Writing in the Atlantic, Don Peck argues that many Millennials, overindulged as children and harboring a sense of entitlement, are ill-prepared for a “harsh economic environment.” They lack the persistence and imagination to cope well. That indictment may be unfair. My own experience is that Millennial co-workers are diligent, disciplined and determined in the face of frustration.
Regardless, more bad news may lie ahead. As baby boomers retire, higher federal spending on Social Security, Medicare and Medicaid may boost Millennials’ taxes and squeeze other government programs. It will be harder to start and raise families.
Millennials could become the chump generation. They could suffer for their elders’ economic sins, particularly the failure to confront the predictable costs of baby boomers’ retirement. This poses a question. In 2008, Millennials voted 2 to 1 for Barack Obama; in surveys, they say they’re more disposed than older Americans to big and activist government. Their ardor for Obama is already cooling. Will higher taxes dim their enthusiasm for government?
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