There was a time, not long ago, when Americans were confident that the next generation would be wealthier, more skilled, better able, prettier, in a better position, happier than the prior one. That’s no longer true by almost every measure. My generation – Gen X – and those after will be the first in American history to witness a declining quality of living as measured by income, wealth and global competitiveness. And this before our engineers-turned-financial wizards single-handedly orchestrated the Great Recession and before Baby Boomers, who road the wing of postwar prosperity, begin their epic retirement, since they can’t afford to.
When I look at my life and those aspiring Americans around me – peers, friends, associates, fancy MBAs, interns, fellow travelers – there is a pattern suggesting a new reality. Few have worked at one job longer than a few years. Few have the time or resources to dig into other non-work aspects of their life – family, hobbies, travel. A huge number are freelancers of one sort or another, stitching together full-time work and taking it as it comes. Savings and retirement are worthy – but who can afford it? Legions of educated women have delayed family, whether because of a missing man or out of necessity (and what if things don’t work out?) Many friends don’t think twice about receiving financial help from their family and more college graduates move home after graduation.
The future is too uncertain. It’s a generation deferred.
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