Saagar Enjeti: Why This Crisis Is Destroying Millennials, Generation Z

Saagar Enjeti: Why This Crisis Is Destroying Millennials, Generation Z





Saagar Enjeti examines the financial hardships millennials, already in debt and without savings, face in the economic fallout.

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About the Author: The Hill

41 Comments

  1. Another factor going against Mill's, Gen Z, and X' is their chosen college degree's that are just not in demand or have gone extinct since 2009. The internet is full of "the worse ten degrees" lists for pay or employment. High school graduates are in worse shape if they don't go into craft/technical/medical careers. There are many unfilled jobs in the market today but they require using tools and getting dirty every day, driving or relocation. Oh, and remaining drug-free too! Even before 2009, I have worked years trying to staff high-paying blue-collar jobs & technical jobs such as IT, Engr, Sci, Fin & Business, etc.

  2. No college, open a tiktoc and youtube and show them what your good at. Then be noticed. Then you pass on the wealth to the needy. In those people who see your light and virtue will do the same. Because you can influence many people

  3. Way too many millennials are going to college more than the demand for it is. You don't need college for a good job and college don't guarantee you a good job either.

  4. Can I just throw something out there? You're talking about hopelessness and lifetime poverty, and you didn't mention how we are all being brainwashed into thinking we all WANT and need to live longer. I can't tell you how irritated I become with drs who ask me why I don't want to live to 100 and beyond. My retort is usually, "What for?! I'm not even going to be able to quit working after 65. My whole life has always been about working to live. I will die on the job, and I will sleep when I'm dead." Sadly, that thought doesn't make a lot of boomers feel guilty for what they created and/or allowed to happen for the future gens. They truly are the mememe generation.

  5. Adding to the hopelessness is the lack of good jobs for younger generations. All of those service jobs like the coffee shops are all temporary at best. Coffee shops are one of the most competitive businesses with the slimmest profit margins out there right after most basic restaurants that fight for customers. The average coffee shop doesn't even make it to year five anymore. So, they are on a hamster wheel trying to outrun yet another job loss. Add a pandemic to that. Even in Canada, where we pay for our health care through our various taxes up front so we aren't bankrupted after we need medical intervention afterwards, the food and service industry is a hamster wheel. It's been like this for as long as I have been out of college almost 30 years. I can't imagine how long it was like this before 1992.

  6. So what they get to do is what generations of oppressed people have done before them: LOUDLY PROTEST. Why are they not out pressuring for Medicare For All? Why are they not demanding decent sick leave? Why are they not agitating for Housing For All?
    Look at what unions before accomplished! People have sacrificed and fought for improvements. Read about Ludlow and other worker movements
    Read about workplace democracy . Workers fought to own the companies they work for. These generations can also!

  7. come on guys, you can't compare Afganistan and desert strom with WW2 Hitler, Pearl Harbor etc. We've always been at war, Economy has pretty much always been decent, decent enough to where if you stop wining and learn a trade, and move up from there, or study for a degree in a field that is hiring? You guys have every advantage and gadget, communication, instant info… we had corded phones and 4 channels on tv , and newspapers, classified ads.. Generation before me had Vietnam, My Gen was Bush1 and Desert storm and on and on it goes, "what do WE have to look forward to?" you ask…you know what you sound like? a winy kid crying because he didn't get a participation trophy

  8. You two look like the ages of my son and daughter which would make the both of you successful millenials as well. Am I wrong? Maybe the difference is there was no one in my children's lives giving them excuses for not working hard. You can not have everything you want straight out of high school. You also can not have everything you want right after spending 4 to 6 years amassing enormous amounts of debt attending college that you don't have the cash to pay for. Go to a community college for your Gen Eds. then wrap it up at the University afterward. That would save you THOUSANDS. You only get the things you want after working a JOB to pay for said things, and it's NOT possible to PAY for said things right out of college when you will now have to work for years and years to pay for the years and years you spent NOT working but instead going to said college. Our generation had struggles as well. Nobody gave me what I now own. I did not have wealthy parents or anybody else giving me anything. Listen up kids. Work hard, it takes YEARS of hard work and dedication and you will be able to buy a home and pay for your health insurance. Maybe if you start saving early, you can leave that job and use your savings to pay for college to then pursue your DREAM job. STRUGGLING MILLENIALS ,,,,YOU ARE ALL TRYING TO DO IT BACKWARDS AND GETTING YOURSELVES IN DEBT FOR WHICH IT WILL TAKE MOST OF YOUR LIFE WORKING TO RECOVER FROM. QUIT LISTENING TO PEOPLE WHO TELL YOU THAT YOU DON'T HAVE TO GO TO WORK. YOU REALLY DO IF YOU WANT THINGS LIKE HOUSES, CARS, HEALTH INSURANCE, SAVINGS ACCOUNTS, JET SKIS, BOATS, MOTOR HOMES. The only ones that works out for are Doctors and Lawyers and it doesn't always work out for them either.

  9. When most families can live on 40,000.00 a year and still manage to buy a nice home, drive a nice car, and provide all their family's needs I really don't understand why SOME from this same generation can't seem to get it done. Not one of the families within my family, meaning myself or my children who are raising families of their own, or my grandchildren raising their family, make over 60,000. a year.All of my kids and grandchildren are of that generation and they have ALL done well. They all live in very nice homes that they worked hard and saved for. None of them are doing without a damn thing. Youngest daughter on her own with 1 child in Topeka Kansas earning 30k a year is buying her nice 2 bdr. home, owns a nice car and has a good life all done ON HER OWN dime after having to leave college for financial reasons. My son in Amarillo Texas with his school teacher wife, 3 kids, is buying a super nice 4 bdr. home, nice vehicles, combined income just under 60k. Oldest daughter stay at home mom, law enforcement husband with a little part time work on the side, small town Oklahoma, bought a nice 4 bdr. home, decent vehicles 35k with 4 kids at home, 1 in college and 1 starting her family which leads me to this one. Grand daughter who clerks at a law firm, she left college after deciding work was more lucrative than college at this time, husband is national guardsman who works as an airplane mechanic, 1 child with 1 on the way, buying a nice 3 bdr home near Ok. City, and have nice vehicles with a combined income of 45k. I worked hard to instill good work ethics in the children I raised (alone I might add).I raised those 3 on less than 30k a year and still managed to buy my home, my car, our groceries and anything else we needed. If there is a city or state where that kind of money does not provide for a decent life, then the people who live in those places need to come together and change that, or move to another city/state. Even if it means walking away from a home you can no longer afford, filing bankruptcy, and starting fresh in a new city or state with bankruptcy forgiveness laws such as Texas. With NO college degree you can earn 30k plus a year with great health benefits at the Texas Department of Criminal Justice, Hillmar Cheese, Tyson Food.U.S.P.S. and many others. Places where that income will allow you to own a very nice home and provide a good life for you family. BTW colleges are also affordable in these places so you are not limited to the jobs I mentioned. You are NOT trapped in Manhattan or Los Angeles or anywhere that a person goes to work earning only enough to spend the rest of their lives paying off college student loans. THAT'S INSANITY. Maybe their first class should have been about whether or not what they are about to go into debt learning will ever pay them back for having learned it in the first place.Too many colleges talk these fresh out of their parents homes, vulnerable kids, with no concept of debt, into taking a lot of super expensive classes, that they know will never benefit these kids and then tell them it's okay to accept a government loan to pay for it all. They should NEVER be able to sign for these student loans without the aid, advice or signature or something of a parent or FREE legal representative. Realized that I should have included birth years are all between 1981 and 1995. All of these families (except the one with 4 kids at home and 1 in college), have managed to put 10k to 25k into savings accounts as well. The single mom has started an investment account and the teacher family has started college savings accounts. In sitting here, recounting to all of you what my millennials have accomplished, I struggle to understand what has befallen the majority of this age group. I mean I guess it's the majority of this age group, otherwise we wouldn't hear so much about how hard their lives are all of the time. I have exactly 3 children, 1 daughter in law,1 grand daughter and 1 grandson in law all born of that generation and ALL of them have jobs they don't HATE, may not love them but they meet ALL their needs and afford them good lives. My son in law is a bit older. That's six millennials and six success stories. What the heck seems to be the problem with all these kids/ young adults.And my GEN Z grandchildren will GO TO WORK just like their Millennial parents did, and they will GET exactly what they work for and EARN. If they make bad choices early on, it will take them that much longer to get it. My grand daughter and her husband learned that lesson the hard way. They are now successful for sure but instead of building that savings like everyone else has, that has been delayed while they pay off student debt. These were the Bernie Sanders supporters of the family. They wanted free health care, free college tuition and student debt forgiveness. They knew they couldn't afford college but instead of leaving on good terms, they accepted those loans against the advice of the elders in the family. Now they are behind the curve. I truly believe the reason Mr. Sanders campaigns never fully succeeded was that the majority, not all, but the majority of Americans do not want to reward bad early life choices. Not everyone wants to give them the very things everyone else spent years working hard for.

  10. Be quiet. You don't care about young people. You'd subject us to four more years of Donald Trump destroying our planet in the long-term for your short-term ambitions for power. They weren't kidding when they said power corrupts people to act uncharacteristically.

  11. these days kids expect free college education – why? its their choice and why should everyone else pay for it. then they expect to be as wealthy as people whove worked all their life or they feel undervalued. the concept of starting a job as a junior then learning and working up is foreign – they expect high level and high paid roles immedialtey – they want the best homes now – rather than a small one then upsizing as they grow in life which we all had to do. why is that so hard to deal with? work hard and over the years the reward will come

  12. Seams like the only logical thing for millennials to do is go out onto the world and spread the virus amongst all the baby boomers and inherit the money. Sounds evil and cruel but the reality is that is what the world generated for them. Houses will become cheap and upper income jobs will be available for them 👍
    The haves don't care about the have nots. Why should they care? Do you think the sky God will hold them accountable? I don't

  13. So back at the turn of the last century a young man could get a job at a cigarette factory, get married and buy a house and raise a family. All on a single person income. Maybe the CEO and his upper management team don't need to be collecting the six and seven figure compensation packages that they collect today. Are unions the answer as China and Vietnam's are not.

  14. I see a lot of complaints against Capitalism in comments. Next you get a chance, have a look at Venezuela. But I fear Socialism is coming going by the power hungry not wanting (or daring for their own safety) to set you free. They've been trying to disarm you for generations, for obvious reasons. COVID: Certificate Of Vaccination I.D. Agenda 21 anyone? They couldn't install Socialism using the global warming fraud, so now this approach. It's not US that's sick, it's THEM, the "Powers That Be™©®". Drones flying overhead, not allowed to surf alone etc., yet I can STILL GET A TAXI?! None of it makes sense and expect more of these "scares" in future using the "saving lives" narrative without proof as always. They're drunk on power and should be quarantined in Antarctica, permanently.

  15. They say respect your elders, but I’m having a very hard time since look what they voted for over time! Our reality today is what they intended and voted for for us, right??! But then I look around our current political reality. I wonder if our elders, as voters, had any more choice then than we do now. And what are we doing now? As the general block we will be looked at as? We’re choosing between two criminal rapists and telling young and minority voters to find someone who cares to be as blindly loyal to if they want a day in the sunshine. I can only imagine what our children will think of us. At least our elders have the excuse of not being informed.

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