Young People and the Narrative of Struggle

Have you noticed how much young people seem to be struggling these days?

You’ll find similar sentiments echoed across platforms like TikTok and Instagram, emphasizing that “the youth today can’t seem to advance!”

A popular meme suggests that when baby boomers were younger, it was possible for families to own a home, a car, and send their kids to college—all on one income.

“That’s a fantasy,” economist Norbert Michel argues. “Things are actually better now.”

On social media, many young people voice the opinion that, “Most people aren’t living in their own homes because they’re just too pricey.”

It’s true that houses have become more expensive, but census data reveals that a higher percentage of Americans own homes today compared to when I was young.

My house, for instance, has central air and a dishwasher—luxuries that weren’t the norm before. It feels like we expect more now.

Young people today also have more financial flexibility. Research from the Bureau of Labor Statistics shows that Americans spend less of their income on food, clothing, and housing than in the past.

As Michelle points out, “We have more access to things now, and we don’t have to work as hard for them. Going out for dinner is just part of life.” That wasn’t the case when I was younger.

Traveling used to be a rare treat. People had less money, and flights were significantly more expensive. Adjusted for inflation, the cost of a cross-country flight was about $1,000; now, it’s around $300.

“Vacations just weren’t an option,” Michelle recalls.

Yet, stories suggesting otherwise are gaining traction.

There seems to be a push for a more socialist viewpoint among young people. They’re told that capitalism fosters inequality and doesn’t always deliver the goods.

“The landscape has shifted for younger generations. The odds are stacked against many, making hard work insufficient,” notes Jeremy Nay, a professor at Columbia Business School.

Michelle responds, saying, “The myth that no one had to work hard isn’t true. My dad would have laughed at that. Opportunities today are greater; jobs are plentiful.”

It’s evident that this generation is doing relatively well. The current unemployment rate stands at 4.3%, which is nearly half what it was when I was younger.

In fact, Gen Z’s average household income is about 50% higher than that of the baby boomers at the same age.

About college, the meme implies that families could afford to send their kids. Well, back then, it wasn’t quite as accessible; tuition in 1963 averaged around $39,307 when adjusted for inflation, compared to today’s roughly $10,542.

Still, a significant portion of the workforce at that time didn’t even graduate high school, as Michelle points out.

And yes, families were able to own cars, but not like the ones we have now. The vehicles of the past were less safe and less reliable compared to today’s models, which last much longer.

So, why perpetuate the notion that today’s generation is faring worse when, in reality, things seem improved?

“It’s a political narrative,” Michelle explains. “It’s easy for politicians to declare, ‘I’ll make it better.’”

This echoes sentiments expressed by former President Donald Trump, claiming “We’re not the great country we used to be!”

“People often lean towards pessimism,” Michelle laments. “It’s unfortunate because, on the whole, life for most people is improving.”

That internet meme might be more accurate if it read:

“Once, families could rarely afford to eat out or fly anywhere, yet they managed to own a small house and a less reliable car while sending fewer kids to college—all on one income.”