America's Millennial Dream: Making 20% Less & Drowning In Debt
America’s Millennial Dream: Making 20% Less & Drowning In Debt
Tyler Durden’s pictureSubmitted by Tyler Durden on 04/27/2016 09:31 -0400
Millennials have now overtaken baby boomers as America’s largest living generation according to Pew Research. Millennials as defined by Pew as ages 18-34 now number 75.4 million, slightly edging out Baby Boomers (ages 51-69) numbering 74.9 million.
Millennials also have a few other things going for them, however not in a good way.
As the WSJ reports, Millennials in New York City are earning about 20% less than the previous generation of workers, and they are absolutely drowning in $14 billion in debt.
The average working 23-year old in New York City earned $23,543 compared to $27,731 in 2000 (adj. for inflation). Moving up the age scale a bit, the average 29-year old made $50,331 in 2014 versus $56,026 in 2000.
Another point worth mentioning in the article is that nationwide, the percentage of millennials living independently (read: not in their parents house) has fallen from 51% in 2007, to just 45% in 2014.
In summary, people from 18-34 are going to college, getting into debt, entering into the workforce at minimum wage, and living with their parents. The very definition of the American dream isn’t it? Imagine if Obama hadn’t saved the world’s economy, as he so humbly said he did.
Of course all of this speaks to what we discuss repeatedly on Zero Hedge. The economy is weak, the only jobs being created are primarily waiter and bartender jobs, and the fed is fueling a enormous student loan credit bubble. Now, courtesy of years of mismanaged policies and incompetence, millennials have do face the consequences directly.