The oldest millennials born into the Reagan era were taught to “Pull yourself up by the bootstraps” and “Hard work pays off”. Little did we realize we were being groomed for a lifetime of economic abuse. We saw our parents working blue collar jobs with the ability to afford a home and a family, so we didn’t question anything. “College is the only way!” was pounded into our heads by every adult, but we were ready for that hard work. However, we soon realized wages were not livable, and we saw George W Bush elected as president while being unable to form a single coherent sentence. Had we been Punk’d?

9/11

The September 11th attacks changed our realities and marked the beginning of an era of Fear. Thousands of citizens were killed, and the world was changed forever. The oldest group of millennials began to deconstruct the whitewashed history they were taught. Thus, the first wave of awakenings broadened.

The war on terror was particularly hard on Millennials who were attached to family members and friends enlisted in the military. While millennials saw humanity at its best as people came together to support our troops. At the same time, we saw a rift develop within our own country though conflicting nightly news coverage.

Low wages and limited opportunities forced many into credit traps, while the opioid epidemic began consuming friends and family. Maybe, college was the only ticket to prosperity?

The Great Recession

On September 15, 2008 the U.S. Financial Crisis Inquiry Commission issued The Financial Crisis Inquiry Report which explained that “the bursting of the housing bubble was due to” a “combination of factors,” including a “widely held view that house prices would continue to increase indefinitely” and a loan process known as “stated income, verified assets” in which the borrower stated his or her income and assets without providing proof. (Library of Congress, 2011)

The recession was not limited to housing values. In December 2007, the National Bureau of Economic Research (NBER) announced that the U.S. had been in a recession since December 2007, the longest recession since World War II. The 2008 financial crisis hit Millennials just as they began their careers and became increasingly attached to debt. Consequently, many who initially opted out of college were forced to reconsider as more jobs evaporated into thin air.

Education Cartel

Millennials were told by parents and teachers that if they worked hard, got good grades and got a college education, they would be rewarded. Hence, record numbers of millennials enrolled in college as tuition skyrocketed. A bachelors’ degree became a prerequisite for most careers. This essentially forced Millennials into college while universities gouged them with tuition costs. In the end, after completing their end of the deal by completing college, Millennials realized they’d been led down the wrong path.

In 2010, the Occupy Wall Street movement began, it was a natural fit for Millennials. Young people were against corporate greed and clearly saw that they had been robbed of a future by the older generations. As banks were being bailed out due to predatory lending practices that caused the housing crisis, they targeted a new group of debtors.

Schools and universities saw the desperation for jobs and income and gouged working-class kids with high tuition costs. Afterward, student loan balances ballooned due to poor job prospects and income-based repayment plans. Thus, student loans have become nothing more than a tax on the poor, and a strategic way to prevent class mobility.

Toxic Job Market & Wage Stagnation

Millennials entered the workforce during a time of great layoffs, outsourcing and low job prospects. Companies that traditionally offered good benefits and advancement opportunities disappeared. Meanwhile, the new corporate model revolved around outsourcing, unpaid internships or part-time jobs to gain experience. Wages remained historically low as cost of living steadily increased. Millennials were forced to take on additional debt and side hustles to survive.

Unable to save money; Millennials were spending every penny on basic living expenses (rent, food, bills) with no disposable income. Corporations began requiring a bachelor’s degree for jobs that historically never required education, creating greater demand for education.

Long Road to Recovery…Economic Abuse Continues

According to Pew Research, nearly half of Millennials live in or near poverty. Due to the low wage environment, and income-based loan repayment options, Student debt is now $1.3 trillion. This puts Millennials at risk for being financially unable to reach life milestones such as marriage and children.

According to CNN Money: “Almost half (46 percent) say their expenses outweigh their income…68 percent said it would be tough to come up with $2,000 in an emergency. And one in four said they wouldn’t be able to cover the bare necessities of food, rent and utilities.” The economy today has led Millennials to face debt, instability and housing problems. Many are unable to buy homes because of the high cost, leading them to live with their parents or double up with roommates.

Qualifying for a mortgage with student loan debt is another huge obstacle. The calculation of student loans in the Debt-to-Income ratio disqualifies many from buying homes. Not to mention, many times the monthly mortgage is significantly less than their current rent. Thus, creating an economic trap that keeps people enslaved to a predatory system.

A recent PYMNTS Report shows: 70 Percent of Millennials live paycheck to paycheck. 53 Percent of Upper Income American live Paycheck to Paycheck. Therefore, if they get sick or injured, bills will go unpaid, health insurance will be lost, and they will quickly fall into poverty.

Broken Healthcare System

Healthcare costs are suppressing wages through employer taxes, Medicare, and a host of other channels being used to fund our broken healthcare system. Current estimates project Millennials will spend 2/3 of their entire lifetime earnings on healthcare. Further, Millennials are contributing the largest amount into healthcare at this time, yet we are the group most likely to refuse a necessary medical treatment due to cost.

Millennials are known for setting the trend for healthier eating and exercise. However, a recent study, in the American Journal of Epidomiology shows that millennial health is far worse than our parents at the same age. Millennials in the US, live in the only industrialized nation that imposes severe financial hardship for necessary health services. For this reason, we are at a much greater disadvantage compared to peers in the rest of the world.

Boundless Millennial is hoping to help more millennials gain a better understanding of their bodies and health. Living happier fuller lives will lead to better health and prevention of disease. We know overworking causes illness, but we are being forced to struggle due to the economic climate our parents created. Further, once the chronic illness switch is flipped on in a rapacious country like the US, your financial situation devolves quickly. We need to act now before the system devours all of us.

The Pandemic

Millennials received relief during the pandemic with the freezing of student loan payments and interest. However, we were already underpaid in our professions which led to exhaustion of what little savings we did have. According to Pew Research Center, 35% of Americans between ages 18 and 29, and 30% of those between ages 30 and 49 say they, or someone in their household, has lost their job.

Data on the CARES Act shows that it did help keep many Americans out of poverty. However, with the disclosure of the 800 billion in PPP loan recipients, its apparent that working millennials aren’t represented politically. Donald Trump’s top lawyer received between 5 and 10 million according to SBA data, (Maynard, 2022). Tenants in real estate owned by Trump and Kushner received over 3 million (Melby and Nasiripour, 2020). Kanye West received around 2 million. (Gross, 2020). If this doesn’t enrage you, I don’t know what will.

Boomer Greed and Gaslighting

Boomer greed has killed unions, emboldened corporate America and dismantled the American Dream. Boomers enjoy great return on investment while sabotaging American workers. Boomer policy forces millennials into perpetual debt and exploits their labor. We now have 1% of Americans owning 40% of all wealth, at the expense of citizens.

The older generations have failed millennials, leaving us in dire financial straits with no help on the horizon. Moreover, our future depends entirely on how much change we can create in our predacious system. The first step is to vote out these fascist idealogues and replace them with fresh minds that value economic equity and human rights.

End the Economic Abuse Now

We need everyone’s voice to make change happen. The time is now for us to take action together by voting out our oppressors. We have the opportunity to pave our own path towards prosperity and success if we remove those who refuse change.

Everyone has read an article or watched a segment where boomers ridicule millennial values. “They only want to talk about feelings”, which is exactly how abusers silence victims. In fact, this was a continuation of the abuse many of us faced as children which has been largely successful in keeping us quiet and compliant.

But what’s that rumble? That’s the sleeping giant, awakening…

Follow and share to unite for the sake of humanity

Citations

Caleb, M. and Nasiripour, S., 2022. Trump Associates and Members of His Administration Received Millions in Loans From Coronavirus Bailout. [online] Time. Available at: <https://time.com/5863616/trump-ppp-bailout-loans/> [Accessed 19 February 2022]. 

Gross, E., 2022. Billionaire Kanye West’s Yeezy Received A Multimillion-Dollar PPP Loan. [online] Forbes. Available at: <https://www.forbes.com/sites/elanagross/2020/07/06/billionaire-kanye-wests-yeezy-received-a-multimillion-dollar-ppp-loan/?sh=241f1d096a03> [Accessed 19 February 2022].

Hui Zheng, Paola Echave, Are Recent Cohorts Getting Worse? Trends in US Adult Physiological Status, Mental Health, and Health Behaviors Across a Century of Birth Cohorts, American Journal of Epidemiology, Volume 190, Issue 11, November 2021, Pages 2242–2255, https://doi.org/10.1093/aje/kwab076

Maynard, M., 2022. PPP data, finally released by the SBA, shows that millions of US taxpayer dollars went to businesses tied to the likes of Jared Kushner, Mitch McConnell, and Devin Nunes, in what can best be described as a corporate looting free-for-all. [online] Mark Maynard. Available at: <http://markmaynard.com/2020/07/ppp-data-finally-released-from-the-sba-shows-that-millions-of-us-taxpayer-dollars-went-to-businesses-tied-to-jared-kushner-mitch-mcconnell-etc/> [Accessed 19 February 2022].

United States Financial Crisis Inquiry Commission. (2011) The financial crisis inquiry report: final report of the National Commission on the Causes of the Financial and Economic Crisis in the United States. [Washington, DC: Financial Crisis Inquiry Commission: For sale by the Supt. of Docs., U.S. G.P.O] [Web.] Retrieved from the Library of Congress, https://lccn.loc.gov/2011381760.