What are millennials waiting for?

Posted by George Weber on June 2, 2020

An Independent’s, moderate’s, and millennial’s call to action

A recent article in the Washington Post titled “The unluckiest generation in U.S. history” discussed the fact that millennials, since entering the work force, have experienced slower economic growth than any other generation. The primary reason for this is the number of major economic downturns that have occurred recently.

But they are unlucky for other reasons also. They are growing older in a country and a world where:

• climate change is getting worse and going unchecked because of ideological beliefs.
• where the health care system in the U.S. is worse and yet twice as expensive as other developed countries.
• where our national debt is at record levels and getting worse by the day, something we will all need to pay for soon.
• Where the middle class is dying out while foreigners and the wealthiest 10% own nearly all of the stock market.
• Where the family unit and personal responsibility is declining which is resulting in many associated problems.

And from a financial standpoint, this is not the way it should be. We live in what is by far the richest country in the world. The IMF estimated GDP per capita for the U.S. in 2019 was over $65,000. There are only a few smaller countries that have a higher level of wealth.

In a Time magazine article a few years ago, Warren Buffet pointed out that most American children are going to live far better than their parents did and that large gains in the standard of living of Americans will continue for many generations to come. This is based on the fact that GDP growth, although relatively low in recent years, will still be higher than population growth. If GDP growth is 1.2% greater than population growth over the next 25 years, or one generation, our current per capita GDP will increase from $59,000 (at that time) to about $79,000. This of course assumes that the wealth is evenly distributed, which it is not. And this is due primarily to the imbalance that exists in the stock market between shareholders and employees.

With all of the recent protests over the killing of George Floyd, I can’t help but wonder why there isn’t and hasn’t been more dissent about the issues that I mentioned above, issues that impact our entire population. Many people who agree that these problems need to be addressed seem to be so complacent about all of the major issues facing our country. And this goes especially for millennials who, for the most part, don’t have as bright a future as previous generations had.

The only way to change what is going on is for Independents, moderates, and millennials to have a say in governing our country. We need our own political party. Join with others who understand that the problems that we are facing are due to our failing two-party political system.  Volunteer and support the Alliance Party (http://theallianceparty.com). This is the only way you can help to save our democracy, our country, and your financial future. Nothing will happen without you.