Yes, there's definitely something wrong with millennials, and here's what it is!
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Across the country, the news is shocking. Over half of the millennials think socialism might be a good thing. Most of them believe the American dream is a myth, and public perception is that something is wrong with them. Why do they just want "free stuff?"
As far as millennials are concerned, the American dream is just that -- you have to be asleep to believe it.
LOS ANGELES, CA (California Network) - As it turns out, something is wrong with millennials, and it isn't that they're lazy or dumb. The problem is, they're earning less money and carrying more debt than any of their predecessors. And they feel trapped by the economy, which is not being very forgiving.
The Wall Street Journal studied millennial finances in New York City and was shocked by their findings. Millennials are earning 20 percent less and carrying more debt than their predecessors. They're doing all the same work as their predecessors, they're just being paid much less.
To make up the difference, which for some is the difference between welfare and independence, they're using credit. But credit has a cost, which is high in the long term. The result, when combined with the steadily-rising cost of education, is an entire generation that's actually working every bit as hard as their predecessors, but falling farther behind.
Debt continues to grow, especially as millennials use credit in place of wages to stay off welfare.
This is a game changer. We told millennials as they grew up, that the path to success in America is hard work and education. Good grades mattered because they got you into college and college got you a degree and a degree a good-paying job.
Instead, good grades got kids into college, which got kids into debt, and the degrees did not turn into jobs. A recession, along with unpredictable but fundamental shifts in the economy, have left this generation adrift, without the usual hopes of their predecessors.
Student debt continues to grow as wages lose ground to prices.
It's important to appreciate the fact that millennials don't have the same reality as the rest of us. Their experience is a hostile one. Our credibility is weak because we raised them on what they now believe to be lies and false promises. There's naturally going to be hell to pay. And the more we preach at them about hard work, offering the solutions that worked for us, but no longer work for them, the less credible we sound.
The bottom line is that workers across the board need raises. Prices continue to go up, regardless of wages, which leads to a decline in purchasing power. Corporate America and Wall Street have paid themselves handsomely since 2001. It's time to cut the little guys, including the millennials, a break.
In 2019, millennials will be a major voting bloc with enough numbers and influence to bring about a fundamental shift in our government and economics. If we want that shift to remain rooted in capitalism, then we need to persuade the youth that capitalism can still deliver on its promises. Because so far, it's made an American myth out of the American dream for millions of people.
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