The Coronavirus Means Millennials Are More Screwed Than Ever
A generation that already expected not to do as well as their parents is likely to take an ever darker view in the midst of a pandemic.
Photo Illustration by The Daily Beast
In the nearly eight years since I first described millennials as “the screwed generation,” things have only worsened for those born between 1982 and 2000—and the coronavirus is now accelerating that slide.
In the midst of a pandemic, millennials are twice as likely to be uninsured as Boomers (PDF). Despite their superior educational credentials, millennials on average earn wages that are 20 percent less than what Baby Boomers made at the same age. Millennials are far less likely to own homes than Boomers were, and those millennials with homes are far more likely to have rich parents.
Seniors may suffer a much higher risk from the virus, but, from an economic point of view, it’s the millennials getting screwed the most. In a new report, Data for Progress found that a staggering 52 percent of people under the age of 45 have lost a job, been put on leave, or had their hours reduced due to the pandemic, compared with 26 percent of people over the age of 45.