A new US government study commissioned by Bernie Sanders’ office has exposed how factors such as crushing student loan debt and stagnating wages mean millennials may be the first generation worse off than their predecessors.
The report, which was obtained on Wednesday by Teen Vogue, found that millennials are less likely to own a house, have less money saved, as well as larger student loan debt than both gen Xers and baby boomers. It also states that the millennial generation may “not have the same opportunity as previous generations had to fare better economically than their parents”.
It also detailed that millennials have more diverse households, with 40 per cent of households headed by someone who is from a racial or ethnic minority group. They are also more likely to be college educated, and marrying, cohabitating, and having children at significantly lower rates than baby boomers.
Sanders, who is the only 2020 presidential candidate who wants to completely wipe all $1.6 trillion of student debts, has proved to be a top candidate for the millennial generation, and has dominated the youth vote consistently. In a statement provided to Teen Vogue, he expressed his concern: “If we don’t fundamentally transform our economy, we are facing — for the first time in the history of this country – the possibility that our young people will suffer a worse future than their parents had.”
He continued: “Our young people did what they were told: they got an education and worked hard. But instead of being rewarded, millennials are now being punished with crushing student debt and low-paying jobs.”
“It is about time we take a hard look at this research and stand up for our young people who dream of making it into the middle class. We must tell the economic elite who have hoarded income growth in America: No, you can no longer have it all.”