The notion of generation gaps have a long history in American
sociology. The idea was actually polled as early as 1969 by Gallup and
three-fourths of the public believed in it then. Today, the Gen-Y
generation gap is talked and written about constantly.
The Pew Research Center, for example, found that 40% of Gen-Yers have
a tattoo, up from 32% of Gen-X. And more than half of those
Gen-Yers who have a tattoo have more than one, but more than 70% say
their tattoos are hidden beneath clothing. No surprise also, that
Gen-Yers are the first truly digital generation. They were born with
technology sticking out of their belly-button. And, only about 6 in 10
were raised by both parents. (Hmmmm. We really do live in a
traditional neighborhood.)
But Newsweek’s Robert Samuelson has an intriguing and very important
discussion of the real generation gap in the March 15 issue. Samuelson
argues that money will be the most distinct difference between Gen-Yers
and their elders. The deep recession has hit millennials hard.
According to Pew almost two-fifths of the 18 – 29-year-olds are
unemployed or out of work. And that, the research shows is the highest
share of unemployment for a generation in more than 30 years.
Proportionately, more Gen-Yers have lost jobs recently than those over
age 30.
The traditional research suggests that workers entering a labor
market with high unemployment not only receive lower pay to start with,
but that the pay penalty can last 15 years or more.
Samuelson’s conclusion is quite direct: Millennials could become the chumps for their elders’
economic sins, particularly the failure to confront the predictable
costs of baby boomers’ retirement. For millennials, high unemployment,
steep taxes, and squeezed government services will make it harder to
raise families. That stinks!