Via here, and also here. The other concerning factor: the real cost of goods is essentially outpacing the wages most “millennials” can get. (Oh, and if you want to pile it on, wages for young people are growing 60 percent slower than average wages.) Here’s the chart:
I don’t have a ton to say about this, honestly. I vaguely understand economics — I got a D-Minus in MicroEcon frosh year of college — so most things I’d say wouldn’t add a ton of value to the overall discourse. (I wanted to say something about how Baby Boomers aren’t retiring, but I don’t think that affects real wages.)
I do, broadly, think the establishment of the millennial generation as the main working/home-owning generation is going to be tough. What they want out of cities is different, the middle class isn’t exactly thriving in those environments, and people seemingly want to work in San Francisco and related places but can’t afford it. I worry about it, to be sure. More on that in my next post.
Could you make an argument that the Baby Boomer generation will be the last generation in American history that will have a mostly-secure retirement?