
How do Generation Y reconcile their inflated sense of their own economic value with the looming prospect of ever declining incomes and living standards?
I recently had the chance to briefly talk to the son of one of my colleagues. He stopped by the office the other day to have lunch with his mother. He was noticeably giddy with the prospect of his impending graduation from college. Always interested in what members of Generation Y imagine the future to bring, I asked him what career he’d like to enter into upon graduating. With a self-satisfied smile on his face, he proudly exclaimed, “Finance!” When I asked why he wanted to go into finance, he answered, “Because I’ll be able to go into the office for maybe five or ten hours a week and bring home about $200,000 a year — to start.” He then proceeded to enumerate all the baubles he was going to buy with his easily-earned pile of cash: Beamers and bottles of Moët, silicon-enhanced female chests straining against blouses, yachts, private coves and all the rest. He was going to live the Goldman Sachs dream, he declared, and he wasn’t going to have to lift a finger to do it.
Perhaps this prodigal son of my co-worker can achieve such a standard of living skimming the American economy for its rapidly dwindling social surplus, but I doubt he can do it in five to ten hours a week. Yet it seems members of Generation Y are convinced they can do it, despite one of the worst recessions in recent American history. The March 2010 edition of The Atlantic Monthly features an article by Don Peck entitled “How a New Jobless Era Will Transform America.” Peck reports:
Many of today’s young adults seem temperamentally unprepared for the circumstances in which they now find themselves. Jean Twenge, an associate professor of psychology at San Diego State University, has carefully compared the attitudes of today’s young adults to those of previous generations when they were the same age. Using national survey data, she’s found that to an unprecedented degree, people who graduated from high school in the 2000s dislike the idea of work for work’s sake, and expect jobs and career to be tailored to their interests and lifestyle. Yet they also have much higher material expectations than previous generations, and believe financial success is extremely important. “There’s this idea that, ‘Yeah, I don’t want to work, but I’m still going to get all the stuff I want,’” Twenge told me. “It’s a generation in which every kid has been told, ‘You can be anything you want. You’re special.’”
This profound disconnect characterizing Gen-Yer’s self-perceptions is partly due to the absurd tendency of modern parents constantly to enforce that sense that their child is unique and special even when the child in question might be quite unremarkable. Peck goes on to cite Jean Twenge and he her 2006 book, Generation Me:
Twenge notes that self-esteem in children began rising sharply around 1980, and hasn’t stopped since. By 1999, according to one survey, 91 percent of teens described themselves as responsible, 74 percent as physically attractive, and 79 percent as very intelligent. (More than 40 percent of teens also expected that they would be earning $75,000 a year or more by age 30; the median salary made by a 30-year-old was $27,000 that year.) Twenge attributes the shift to broad changes in parenting styles and teaching methods, in response to the growing belief that children should always feel good about themselves, no matter what. As the years have passed, efforts to boost self-esteem—and to decouple it from performance—have become widespread.
Certainly this is a disaster in the making. When an entire generation (Yes: there are always exceptions) expects instant success and riches, but then lacks the problem-solving and coping skills to handle not getting those riches immediately, well, there’s not a WPA-like organization powerful enough to channel the impotent and muddle-minded rage that is bound to result. Which is sad, because while recessions tend to demoralize as they impoverish, they also force one to fall back upon certain intellectual and spiritual resources. Long bouts of unemployment (eased, one hopes, by benefits extended into the far future) can allow a formerly overworked person to pursue hobbies and intellectual avenues they otherwise lacked time for — avenues that might empower and enlighten. But according to Twenge, Generation Y lacks the very intellectual stuff to pursue those avenues; they’re too busy mirror-gazing, Facebooking and waiting for that dream job to bounce into their laps. Read the rest of this entry »