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But what about the millennials? Lowrey feels that because we have "adapted to our once-in-a-lifetime financial crisis — the one that battered career prospects, drove hundreds of thousands into the shelter of schools or parents’ basements and left hundreds of thousands of others in continual underemployment... we, too, have developed our own Depression-era fixation with money." Studies have shown that although millennials aren't making a lot of money, they also aren't spending a lot. And, in fact, we have less credit card debt than preceding generations, although this might not be because millennials have such great self-control, rather it is because it's harder to get credit cards now. That said, I find it hard to believe that a generation that grew up amid a constant assault of advertising and brand worship, one that actively judges people based on the clothes they wear and the phones they use and the computers they work on, is quietly going to give up on all the things that it was promised, things to which it feels entitled.
What is especially galling to those of us who grew up thinking that, if we worked hard and went to school and followed a certain path we were promised, if not riches, at least comfort, is the glaring truth that while financial stability might never be available for many of us, there is a percentage of society that has a bigger cushion than just about anyone else has ever had in history. What percent is that? Oh, right. It's the 1 percent. Lowrey acknowledges that while it was possible for the generation that came of age during the Great Depression to feel like they were all struggling together, millennials are faced with the fact that "income inequality has yawned to levels not seen since the late 1920s. And since the worst days of the recession ended, inequality has continued to grow. Corporations that shed workers became leaner and more profitable. Members of the 1 percent have taken nearly all the wage gains made in the recovery. Their incomes bounced back. Nearly everyone else’s fell." Oh. So that's cool.
Perhaps unsurprisingly, the economists that Lowrey talks to are pessimistic about the millennials ability to recover from the wage stagnation, which has been coupled with current inflated costs of living, and doubt that there is much to do about turning what has always been seen as an "income gap" into a "wealth gap." The difference between an income gap and a wealth gap is simply that, in the past, even someone with a modestly paying job could hope to retire with savings and perhaps a pension, but not anymore! Now, that type of security seems next to impossible for those of us who finish our twenties with nothing in savings and no investments except for a dusty box of Beanie Babies in our parents' attic. Beanie Babies, of course, being "another economic lie" that was fed to us in our youths, according to Virginia Smith.
But how do most millennials feel about their precarious future? Apparently, they "remain optimistic." Which, really, is the best way to be. Well, optimistic and angry. Or at least, that's my favorite way to be because optimism and anger are actually pretty good motivators. And one of the things which separates millennials from their "Reality Bites" predecessors in Generation X, is that millennials are not known for being slackers. Lowrey mentions that "millennials are the best-educated generation ever," which can never be a bad thing. Well, other than those crippling student loans, but what can you do about those, really. Millennials also have shown a remarkable ability to organize and affect change in a political and social realm and are quick to adapt and to innovate. Perhaps this generation is better suited than any other one in recent history to tear down an American Dream that is based on profligacy and grotesque consumption and rebuild it in their own image, one that is equitable and sustainable and secure. I mean, sure, the millennial American Dream will be outfitted with Apple products, but we can't give up on everything nice, can we?
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