Monday, August 15, 2011

Will This Long Recession Alter Generation Y?

A recent article discusses how Echo Boomers will handle the current economy. Though, the debate about the recession continues to rage ("are we in one or not?"), the economic prospects for the Millennial generation don't look too bright. The prediction from Don Peck:

"Many twentysomethings will emerge from the Great Recession with their earning power permanently reduced, their confidence dimmed and their ideals profoundly changed."

From this article, I'll evaluate how these changes will affect the following, all of which will bring changes to our current economic structure:
1. The 2012 election (Tuesday)
2. Future marriage rates (Wednesday)
3. Economic factors (Thursday)
Recall the the size of the Millennial generation, as these effects will compound with the size of the generation.

For now, however, I agree with the author that assuming things don't change, the Millennial generation will experience a significant decrease in the standard of living of its parents.