May 12, 2008

Raw Deal Fuels New Deal

Posted by Ally Klimkoski at 12:28AM

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This weekend Demos hosted a conference that focused solely on the economic black hole the Millennial Generation seems to be spiraling into.

"This generation of young people are engaging in politics in a way we haven't seen for a long time," said Tamara Draut, Director of the Economic Opportunity Program at Demos, author of a new report, "The Economic State of Young America," and also a book entitled Strapped: Why America's 20-and 30-Somethings Can't Get Ahead.

"They are reeling from the effects of a decades-long retrenchment in the investments and public policies that helped previous generations work or educate their way into the middle class. This conference is the first step in building a sustained movement of young people to repair our social contract and build a better future."

In conjunction with The Center for American Progress, a recent report was released regarding the state of the economy and its specific effects and attitudes for/by young people. On the conference call linked from the CAP page above, Tamara Draut specifically says that "Millennials are having the hardest time educating themselves into the middle class."

Her recent article in the March edition of the American Prospect also says that 18-29 year olds are

"very likely to be the first generation to not surpass the living standards of their parents. Evidence of their declining economic opportunities and security abound, from widespread debt to lower earnings in today's labor market for all but those with advanced degrees."

Mike Connery's recap of the conference call and report details a fascinating point:

"The real significance of CAP's research is that all the data is compiled from long-term studies and surveys. That allows them to speak not only to the concerns of Millennials, but to compare those concerns to those of Generation X and the late Baby Boomers when they were of a comparable age. In doing so, they help dispel the myth that voters become more conservative as they age (what the study calls "lifecycle factors"), and paints a picture of a generation that is far more progressive than its predecessors ever were. The CAP report argues that this is evidence of a long-term, generational shift towards a more progressive set of political beliefs.

Paul Starr has some potential ideas for building the young middle class in his piece A New Deal of their Own:

"Beyond health care, however, the GI Bill may provide the most relevant model. It was the one concerted effort in recent history to focus public resources on expanding opportunity for young adults, and it had a big pay-off in postwar prosperity."

I really love Jack Cafferty on this:

I wish I had some answers, but if I did, I'd probably be writing somewhere a lot less entertaining. What do you think is the worst place you are feeling the squeeze?