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OpEdNews Op Eds    H1'ed 11/16/22

Dear Millennials & Zoomers: I'm Sorry We Didn't Stop Them

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Reprinted from hartmannreport.com

Millennials today hold only 4.6% of the nation's wealth and, along with Zoomers, struggle to own a home & are deeply in debt. What happened? In a word, Republicans"

Sorry in Sydney, Australia -sky writing, National Apology Day , National Sorry Day 2015
Sorry in Sydney, Australia -sky writing, National Apology Day , National Sorry Day 2015
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Dear Millennials & Zoomers: I'm Sorry We Didn't Stop Them

Dear Millennials and Zoomers: back in the 1980s a lot of us worked like hell to try to stop the Reagan revolution. We failed. The next two years may be our last chance to save American democracy, our environment, and what's left of the American middle-class.

When my Boomer generation was the same average age as the Millennial generation is today, back in 1990, our generation held 21.3% of the nation's wealth. Louise and I shared in that wealth; although we were still in our 30s, in 1990 we owned a profitable small business (our fourth) and a nice home in suburban Atlanta.

That was, in fact, the "American dream." It was normal then.

My dad (born 1928), who worked in a tool-and-die shop, was able to buy a house, a new car every two years, and take a two-week vacation every year because the middle class in America before Reagan had a pretty damn good life. He retired in the 1990s with a full pension that let him and my mom travel the world.

Millennials today, in contrast, are about the same number of people as Boomers were in 1990 but hold only 4.6% of the nation's wealthand, if they're the same age I was in 1990, they're most likely struggling to own a home, are deeply in debt, and find it nearly impossible to start a small business.

Yes, you read that right. Boomers in their 30s owned 21.3 of the nation's wealth; Millennials in their 30s today own 4.6% of the nation's wealth.

And the story for Zoomers is pretty much the same. As a Bank of America research report noted:

"Like the financial crisis in 2008 to 2009 for millennials, Covid will challenge and impede Gen Z's career and earning potential."

Similarly, a Stanford University study that looked at Zoomers shows the consequence of Trump's disastrous handling of the pandemic:

"[C]ollege graduates who start their working lives during a recession earn less for at least 10 to 15 years than those who graduate during periods of prosperity."

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Thom Hartmann is a Project Censored Award-winning New York Times best-selling author, and host of a nationally syndicated daily progressive talk program on the Air America Radio Network, live noon-3 PM ET. www.thomhartmann.com His most recent books are "The Last Hours of Ancient Sunlight," "Unequal Protection: The Rise of Corporate Dominance and the Theft of Human Rights," "We The People," "What Would Jefferson Do?," "Screwed: The Undeclared War Against the Middle (more...)
 

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