10 Reasons Millennials Are the Screwed Generation
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8. Bailouts and the federal deficit.
It’s understandable that members of the Tea Party were indignant about the U.S.’ gigantic federal deficit. But the Tea Party become useful idiots for the banksters and stooges for the 1% when they turned their wrath on food stamp recipients and the poor instead of pointing the finger at the real culprits: Wall Street, bailouts that cost billions of dollars, corporate welfare, the military/industrial complex, the failed war on drugs and the prison/industrial complex. Millennials have spent much of their adulthood with an enormous federal deficit hanging over their heads, and they will spend much of their lives dealing with the cuts to our safety net politicians claim are necessary to diminish the deficit.
9. The George W. Bush administration.
It isn’t hard to see why George W. Bush left office in January 2009 with an approval rating of only 22%: he was easily the worst president Boomers and Gen-X experienced in their lifetimes. Between a record federal deficit, the war in Iraq, the torture of political detainees, the eroding of constitutional liberties and the financial meltdown of 2008, the Bush years were devastating for the United States. And many Millennials, unlike Boomers and Gen-X, had the misfortune of reaching adulthood either during the Bush presidency or after Bush had left behind a long list of problems for the Obama administration to deal with. Certainly, many Boomers and Gen-Xers have suffered enormously because of the Bush years, but at least they had the advantage of being in the workforce before the Bush administration did so much to destroy the country.
10. Unlikely homeownership.
In the United States, banksters went from one extreme to another when it came to mortgages. During the George W. Bush years, many banksters were only too happy to give mortgages to people they knew would likely end up in foreclosure. People making only 15K or 16K were given $300,000 or $400,000 adjustable-rate mortgages with down payments of 3.5% or 5%. But now, some banks have gone to the opposite extreme and are asking for down payments of up to 30% or 40%—and good luck saving that much when the job market is abysmal and rents are skyrocketing in many places. The reality is that unless things seriously turn around, homeownership—which historically, has been a measure of middle-class life—will be out of reach for most Millennials.