth: The economic tragedy of the Millennial generation was written before many of us had even learned to read — Baby Boomer parents and grandparents who, at once, genuinely love and care for us, but have also created or perpetuated institutions, policies, and economic realities that have now hobbled us.

Our generation has been called “entitled.” We beg to differ. If any generation is entitled, it’s our parents’ and grandparents’ generation: the baby boomers.

True entitlement is tripling the national debt since the 1980s and using the proceeds to spend lavishly on tax cuts and government programs that primarily provided short-term economic boosts, while refusing to raise the Social Security age of retirement or to reduce benefits, even as the gluttonous program careens toward unsustainability.

australia2AAP Image/NEWZULU/ZOEA protester at recent Australia climate-change rallies in the lead up to the UN climate summit in New York.

True entitlement is allowing the reasonable minimum wage that Baby Boomers enjoyed when they were our age to deteriorate while opting to cut taxes on the gains from stocks and bonds that they accrued during periods of debt-driven economic and stock-market surges — creating an economy where wage earners at all income levels, as of 2012, receive a smaller portion of economic output at any time since 1929.

True entitlement is, for decades, enjoying the benefits of the lowest energy costs in the world while refusing to price-in the external costs of carbon emissions, exacerbating the real changes to our planet that pose profound risks to the environment and economy for which millennials will soon be the primary stewards.

These grave consequences were entirely foreseeable — but they happened. Young Americans have been fleeced in order to fund the transient excesses of the old — and yet millennials are labeled “entitled” because we were given “participation trophies” and “personal tutors” before we were old enough to vote … ?

Give us a break. Millennials are not entitled. But we are frustrated.

We’re frustrated, because the same baby-boomer bloc that created or tacitly perpetuated the policies that have hamstrung millennials now makes up almost a third of the American voting-aged population and holds nearly two-thirds of the seats of the US House of Representatives and Senate. This, during a decade-long span when incumbent House and Senate members are richly rewarded for being the most unproductive legislators in US history, respectively winning reelection 94% and 87% of the time.

millennials, workplaceITU/Rowan Farrell

Granted, many members of our generation need to learn how to vote every two years, not just every four. And we need to begin to fulfill the civic-minded label — “The Next Great Generation” — which social scientists have bestowed upon us. When we do begin to regularly share our opinions in the voting booth, not just on Twitter, you can be assured that we’ll act to keep this country great. We’ll make the “hard” choices the baby boomers have refused to make.

Already, we’ve learned how to be fiscally responsible — with the most student debt of any generation in history, we’ve had to. More than any other generation, we eschew expensive possessions like cars and large houses, opting instead for bikes and shared living spaces. Sure, we would like to own all that fancy stuff someday, but we realize that we can’t have everything we want.

We know that our government would be better off spending more of our tax dollars on jobs and education, and not just on Social Security and defense. We overwhelmingly recognize that the war on drugs has been an embarrassing waste of money and lives, and that anyone should be able to marry whomever they love.

Perhaps we millennials are entitled: We seemed to think that baby-boomer politicians would enact much-needed changes while we fiddled with our smartphones. We were definitely wrong on that one.”

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Turns Out That Under-25s Are Smarter and Safer Than Ever

Turns Out That Under-25s Are Smarter and Safer Than Ever

Young adults today might not be able to find a job, but they’re better behaved than they have been in the past 20 years. Less badass or more mature? You decide

“It’s an old axiom that every generation is more rebellious than the one that came before it. Ask any member of Generation X (or “the Olds,” as we call them) and they might rip out the tired cliché that kids today—what with their sexting gadgets and twerking pop stars—are cause for moral panic.

The reality is that compared with the previous generation, a relatively large proportion of young people are unemployed, saddled with loan debt and still living with their parents. Millennials, it might seem, despite being better educated than their forebearers, are failing at life.

But not so fast. According to data Vocativ culled from sources ranging from the Economic Policy Institute to the U.S. Department of Justice to the Centers for Disease Control, young adults in the U.S. are actually far more straight-laced than they were 20 years ago. When it comes to general shenanigans—including alcohol and drug use, teen pregnancy, violent crimes and more—rates have declined across the board over the past 20 years, except when it comes to smoking weed (which has risen 38 percent).

We took 20 years of data, from 1993 to 2013, taking the midpoint (2003) as a baseline set at zero for all categories. Red lines on our charts denote that things got worse, while the blue lines indicate that things improved.

Click through the various tabs below to see how 15- to 25-year-olds have been keeping their act together over the past two decades.

Overview

THE DEEP DIVE

Shenanigans

This should be a comfort to any parents who worry about their kids: According to the National Institute on Drug Abuse, today’s young adults are consuming less alcohol and illicit drugs (cocaine, MDMA, heroin, etc.) than ever before. This excludes marijuana use, which has shot up, in line with America’s liberalized stance on weed, including the recent wave of legalization in a handful of states. Also, more kids are graduating from high school and fewer are committing violent crimes or getting knocked up than they were 20 years ago. So maybe weed isn’t so much a bad thing?

Unemployment

Unemployment figures tell a different, depressing story. According to a 2014 report from the Economic Policy Institute, unemployment for college graduates is 8.5 percent, while the rate for all 15- to 24-year-olds is a whopping 16.5 percent—more than twice the national average.

Education

Regardless of the shitty job prospects for Americans under 25, young people today are staying in school longer than Gen Xers. Relative to 1993, more high school seniors are enrolling in higher education according to the report by the Economic Policy Institute, while the total undergraduate and graduate school enrollment continues to climb.

Sources:

Drug and Alcohol Use: The National Institute on Drug Abuse; Teen Pregnancy:Center for Disease Control and Prevention; Abortion Rate: The Guttmacher Institute; High School Dropout Rate: National Center for Education Statistics; Youth Crime Rate: Office of Juvenile Justice and Delinquency Prevention; Youth Unemployment Rate: The Economic Policy Institute; Higher Education Enrollment: The Economic Policy Institute

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Students React To The Closure Of A Giant For-Profit College

Students React To The Closure Of A Giant For-Profit College

Education should never be for-profit.

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The Government Would Lose More Than A Billion Dollars If For-Profit College Fails

“If the Department of Education fails to reach an agreement with Corinthian Colleges, the failing for-profit college company, by midnight tonight, the government will be forced to forgive more than $1.2 billion in student loans, according to a court filing from last week…”

 

For-profit education should have never been a concept to begin with.

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July 1, 2014 · 6:57 pm

So, hypothetica…

So, hypothetically… if I could take a bunch of MOOCs (Massive Open Online Courses) and read books at Barnes and Noble all day… and then be able to display my knowledge and understanding of the subject on an equal, if not higher, level than a college student… then, hypothetically… why is everyone paying for college again? (Answer: Because a college degree isn’t about education, it’s a class marker. If we cared about everyone being educated, we would accredit free online courses and allow people to achieve intellectual growth and success without going into debt. But that’s not what college is for. I mean, yeah in college you can travel and learn from amazing professors and start your own anything and have access to facilities and resources and money, yeah, college is all that. And I’m not discrediting anyone who loves college but… college, at the end of the day is a business. College is just one more big way to perpetuate the system. But I say f**k the system, man.) #FreeEducationForAll #LearnRadically

– Vanessa Newman (Washington, DC) – haikuology.tumblr.com

theblackcollegian.tumblr.com

(via theblackcollegian)

 

So true it hurts.

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June 26, 2014 · 12:08 am

Student Loan Debt

Student Loan Debt

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January 24, 2013 · 4:42 pm