Things aren’t looking good for millennials. Tied up in the “American dream” is an assumption that you’ll do better than your parents, but those of us between the ages of 18 and 34 are predicted to be the first generation to actually do worse financially. Time Magazine recently boiled down some depressing figures from a U.S. Census Bureau report. According to the article, “millennials are worse off than the same age group in 1980, 1990 and 2000″ when looking at median income, leaving home, employment, and poverty.
In Disinherited: How Washington is Betraying America’s Young, Diana Furchtgott-Roth and Jared Meyer systematically explain how current policies and laws are hurting the youngest workers. This book isn’t simply a rant against the baby boomers and Washington, instead it is a carefully thought-out, heavily researched examination of the concerns that millennials face and what can be done to eliminate these issues. One of my favorite quotes from the book summarizes the theme: “Time and time again, Washington has shown its unwillingness to tackle the main moral and economic issues facing the nation. The longer our leaders delay, the harder it will be to undo the damage wrought by economic policies that are betraying America’s young.”
Disinherited is broken down into four parts: “Stealing from the Young to Enrich the Old,” “Keeping Young People Uneducated,” “Regulations that Cripple the Young,” and “Where To from Here?” The chapters are a healthy mix of stats and figures, charts, and anecdotal evidence. For example, a chapter on problems in primary and secondary education, while it backs up points with numbers, offers a lot more anecdotal evidence and interviews with specific individuals than some other chapters. I prefer more of this evidence, but more numbers-oriented people will certainly be satisfied as well. (more…)