'The 'full employment economy' that awaits this year’s graduating class looks quite different than the one that welcomed their Gen-X and boomer predecessors'
Talkin’ bout my generation. Photo: Joe Raedle/Getty Images The kids are all left. Or, almost all Democratic voters under 30 are, anyway.
Others attribute millennials’ aberrant fondness for socialism to the Soviet Union’s disappearance into the dustbin of history: Americans who were either unborn or barely sentient during the Cold War’s denouement were bound to find egalitarian economic ideas more appealing than their forebears, many of whom spent their formative years cowering beneath their classroom desks in anticipation of nuclear annihilation at the hands of the reds. And this is surely part of the story.
To see why, consider three remarkable data points from this column by Bloomberg’s Alexandra Tanzi and Katia Dmitrieva: The unemployment rate among recent college graduates in the U.S.
But this story has proven to be little more than a self-flattering delusion of our political class. Our economy only needs so many lawyers, consultants, and financial analysts . Nor, as presently structured, can it sustain an ever-growing caste of well-remunerated coders. We have a lot of elderly people who need help going to the bathroom, and a lot of manual labor that our robots aren’t dexterous enough to perform.
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