We've heard a lot recently about Millennials and their economic woes. The generation is having trouble finding jobs, drowning in mountains of debt and living with their parents to make ends meet.
In a recent story, The Atlantic, called it "The Cheapest Generation" as young people continue to hold off on the purchasing of cars and houses. But is that due to their economic struggles or a changing ideology on major purchases?
From The Atlantic:
The Great Recession is responsible for some of the decline. But it's highly possible that a perfect storm of economic and demographic factors--from high gas prices, to re-Čurbanization, to stagnating wages, to new technologies enabling a different kind of consumption--has fundamentally changed the game for Millennials. The largest generation in American history might never spend as lavishly as its parents did--nor on the same things. Since the end of World War II, new cars and suburban houses have powered the world's largest economy and propelled our most impressive recoveries. Millennials may have lost interest in both.
The authors of this story, Derek Thompson and Jordan Weissman, join The Daily Circuit Wednesday to discuss the phenomenon and the long-term outlook on car and house sales in America.
Why aren't young people buying cars and houses? Comment on the blog.