Youth Optimism Powers U.S. Economy
Luckily the Boomers have spend the past two decades driving these consumers into debt, and loading future government debt onto the Millennials shoulders! How kewl is that?! Not!
"Baby boomers are fretful about the U.S. economy, leaving cheerier millennials on the hook to keep spending and overall growth on track.
Going back decades, consumer surveys have shown Americans in their 20s and 30s more optimistic about the economy compared with their parents and grandparents. But the generation gap has been unusually wide in recent years in gauges from the Conference Board and University of Michigan. Confidence among consumers under age 35 is back to prerecession levels, while sentiment among people 55 and older remains far lower, deteriorating for more than a year.
The divide, partly driven by greater optimism about income growth among younger households, helps explain why consumer spending decelerated in 2015 and early this year despite low interest rates, cheap gasoline and falling unemployment."
Boomers realize this economy is not normal, the Millennials do not have the experience to realize this, and they are also too inexperienced to realize the damage the Boomers have been doing to them.
"The limited spending power of young Americans will likely struggle to carry economic growth indefinitely.
Many 20- and 30-somethings bear high student-debt burdens that could restrict their ability to buy a home or make other major purchases.
They typically earn and spend less money than middle-age households, according to Labor Department data. And the median net worth for families under 35 was a mere 6% of the median net worth for 55- to 64-year-olds as of 2013, according to the Federal Reserve.
It’s “a little bit more confident consumer, but also a less wealthy consumer,” said Marshal Cohen, chief retail analyst at research firm NPD Group."
Fancy that. The Millennials are mired in debt because the Boomers are entitled to all the money. So, Boomers only pay about 75% of taxes necessary to produce the current government spending, they also constantly are demanding more public services, enhanced benefits, and public bailouts of things like pensions which never put away enough money to make them work.
They have allowed nearly all public institutions to become behemoth with unbridled prices, so our colleges, driven by a flood of public assistance to students, now cost a kings ransom.
Our tepid, over regulated economy simply cannot produce enough if the only consumers in the game are the young Millennials. And, so, we exist in a flat to slowly withering economy. But the Millennials are happy!