We all know what a struggle it is to be a millennial. The American dream has been proven for this generation to be just that — nothing but a dream. The fortunate ones of this generation have parents to crash with, and other safeties to fall back on even if they are in an eye-popping amount of debt.
But now a new threat to the economy lies ahead; an oncoming recession has been predicted, and it looks like Millennials are going to be even more screwed than they already are.
Adults in their mid twenties to early forties have already experienced a devastating recession in their lifetime; many of them still have not yet landed back on their feet. Now, with the threat of a new economic downturn, millennials prepare for poverty en masse as their Boomer counterparts enjoy their single-family homes, cushy retirement pensions, and fat rent checks from tenants who can’t afford to own a home.
The generation that’s approaching middle age is failing to graduate into the middle class, leaving millennials in poverty. In fact, this is the first generation in modern economic history that is projected to do worse than their parents. Although millennials are entering their prime earning years, these people are competing with more experienced Boomers and Gen X’ers, and are more willing to settle for lower wages. With no savings to fall back on, huge school debts, and little prospects for better employment, the future looks grim indeed.