The American Dream Proving Elusive for the Millenial Generation

NYTimes reports on the Millenial Generation and the The American Dream:

Rather bleak and humbling expose of real Millenials and their post-college experiences and outlook. Some “Oh Shit!” Statistics from the article:

-Millennials, aged 18 to 29, unemployment rate of nearly 14 percent approaches the levels of that group in the Great Depression. For young adults, the prospects in the workplace, even for the college-educated, have rarely been so bleak.

-Apart from the 14 percent who are unemployed and seeking work, 23 percent are not even seeking a job, according to data from the Bureau of Labor Statistics. The total, 37 percent, is the highest in more than three decades and a rate reminiscent of the 1930s.

-The college-educated among these young adults are better off. But nearly 17 percent are either unemployed or not seeking work, a record level (although some are in graduate school). The unemployment rate for college-educated young adults, 5.5 percent, is nearly double what it was on the eve of the Great Recession, in 2007, and the highest level — by almost two percentage points — since the bureau started to keep records in 1994 for those with at least four years of college.

-Yet surveys show that the majority of the nation’s millennials remain confident that they will have satisfactory careers. They have a lot going for them. “They are better educated than previous generations and they were raised by baby boomers who lavished a lot of attention on their children,” said Andrew Kohut, the Pew Research Center’s director. That helps to explain their persistent optimism, even as they struggle to succeed.

AKI NOTES: lots of clear implications on

-Millenial Attitudes, this article says optimistic, but it also points out a burgeoning New Realism/Pragmatism and potential shift towards the cynical and resentful (none too unlike the GenX whose bubbles got burst upon college graduation – this generation may go worse if the economy don’t let up), Malaise may be the burgeoning new attitude of Millenials (don’t feel like looking for a job no more, don’t care, “fuck it, what’s in the fridge?”)
-Thrift Economy, gotta save a buck at all costs, no really this time
-“Dreams”– independence is the new dream, and this article suggests the New Manifest Destiny for Millenials may be OVERSEAS EMPLOYMENT PURSUITS
-Multi-Generational Households – all these youth are now back at Mama’s crib raiding the fridge for eats. May be creating a new extended childhood, of sorts, where hardworking mama STILL buys the snacks for these unemployed youths. PLUS don’t forget the other rising trend of Grandma coming back to the home so Mom+Dad today are now sandwiched between Senior and Millenial caretaking in the home and their own job outlook is looking grim, too, nowadays. Best believe hardworking Mom got more years of looking out for everyone and she will always need a co-conspirator in enabling smiles, cuz neither these Millenials nor Seniors will have her back. If there is a Dad, he’s got it ruff on the job market, too.

I’m feeling depressed now.

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