How Millennials Are Destroying the Economy?

“Baby Boomers” built it, and millennials are destroying it! It is the claim, which should be thoroughly researched and investigated. Blaming the already depressed millennials for destroying the economy will not make any difference, rather it would decrease their self-esteem further. It is an undeniable fact that more millennials are living at home as well as lacking self-esteem, job-satisfaction, finance, and so forth other issues. However, to investigate this issue like any other problems, the focus should be on the root causes. In context of the history, millennials are the generation born in 1984 and after, which are with the evolution of time titled as narcissistic, self-interested, unfocused, lazy, etc. Such titles are stereotyped because the number of millennial population are still not able to become independent: have their home, pay their own bills, and so forth living expenses. On the contrary, blaming a complete generation for specific action or series of actions leading to economical mishap is not just wrong but a logical fallacy. It is also a noteworthy fact that baby boomers around twenty to twenty-four years of age were married, living independently, and paying their expenses; whereas, major population of millennials in the age of 30s are living in their parents’ home. Furthermore, the market is more open to the young individuals now than before, so how the economy is damaging. The main issue lies in the roots: Parenting, Technology, Impatience, and Environment, because the millennials are brought up in an atmosphere totally opposite to the baby boomers. Parenting plays a vital role in characterization of any individual; comprehending them to move with society. However, it is believed that millennials are destroying the housing industry. According to Larissa Faw in Forbes magazine, the millennial lifestyle is unbalanced as far as financial reality is concerned. They are getting everything in hands by their parents just because they want it, which is destroying their eager to get one on their own. She further said that instead they establish their aims to get a Lamborghini, their moto is “Life is short, get me a Lamborghini, Dad.” Such parental attitude makes the young generation feel that they are special, and when they step outside their homes into a professional world, where one is valued due to his work, they get depressed. On the contrary, Jim Tankersley –  in his article in The Atlantic –  is against this parental issue, he says that the financial help from parents is the need of millennials because of several reasons. The one cause that he highlighted the most is that the college tuition expenses are increasing day by day than it was before: In 1967, it was around $6,800/year, which is almost doubled today, $13,300. The taxes are increased as well; whereas, the boomers enjoyed low taxes. Such increments in the debts are restricting millennials to grow. Therefore, it clearly proves that millennials are facing definite hurdles to make on their own as compared to the baby boomers, and parents are just a helping hand. Technology has proven to decrease the time paradigm; the world has become faster and more advanced. However, another aspect is that technology is considered to have imparted negative effects among the millennial population. It is a common known fact science has discovered that texting or being on the social media is addictive due to the dopamine chemical in the brain. Technology has become the constant companion of the millennials, which has brought them in a position where they are struggling between the real world and the technological virtual words, resulting in a high depression. The science has proved them too much on a social media is causing a high depression among the young generation. This is because, seeing other enjoying or buying expensive things, the individuals are feeling low. Furthermore, seeing other succeeding, they are distracting from their own dreams and are compelled to follow others dream: life in other shoes. Even though, the millennials are depressed or worried, they prefer not to share due to the fear of getting bullied, they’d rather they pretend as happy, which further makes them depressed. The point is not that social media is wrong, but millennials have failed to balance it. According to Alex Williams – in an article in New York Times, the millennials have been busy in searching for fake relations over apps, such as Tinder, which is developing the hook-up culture instead of a healthy relationship. Furthermore, they have lost the charm of going out for fun, rather watch movies on Netflix and other online platforms. This might result in destroying the cinema culture, and cinema business – resulting in a damage to economy. The last two factors “Impatience” and “Environment” are linked with each other; both are mostly observed in colleges and workplaces as far as economy is concerned. Millennials are blamed to drop out of the college due to impatience, because they constantly fight with their mind about “Is it for me or not.” This is because of the wrong career counselling (the environment in which they are brought up) at early age. According to Jim Tankersley in NY Times article, “The first time I bested my dad in an argument, I was in fourth grade. I wanted to play football, and he said it was too dangerous. With my mother’s help, I trekked to the public library and pulled up some research showing that youth football was perfectly safe.” Such restrictions are also stopping the millennials to meet the fast pacing world, because the football team has age limits so does the other organizations to start work, such as Army, Police, etc. Furthermore, the millennials are also blamed to have impatience at workplace, they resign from their position in two years after joining. On the other hand, Kristen Doerer in Public Broadcast Service asserted that the wages and the environment is the big issue. For instance, he quoted the Pew Research Center report, which signifies that earnings of millennials instead of increasing has further decreased now than in 2007. In 2007, the weekly earning was $966, which is $951 now. Thus, it is not the millennials who are stepping back from the employment satisfaction or patience, it is due to the restrictions and low-wages. It is also true that millennials are comparatively more dependent on parents then baby boomers, which is destroying the housing industry and so the economy. Moreover, it is true that millennials are somehow distracted due to the technology, which has majorly imparted negative effects, causing the young generation unfocused and little too off-tract from the realities of life. However, we cannot control the technology, nor we can stop it; what we can do is to balance the real-life vs the virtual life. Moreover, the parenting, workplaces, and environment should be taken into serious consideration to enable the upcoming generation to make best decision with more patience and vigilance, so that they can enable themselves to become independent and help boost the economy with their contributions. Notwithstanding to such solutions, the corporate and government agencies should minimize the taxes to help young entrepreneurs and professionals grow without struggling with their depts.