The Myth: Millennials have it easier than the generations before them.
The Facts: LOL.
Every generation thinks they had it the worst, but extensive data shows that millennials have a pretty good argument on their side. Recent grads from the Carter or Reagan administrations entered a booming economy that was adding between 150,000 and 250,000 jobs a month. Today’s college graduates are entering the workforce in major debt, with scarce job opportunities and disappearing industries. In January of 2016, Generation Opportunity reported that the unemployment rate for 18-29 year olds was around 8 percent, which is an epic fail compared to the 3.7 percent for those over the age of 29. Aside from that, the Bureau of Labor Statistics projects a loss of hundreds of thousands of middle class positions due to outsourcing and the development of new technologies, leaving job options for millennials even more limited. The U.S. Postal Service fell from over 700,000 full time employees to 487,000 between the years 2005 and 2014, while travel agencies, newspaper publishing, and mortgage brokerages also took a huge hit in terms of employment growth. And to really put a damper on things, millennials are also making less money. The median income for a 29-year-old millennial is about $35,000, an average salary lower than the previous generation. Cue the tears.