Economics blogger Timothy Taylor notes that if you count prices in 1982–84 as 100, the average cost of all items in the consumer price index increased to 231 in September 2012. Energy, housing, and transportation all increased about that much.
But college and tuition fees increased to 706 — seven times the level when the government started pumping money into higher ed. Medical care increased to more than 400.
Some things that young people buy increased much less — apparel (127), toys (53), and televisions (5, thanks to quality improvement).
But suddenly, in their early adult years, Millennials find themselves socked with the inflated costs of higher education and, thanks to Obamacare, those of older people’s health care.
In the meantime, in the Obama new-normal economy, they aren’t finding jobs — and may be giving up on looking for them.