Millennials Are Financially Screwed Over

Millennials are the largest and most diverse generation to exist. The creators of Facebook, Snapchat and any social media website that exists were created by millennials. With all this innovation and creativity from the largest and most diverse generation, we were screwed over. How my generation was screwed over, is due to creating bad economic policies and continuing to debate the same old economic issues which should have been solved long ago. An example of the same old economic issues is raising the minimum wage, we can see it’s way past time for America to have a livable wage where the people can afford the basic necessities to live and Millennials should not be under-employed make less than Baby Boomers and previous generations. Recap: in a previous article, I discussed how America is losing progress because we failed to learn from history, specifically the 1912 and 1940 elections. These two elections have a common theme with the 2016 elections, and that is Theodore Roosevelt, Henry Wallace and Bernie Sanders all understood the future, these men who received all the support from the people-coughs, but was undermined by the establishment are the people we need running for office and running our government. Millennials were screwed over because the previous generations did not understand the future and they still do not understand the future.

“Sidebar: if the previous generations understood the future, millennials would not be in a bad position-economically.”

According to USA Today, “With a median household income of $40,581, millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles. The analysis being released Friday gives concrete details about a troubling generational divide that helps to explain much of the anxiety that defined the 2016 election. Millennials have half the net worth of boomers.” My generation is the broke generation, the failed economic policies that did not keep pace with the changing generations and the different economic needs is why millennials are broke and are financially screwed over. Our lawmakers failing to create and pass sensible fiscal policies is the result of Millennials making less than Baby Boomers and previous generations. It's taking my generation longer to start their careers and begin saving money to become homeowners and start investing.

“Millennials earning less than Baby Boomers is a clear example of how terrible fiscal policies such as the current tax law and the Reagan tax plan, which caused high unemployment, did not keep pace with economic needs of each generation.”

Mentioned earlier, our lawmakers failed to understand the future. What’s meant by understanding the future is Theodore Roosevelt, Henry Wallace, and Bernie Sanders arguing about issues such as a livable wage, a universal health system, laws to protect employees and fiscal policies that kept pace with the changing generations. These men understood that each generation is different and as time changes the fiscal policies need to change. Our fiscal policies do not reflect the needs of millennials, who is the largest and most diverse generation that exists. Moreover, the current tax law the GOP passed is a clear example of a bad fiscal policy that will cause further damage to the economy. In addition, the tax law will make it difficult for millennials and future generations to be economically sufficient.

“Millennials are overeducated and underemployed or not employed at all. The reason for this is both parties failing to create fiscal policies for the future.”

With economic downfall or our, millennials will not have any of the nation’s wealth that previous generations have. Social Security, Medicaid, Medicare, Unemployment, all the safety net programs designed to help the people when in need will no longer exist. Millennials who currently pay into these programs will not have the benefit of these programs because of the failed fiscal policies of the past and present.

Sources:

https://www.forbes.com/sites/evapereira/2011/11/08/wealth-inequality-between-young-and-old-generations-reaches-record-high/#77566a7932d4

https://www.usatoday.com/story/money/2017/01/13/millennials-falling-behind-boomer-parents/96530338/

https://www.thedailybeast.com/the-screwed-generation-turns-socialist