Nowhere in the article I posted did the author blame older generations. But Chuck's response to the data epitomizes why the animosity towards older generations is becoming very real. Rugged individualism is just a mask for self centeredness, stubborn American exceptionalism and blatant greed.
"During the recession, half of recent graduates were unable to find work; the Millennials’ formal
unemployment rate ranged as high as 20 or 30 percent. High rates of joblessness, low wages, and stagnant earnings trajectories dogged them for the following decade. A
major Pew study found that Millennials with a college degree and a full-time job were earning by 2018 roughly what Gen Xers were earning in 2001. But Millennials who did not finish their post-secondary education or never went to college were poorer than their counterparts in Generation X or the Baby Boom generation. Economic growth, in other words, left the best-off Millennials treading water and the worst-off drowning.
What little data exist point to a financial tsunami for younger workers. In a
new report, Data for Progress found that a staggering 52 percent of people under the age of 45 have lost a job, been put on leave, or had their hours reduced due to the pandemic, compared with 26 percent of people over the age of 45. Nearly half said that the cash payments the federal government is sending to lower- and middle-income individuals would cover just a week or two of expenses, compared with a third of older adults. This means skipped meals, scuppered start-ups, and lost homes. It means Great Depression–type precarity for prime-age workers in the richest country on earth."
The data is clear-cut and stark. And the causes (privatization, deregulation, globalization) are clearly correlated.
thehardtimes.net
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