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It’s Only Common Sense: Fact—The Kids are All Right

“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness …” —Charles Dickens

Many say this is the worst of times. Do you believe it’s true? Many are scared of a recession and spread that fear as widely as possible because they don’t know what will happen to our economy and their businesses. Salespeople tell me their customers are afraid to make a move because the economy in this country is so bad, and that the “wrong” political party is in power.

Frankly, I don’t believe it. What I do believe is that people like to say things like this because it somehow makes them feel better. Personally, it’s a poor justification for their lack of success. Like everything else, we choose to believe our self-serving theories and opinions rather than the facts—ones that seem harder than ever to come by.

Now, let me turn my attention to Millennials, a group of kids who’ve now turned into somewhat productive adults. Yet our opinions of their rough start in life have us seeing them through a lens that frankly needs a little polishing.

For example, I often hear:

• Millennials are in trouble and are lagging far behind other previous generations.
• Our own American economy is in shambles, and we are in the verge of a major recession.

But these don’t statements don’t ring true to me. They aren’t sound, and they aren’t fact. I did some research on both of these subjects and wanted to share what I found.

An article in The Atlantic¹ dismisses the idea that Millennials are broke and are “breaking” our economy. Born between 1981 and 1996, it’s well known that Millennials got off to a rough start. Author Jean Twenge writes:

“The Great Recession struck just as they entered the job market. But they have managed to make a breathtaking comeback. By 2019 households headed by Millennials were making considerably more money than those headed by the Silent Generation, Baby Boomers, and Generation X at the same age.”

Even more, she says, they are not a “lost generation” when it comes to early career earnings. They went to college and have just entered their peak earning years, with “more earning power than the generations before them.”

So much for that myth.

Now, let’s address their role in the economy. An article in The Economist² suggests that while it feels like our economy is struggling, and maybe it is, we’re still far ahead of the rest of the world. We remain the world’s richest, most productive, and most innovative economy. Yet Americans remain pessimistic about our progress. Even in our poorest state, Mississippi, when adjust for purchasing power, the average income is still higher than that of France. Investments are better as well.

“America has done very well in the past three decades, and it will keep doing so if Americans can avoid narratives of negativity that invite politicians to mess up the next 30 years.”

There you have it. Look up these articles, read them with real intent, and then bring them up the next time someone starts spouting off about how Millennials are ruining the world.

Stop looking for ready-made reasons for our personal inadequacies, whatever they are, and instead ride the waves of opportunity that come with being part of the richest and most innovative country in the world.

It’s only common sense.

References

1. “The Myth of the Broke Millennial,” by Jena M. Twenge, The Atlantic, May 2023.
2. “The lessons from America’s astonishing economic record,” The Economist, April 13, 2023.

Dan Beaulieu is president of D.B. Management Group.