Quotulatiousness

May 30, 2012

Boomers versus Millennials

Filed under: Economics, Education, Politics — Tags: , , , — Nicholas @ 09:09

Barbara Kay on an insight into the generational conflict triggered after a waiter dumps a glass of water into her lap:

We were dining at a good bistro. The waiter — early 20s — accidentally knocked a glass of water onto my lap. Suppressing annoyance, I was summoning a gracious smile to acknowledge his forthcoming apology when instead he chirped, “It’s okay, stuff happens.” Stung, I responded, “You’re unclear on the concept. You’re supposed to say ‘I’m sorry,’ and I’m supposed to say ‘It’s okay, stuff happens.’ ”

Our narrowed eyes locked: the Senior and the Millennial (a.k.a Gen Y or Echo Boomers). I was thinking: Your teflon complacency comes from a lifetime of helicopter parents and teachers ensuring you were failure-proofed to protect your precious self-esteem. He was probably thinking: Why aren’t you dead yet so I can get a decent job and afford the meal I’m serving you.

He would have a point.

We’re witnessing an unprecedented generational social tussle. In 1950, people my age were doddering retirees. Today, we’re healthier longer, enjoying still-productive lives. By clinging to our jobs, or starting new ones, we’re blocking the natural economic pipeline. Yet we’re also hanging on to our untenably expensive government benefits, because politicians genuflect before our massive voting numbers, not to mention our tendency to vote in higher proportions than the already far less numerous 18-34s.

But I have a point too. Cossetted, self-satisfied millennials lack humility and competitive drive. They think real life will echo their easy ride through high school and the artificially inflated grades they got for their dumbed-down university courses. An October 2011 National Report Card on Youth Financial Literacy polled 3,000 recent high school grads on their expectations. More than 70% erroneously assumed they’d own their own home in 10 years. The average respondent over-estimated his future earnings by 300%.

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