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January 11, 2006

Quit Whining and Drink you Starbucks

By Jim Dallas

Dovetailing with a previous exchange over at Greg's place about the sufficiency of 3-ish percent GDP growth (as well as the fact that I've been listening to a lot of old Nirvana albums recently, so I'm already on the level with angst-squared), Daniel Gross of Slate writes that 20-somethings lack the proper perspective on economics:

This is, with apologies to the Broadway musical Avenue Q, the "It Sucks To Be Me" Generation. To hear these authors tell it, college graduates (and twentysomethings who haven't gone to college) are in a world of hurt. The deck is stacked against them: student loans and credit-card debt, budget deficits and McJobs, high housing prices and generational warfare waged by more-numerous baby-boomers...

And so, here we are again. Now, today's twentysomething authors are clearly onto something. College is more expensive today in real terms. There's been a shift in student aid—more loans and fewer grants. The Baby Boomers, closer to retirement, are sucking up more dollars in benefits. There's more income volatility and job insecurity than there used to be. So, why are these books—Generation Debt in particular—annoying?

It's not that the authors misdiagnose ills that affect our society. It's just that they lack the perspective to add any great insight. Writing in the New York Times this weekend, economics reporter David Leonhardt called Strapped, "a grim tale of one-sided generational warfare." Draut argues that "with the possible exception of having a larger array of entertainment and other goods to purchase, members of Generation X appear to be worse off by every measure" than prior generations. Huh? How about the Internet and Starbucks coffee and Lipitor and not having to worry so much about AIDS or crime or Mutual Assured Destruction or getting drafted into the Army and getting sent to Vietnam?

Also, many of the economic issues the authors identify—job insecurity, low savings rate, income volatility, the massive ongoing benefits cram-down—affect everybody, not just twentysomethings. And the people hurt most by these escalating trends aren't young people starting out. They're folks in their 50s and 60s, middle-managers at Delphi whose careers have ended, coal miners in West Virginia who face death on the job, the people at IBM who just saw their pensions frozen.

Today's twentysomethings, by contrast, have their whole lives in front of them...

Gross is probably on to something here; Thomas Frank made the converse observation about the go-go 90's in One Market Under God that (in his view) too many Gen-X'ers were then taking an everything-will-be-okay-forever view of economics. All the applicable criticisms apply - us young people are self-absorbed and lacking in wisdom, etc. Nevertheless, I certainly hope that Gross's valid point doesn't get picked up as an argument for not discussing real structural problems in the economy (like the ones Gross points out himself). Clearly people my age have an even greater stake in economic reform by virtue of the fact that we've got everything to look forward to.

I want to here what you think, commenters. Where should the line be drawn between idle whining and productive social criticism?

Posted by Jim Dallas at January 11, 2006 03:50 AM | TrackBack

Comments

I think anytime I hear the word "end," it's time to plan for "the return of." Inflation was supposedly cured under Greenspan, for instance. To his credit, he's a great inflationary hawk, so we've not gone back to anything close to double-digit inflation. But, typically, when we (and this applies to Gen-Y, Gen-X and even older) believe we've cured something in regards to economics, it usually means we're starting to neglect it as well as it's sources.

The energy of youth is, I believe, rightly directed at asking questions of why things aren't better than they are and seeking ways to reach those ideals. But I also believe that it's up to those who have "been there, done that" to know where to draw the line. As an example, I think the still-recent instances of watching younger friends make the case for gas rationing as gas hit $3/gallon serves as a good case in point.

I think anyone over 35 (or with a fuller reading of history) ought to understand the problems with such an idea. But there's a point about the underlying problem of rising energy prices being one of those things wrong that ought to be fixed. In this case, and perhaps in several others, I don't quarrel that there ought to be a fix within reach ... but that the desired fix being sought just might be horrendously wrong.

How's the old line go again? ... "the truth is somewhere in the middle." Yeah, I knew there was a reason I cling to that statement like a quadraplegic to a skateboard.

Posted by: Greg Wythe at January 11, 2006 08:06 AM

Has nobody out there read a single solitary book by Douglas Coupland? I don't mean his newer stuff (which, sadly, *I* have not read), I mean Generation X and Microsurfs. Recognize any similarities? Twenty-somethings today face the same problems that Twenty-somethings in the early 90's faced. We aren't "whining," there are serious issues and barriers facing us which, in essence, are excluding us from the "real" economy.

In real terms, things ARE dire for our generation. The author of the article mentions all the consumer goods available... which is GREAT if you can afford to pay for them. Of course there are credit cards, which thanks to our Congress, you now absolutely cannot declare bankruptcy on anymore. Add to that the fact that we're an artificial generation without anything "real" to fall back upon (not music, not television, not movies, nothing cultural whatseoever), and yes, things are INDEED that dire!

Looking back Regan created the malaise in the 1990’s and Bush created this malaise…

Posted by: David at January 11, 2006 08:24 AM

"Not having to worry so much about AIDS"??? Yes granted every American who contracts HIV isnt dying immediately since there are new drugs to keep people alive longer, but its still a problem. I personally know people who have died in the last couple years from it and Im only 29, not some 40ish yr old 80s activist of "ye olden days". I also know a couple others who have newly contracted it in the last couple years. That statement by the author is completely ignorant.

And to say we dont have as much crime is also ignorant. In the last 6 years, in two different cities (Dallas TX and Raleigh NC), Ive had my car broken into in broad daylight, been held at gunpoint, my boyfriend was beaten from behind and robbed of groceries. Well man, ya know, I havent been murdered or stabbed yet so I guess that means its safer out there. Ignorant.

But yes I give the guy his due in the fact we have a lot of things easier. No draft (for now). Technology. Easy access to coffee. More of us graduating college even at such a high price.

Posted by: John at January 11, 2006 10:11 AM

there's a false assumption in part of the article you quote. there are nearly as many gen-y'ers as there are baby boomers. sheer numbers should give these "kids" power; it's just that they're not choosing to weild it in any constructive way (present company excluded, of course).

Posted by: anna at January 11, 2006 03:41 PM
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