Baby Boomers -- my generation:
born between 1946 and 1964 -- dominated politics and the
economy for years.
There were just more Boomers than people of any other generation.
But that’s no longer the case.
Now, the biggest generation is the Millennials, born between 1983 and 2000.
And they’re different from the boomers in 6 important ways that will shape the future.
First, Millennials are more diverse than boomers.
More than 44% of Millennials identify as a race other than white.
And they’re more accepting of immigrants: 69% of millennials think that newcomers strengthen
American society, compared to 44% of Boomers.
So as Millennials gain clout, expect America to become more open.
Secondly, Millennials are more distrustful of the political system than Boomers.
A strong majority think the country is on the wrong track.
Most Millennials disapprove of both the Republican Party and the Democratic party.
Virtually no Millennials -- only 6% -- strongly approve of Donald Trump, compared to 63% who disapprove.
A strong majority -- 71% -- want a 3rd major party to compete with Democrats and Republicans.
So as they gain power, expect a very different kind of politics.
Number 3: Most Millennials have a tougher financial road than boomers.
According to Pew Research, Millennials are the first generation in the modern era,
“to have higher levels of student debt, poverty, and unemployment, and lower levels of wealth
and personal income than any other generation at the same stage of life.”
No surprise, then, that Millennials are living at home much longer than previous generations,
and getting married later.
Millennials will demand changes in how we finance higher education, and what workers
are paid – such as the Universal Basic Income.
Fourth, Millennials view the social safety net differently than Boomers.
As Boomers move into older age, more and more of the federal budget is going into Medicare,
Medicaid, and Social Security -- not into education, health insurance, wage insurance,
or other things the Millennials need.
Many Millennials even doubt Medicare, Medicaid, and Social Security will be there for them
when they retire.
Millennials will demand bigger and stronger safety nets.
Number five, Millennials care more about the environment.
Over 90 percent of them believe climate change is occurring, compared with 74 percent of boomers.
Over 60 percent of Millennials want to reduce the use of coal as an energy source, compared
with 28 percent of boomers.
And over half of Millennials support a carbon tax, compared with 23 percent of boomers.
So, expect Millennials to demand stronger environmental controls.
Finally, widening economic inequality is likely to accelerate unless Millennials take action.
America is now on the cusp of the largest inter-generational transfer of wealth in history.
As very wealthy boomers expire, an estimated $30 trillion will go to their children and
grandchildren over the next three decades.
The tax code allows these lucky Millennials to inherit rich Boomer assets without paying
capital gains on them, and paying far lower estate taxes than previous generations.
So, you can expect Millennials to demand a fairer tax system.
As I said, I’m a boomer -- born the same year as Donald Trump, Bill Clinton, George
W. Bush, and Dolly Parton, among others.
It’s up to you -- the Millennials -- to fix a system we Boomers broke.