We are Generation Y, the ‘Millennials’ everyone seems to be talking about. There are many interesting views about our generation, but to begin to understand us, you first have to understand the ones who came before us.
Prior to Generation X those born between ’65 and ’79, the Baby Boomers (in most cases, our parents, born between 1946 and 1964), enjoyed prosperous times, from the post WW2 economic boom to the egocentric 60’s and all the way through the profitable Reagan era. Boomers even experienced budget surpluses in the 90s under Clinton…an unspeakable feat today. Consequently, “many were able to buy second homes, take out loans at low interest rates, buy cheap gas and pump money back into the economy.” They grew up and lived quite well, fully expecting social security, health care, and government assistance to outlast their lifetime. There was essentially no worry until September 2008 when the economy turned upside down during last days of President Bush’s term. The boomer generation faced little, if any adversity, until the recent economic crisis. This group of 80 million aging Americans, many of whom dreadfully close to retirement, found themselves in a time where the country’s economic stability and future ability was, and still is, unknown. It’s funny that as a whole, they have paid less into the social security system than they are expecting to get out. Even more so that the following generations (yes that includes you) will not only see their wages being slashed more and more, but the amount of SS we recieve will likely be much less than what’s being paid out now as the government leans on us to supplement rising health care costs for an aging generation. Some would say that the sheer size of this generation has been a huge contributor to the U.S. debt crisis, but you won’t see any politicians pointing the finger – they also represent massive voting power.