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More millennials live with their parents than with roommates. We are delaying partner-marrying and house-buying and kid-having for longer than any previous generation. And, according to The Olds, our problems are all our fault: We got the wrong degree.
We killed cereal and department stores and golf and napkins and lunch. This is what it feels like to be young now. Not only are we screwed, but we have to listen to lectures about our laziness and our participation trophies from the people who screwed us. But generalizations about millennials, like those about any other arbitrarily defined group of 75 million people, fall apart under the slightest scrutiny.
Every stereotype of our generation applies only to the tiniest, richest, whitest sliver of young people. And the circumstances we live in are more dire than most people realize. Calculations based on average per-student borrowing in and Source: Projection for the class of based on a NerdWallet analysis of federal data. What is different about us as individuals compared to previous generations is minor.
What is different about the world around us is profound. Salaries have stagnated and entire sectors have cratered. At the same time, the cost of every prerequisite of a secure existence—education, housing and health care—has inflated into the stratosphere. From job security to the social safety net, all the structures that insulate us from ruin are eroding. And the opportunities leading to a middle-class life—the ones that boomers lucked into—are being lifted out of our reach.
It is uncertainty. Earlier this year she had to borrow money to file for bankruptcy. I heard the same walls-closing-in anxiety from millennials around the country and across the income scale, from cashiers in Detroit to nurses in Seattle. But what we are living through now, and what the recession merely accelerated, is a historic convergence of economic maladies, many of them decades in the making.