Will Millennials Be The Lost Generation?
The expectation for many Americans has always been that one generation will do better than those who came before them. But, that may not be the case when it comes to millennials.
According to a new report from Scott Stringer, the comptroller of New York City, millennials in the Big Apple make about 20 percent less than the previous generation. And, that statistic is the same or worse in many other parts of the country.
For all the hipster jokes and stereotypes we hear about millennials, people born between the early-80's and mid-90's have been stuck in low-wage jobs since the recession, and they may never be able to close that 20% gap.
Even those young people who managed to find a job in their chosen profession during the economic downturn were paid a lower starting salary than their predecessors, and their wages have remained pretty much stagnant since that time. And, many other millennials weren't fortunate enough to find a job in their chosen industry, despite their efforts.
In an interview with The Guardian Newspaper, Mr. Stringer said, “This generation is at a crossroads. They worked hard, got an education, and then faced roadblocks to getting a good-paying job.” He added, “It's time for us to pay attention to the largest generation in New York City, and start to break down those barriers.” And, New York City isn't the only place where those barriers need to come down.
People who worked hard and went to college should be able to earn a living wage, and they shouldn't be faced with a lifetime of struggling more than the previous generation. Millennials are now the largest generation, and we must do more to ensure that they are not simply a lost generation.