If young people deem the American Dream to be as relevant as Lawrence Welk, its a problem for a social contract built on the idea that each new generation will be more prosperous than the last. Sadly, every new study makes the economic plight of younger adults more apparent.
Consider a recent Pew Research Study, which found the wealth gap between adults over 65 and adults under 35 to be at a stunning ratio of 47 to 1 nearly five times what it was in 1984. Further, Pews research found that almost 40 percent of young people have either no net worth or negative net worth. This study comes on top of other data showing that over one in four recent college graduates is unemployed.
Its easy to blame this state of affairs on young people: Theyre too coddled and feel too entitled; theyre too busy partying or playing video games or occupying Wall Street to focus on getting a job and contributing to society. But this explanation overlooks deep changes in the economy. Even as the cost of a college degree rises, its increasingly become more of a minimum qualification than a guaranteed pass to the middle class. And unlike those who came of age during a period of extended prosperity, todays young people are facing the worst job market in decades.
Lawmakers should recognize that questions of generational equity arise in a number of national policy issues for instance, whether and how to adjust Medicare and Social Security benefits and that younger Americans have a particular interest in measures that might stimulate the economy now.
