Carolina Journal Radio’s Mitch Kokai recently talked with Paul Conway of Generation Opportunity about the sobering situation faced by the Millennials.
Kokai: Why has this situation come to pass for young people?
Conway: [A] couple of different reasons. One, when you have an economy that’s down and you have a federal government that’s pushing policies that are high-tax, high-regulation, [that] creates a great deal of hesitancy among those who have the courage and the means to invest and create more jobs.
The second interesting dynamic that you have going on is older workers are staying in the work force far longer because they’ve lost money for retirement and those things, so they want to keep working. That dual dynamic of the lack of the creation of entry-level jobs and older workers staying in longer has created, pretty much, a double whammy for those who are young and trying to find work.
Kokai: Among the young people who you are working with and talking to, is there much of an understanding that this phenomenon is taking place? Or do they get the tie between what’s happening with policy and the economy, and what’s happening for them personally?
Conway: They very much understand it. As a matter of fact, 77 percent of young folks have already indicated that they have either delayed or will delay a major life decision because of the bad economy. That includes buying homes, 44 percent, saving for retirement, 28 percent, 27 percent are putting off paying off student loans, 18 percent are putting off the decision to get married, and 23 percent are putting off the decision to have kids.