Millennials have often been described as an overly naïve and optimistic bunch by disgruntled Gen-Xers. However, after 2016, young Americans’ entire worldview is changing, and everything is going to sh-t.
In a new survey from Country Financial Group, millennials are feeling worse about the economy in 2017 than they did in 2016.
The insurance and investment firm conducted its annual financial security index and found that millennials between the ages of 18-to-34 ranked the lowest out of a possible score of 100, at 60.9. The independent research firm GfK asked over a thousand Americans questions about their financial stability (i.e. current savings, managing assets, etc.) in order to determine a score.
Comparatively, Gen-Xers aged 35 to 49 had a score of 66.6 (i.e. the mark of the devil), Boomers aged 50 to 64 were at 69.2, and the Silent Generation aged 65 and over had the highest score of 71.2.
Also, over 40 percent of millennials believe that the country is doomed for another economic downturn in 2017.
While there is less optimism across the board from each generation, the millennial outlook is indicative of their post-election depression, which has only gotten worse two months after the election. Given the fact that 55 percent of millennials voted for Hillary Clinton over Donald Trump, it makes sense that they feel anxious about the future. Trump only garnered 37 percent of the millennial vote.
Yet, a lot of that millennial depression has to do with President Obama’s sloth-like economic recovery that only produced 11.3 million jobs in eight years. Economist Peter Morici spoke with Red Alert noting that Obama took great lengths to pay young people to go to college via student loans, but not get a job after graduation.
“What good does it do you to get a bachelor’s degree in feminist studies… [if] you’re working at Starbucks for 10 bucks an hour?” Morici explained. “What a college education seems to do is give you more opportunity for more fast-food employment.”
When Obama took office, the unemployment rate was at 7.8 percent, and quickly went to 10 percent in October 2009. The unemployment rate as Obama leaves office is around 4.7 percent. While the numbers look good, it doesn’t take into account the number of people who are underemployed, which is 13.7 percent, and people who have given up looking for work. According to a Harris poll, as recently as June 2016, 59 percent of those who have been out of work for two years or more say they have stopped looking while 43 percent said they have given up entirely.
Most millennials think another economic downturn is on the horizon when they don’t realize the previous one under Obama never left. While millennials continue to demand an apology from President-elect Donald Trump for allegedly inciting violence, maybe they should instead demand an apology from President Obama for making them broke, unemployed, and living in their parent’s basement.