Boomers and Gen Xers, This One's for You

My hill to die is on advocating for Gen Z and young people. Nothing gets me fired up like hearing old generations complain about how horrible the young generations are. We’ve all heard the stereotypes – millennials are lazy, Gen Z is entitled and so on. But the reality is each generation brings something unique to the table, and as a society we need to move forward and start recognizing and appreciating those differences.

Recently I watched “The State of Young People” by Scott Galloway and some of the facts shocked me. I ask anyone that is over the age of 30 to take a minute to read this newsletter. There is a huge gap between generations that needs some serious bridging, and we are all in this together!

Please note, all statistics below have been taken from” The State of Young People” by Scott Galloway. 

The way I see it, America has broken its promises to young people. The whole work hard, play by the rules, and you’ll be better off than your parents, yeah turns out that’s not exactly true anymore. Young people today are making less than their parents did at the same age, and don’t even get me started on student debt. Actually, on student debt here is something interesting: Harvard’s undergraduate class size for almost half a century has been static at 1,600, while its endowment has grown nearly 500% - AFTER inflation. As Scott Galloway says when your asset base is up sixfold, but you purposely do not increase production, you are no longer a public servant but a Chanel bag. So, it seems that the education system is operating as a hedge fund now.

But here’s the thing: it doesn’t have to be this way. We have the resources and the know-how to level the playing field and give young people the opportunities. Of course, this will happen only when we put age limits and term limits in the government. With no age limits nor term limits and incumbent reelection over 90%, congressional seats have become lifetime appointments. 

In 1989 adults under 40 held 12% of household wealth, while those over 70 held 19%. Today those numbers are 7% and 30% respectively.

During the financial crisis in 2008, while young people were struggling to find jobs, older folks were scooping up stocks at bargain prices.

During the financial crisis Amazon and Apple were $7, and Netflix was at $12. Ever since, assets have been inflated, corporate taxes have been decreasing and bailouts are financed on the backs of young people.

But it’s not just about money; it’s about trust and respect too. Why should someone 80 years old get to decide what happens to my future? It’s time to start listening to young people and give them a seat at the table.

From the ‘70s to 2019, we’ve slashed senior poverty from 17% to 9%, while child poverty surged from 16% to 19%. Are we cutting senior poverty at the expense of exacerbating child poverty? 

Generation Z and young Millennials, or as I like to call them, Zilenials, drive the economy and fund services consumed by the elderly. Without them, social security faces bankruptcy, debt service will devour the federal budget (we are almost there), and the commonwealth will crumble.

We demand more opportunities and trust in the younger generation. I think it is obvious that young people can’t afford to have kids. In 1990, 60% of people aged 30 to 34 had one child, compared to a mere 27% today and that’s just sad.

Here’s my favorite quote from Scott Galloway: “We are economically attacking the young, but we’re also attacking their emotional and mental well-being.” Scott underscores that Mark Zuckerberg, while amassing a fortune, has inflicted more harm upon young people than anyone in history.

I am not claiming that the young generation is flawless, there’s ample room for improvement, and wisdom to be gleaned from older generations. But unless we bridge the divide and engage in meaningful dialogue, we’ll squander invaluable opportunities for growth and learning. Next time you wonder why young people don’t need advice from their elders, I suggest you to watch Scott Galloway’s State of Young People.

If you share my passion for narrowing the gap between generations, please reach out. I’m working on initiatives aimed at fostering understanding and collaboration between young and old.

Happy Friday and have the best weekend ahead!