A new government study commissioned by Vermont Sen. Bernie Sanders details how crushing student loan debt and stagnant wages are threatening to make millennials the first U.S. generation with a lower quality of life than their parents.
The Government Accountability Office report (pdf), obtained Wednesday by Teen Vogue, found that millennials between the ages of 25 and 37 have substantially less wealth, lower homeownership rates, and fewer retirement resources than Generation X and the Baby Boomers.
“We must tell the economic elite who have hoarded income growth in America: No, you can no longer have it all.”
—Sen. Bernie Sanders”The millennial generation (those born between 1982 and 2000) might not have the same opportunity as previous generations had to fare better economically than their parents,” the GAO report states. “Millennial households had significantly lower median and average net worth than Generation X households at similar ages.”
In a statement to Teen Vogue, Sanders said the study confirms his fears about the grim financial prospects of young people in the United States.
“If we don’t fundamentally transform our economy, we are facing—for the first time in the history of this country—the possibility that our young people will suffer a worse future than their parents had,” said Sanders, a 2020 Democratic presidential candidate. “We must tell the economic elite who have hoarded income growth in America: No, you can no longer have it all.”
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