'Why millennials are facing the scariest financial future of any generation since the Great Depression.'
But before I get carried away listing urgent and obvious solutions for the plight of millennials, let’s pause for a bit of reality: Who are we kidding? Donald Trump, Paul Ryan and Mitch McConnell are not interested in our innovative proposals to lift up the systemically disadvantaged. Their entire political agenda, from the Scrooge McDuck tax reform bill to the ongoing assassination attempt on Obamacare, is explicitly designed to turbocharge the forces that are causing this misery. Federally speaking, things are only going to get worse.
Which is why, for now, we need to take the fight to where we can win it.
Over the last decade, states and cities have made remarkable progress adapting to the new economy. Minimum-wage hikes have been passed by voters in nine states, even dark red rectangles like Nebraska and South Dakota. Following a long campaign by the Working Families Party and other activist organizations, eight states and the District of Columbia have instituted guaranteed sick leave. Bills to combat exploitative scheduling practices have been introduced in more than a dozen state legislatures. San Francisco now gives retail and fast-food workers the right to learn their schedules two weeks in advance and get compensated for sudden shift changes. Local initiatives are popular, effective and our best hope of preventing the country’s slide into “Mad Max”-style individualism.
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The boomer-benefiting system we’ve inherited was not inevitable and it is not irreversible. There is still a choice here. For the generations ahead of us, it is whether to pass down some of the opportunities they enjoyed in their youth or to continue hoarding them. Since 1989, the median wealth of families headed by someone over 62 has increased 40 percent. The median wealth of families headed by someone under 40 has decreased by 28 percent. Boomers, it's up to you: Do you want your children to have decent jobs and places to live and a non-Dickensian old age? Or do you want lower taxes and more parking?
Then there’s our responsibility. We’re used to feeling helpless because for most of our lives we’ve been subject to huge forces beyond our control. But pretty soon, we’ll actually be in charge. And the question, as we age into power, is whether our children will one day write the same article about us. We can let our economic infrastructure keep disintegrating and wait to see if the rising seas get us before our social contract dies. Or we can build an equitable future that reflects our values and our demographics and all the chances we wish we'd had.