Step aside, Pajama Boy. You might not be the face of millennials for much longer. Under the Trump administration, the millions of millennials who have sought refuge in their parent’s homes may actually be able to afford some new digs.
Currently, millennials are at an unemployment rate of 12.8 percent, and more millennials are living with their parents than seeking out other living arrangements. Faced with stagnant job growth, millennials are postponing marriage and other major life events like buying a house.
While polls show that only 35 percent of millennials voted for President Donald Trump, his policies are set to impact millennials the most.
Trump ran on a pro-business platform throughout his campaign, and now that he is in the White House, he is actively moving on reforms to spur economic growth. Millennials who might have lost hope in the American Dream may just find that their luck has changed.
Millennials have often been called the most entrepreneurial generation. While only 2 percent are self-employed, 67 percent of millennials report their goals include starting their own business. However, many are saddled with thousands of dollars in student debt and very little capital. If Trump is able to remove these obstacles through pro-business policies, he could wake a sleeping giant and get the economy roaring forward.
One of the steps he plans to take is slashing federal regulations. In his meeting with business leaders Monday, President Trump said he believes he can cut regulations by 75 percent or “maybe more.”
As Matthew Pointon of Capital Economics notes, “If Trump follows through on his promise to slash regulations, credit conditions are also likely to ease. Taken together, that will enable more Americans to leave the parental home, and 2017 should see the share living with their parents edge down.”
Trump has also reiterated his campaign promises to cut taxes for businesses, bringing the business rate down from 35 percent to “anywhere from 15 to 20 percent.” Likewise, he is eyeing a hefty tax cut for the middle class.
For a generation that is commonly characterized as having a fear of failure, these moves could encourage millennials to step out of their comfort zone and start their own business. America’s modern economy was built on the foundation of innovative entrepreneurs, and nothing suggests this will change.
For the less entrepreneurial millennial, wage growth and job creation under the Reagan-esque fiscal stimulus that President Trump has set out to create is enough to nudge young people out of their parents’ basements and into the self-sustaining lifestyles they desire.
According to the National Federation of Independent Business’ Small Business Optimism Index, small-business optimism has “rocketed,” with “job creation plans” climbing from 9 percent from November 8 to a net 23 percent after the election.
Finally, the chokehold of Obamacare will soon be a remnant of the past. Trump has already taken executive action to minimize the financial burden of the Affordable Care Act, and Republicans are hoping to repeal Obamacare by spring. If nothing else, Trump’s executive order sends a clear signal that his administration wants to reduce costs as quickly as possible for both employers and employees.
After eight years of misery, millennials will finally be able to get on with their lives and pursue the American Dream, and parents will finally have space for that extra office.