Millennials born in 1980s may never recover from the Great Recession

According to a survey of "The Lost Generation?" By the new Federal Reserve Bank of St. Louis, the typical household's net worth is 34% lower than the net worth of households born in the 1980s.

To make matters worse, after the economic recession, the typical family of the 1980s died between 2010 and 2016. These people were the only age group of the six cohorts studied in the mid-20s and 20s of 2016 and 30s.

The report is based on the Federal Reserve 2015 Consumer Finance Survey of the Federal Reserve Board.

Not only people born in the 1980s were worse than expected. Americans born in the 1960s and 1970s lost 11% and 18% respectively in 2016. I am worried, but these people (now generally in their 40s and 50s) have significantly reduced the gap after 2010.

At the same time, the value of the older generation is higher than expected, and those born in the 1930s did their best at over 17% of the anticipated value.

"The disparity between rich and poor has greatly expanded as a result of the great depression and the result as young as young," the study said.

Low-level wealth is not due to insufficient income. In fact, the income of people born after 1960 is roughly consistent with expectations.

Instead, the problem is likely to be the outcome of debt and home ownership. Families led by people born in the 1960s and 1970s were more likely to own a house before the Great Depression. However, their home ownership rate was significantly lower than expected after 2016. However, with the recovery of the real estate market in recent years, people possessing real estate can recover some of the assets.

However, children in the 1980s were generally too young to own a house before the Great Depression. By 2016, less than expected, less than 45% of those buying houses

However, they still have a lot of debt, which increases their economic vulnerability. To make matters worse, the main types of debt they owe are student loans, car loans and credit card debt. Unlike mortgages, these loans do not fund the valuation of assets such as real estate. This is one reason why these families have failed to increase their assets over the past few years.

The Millennial generation born in the 1980s faced a "difficult task" when recovering the net worth. The report found that this could have long-term consequences

"The fact that many families suffered a great wealth retreat during the main income and wealth accumulation is due to the fact that they purchase homes and offer university tuition to children and have a large savings goal including retirement I raise the question of whether we can rebuild wealth to achieve. "It says

On the bright side, children in the 1980s had two things. They have plenty of time to get on the road, they are the most educated generation with the best income potential

"The incomes and wealth trajectories of this generation are more likely to be steeper than previous generations and ultimately allow many families to achieve their wealth goals," the study says It was.

Millennial generation represents the demographics born from the early 1980s to the beginning of the 21st century. As a group, they matured in times of turbulent change. September 11, the Great Depression and ICT changes changed every aspect of people's daily lives. The birth of the world's millennial generation is almost indistinguishable from the world they currently live in. There are many questions about what this group can politically do, what can be done, and how to achieve it. In the 2012 presidential election, people aged 18 to 29 occupied over 21% of the voters. Nevertheless, only 50% of the 50s are voting. In the recent middle elections, only 13% of the Millennial generation voted.

In some areas of our community, people think that nothing of the Great Depression, of course, has completely recovered from the recession in the early 1980s. They were forgotten, neither party heard their opinion. Their vote in 2016 shocked our system and the messages they sent were that they were not considered to be natural. Overall, we interviewed 72 current or former Democratic officials who fought and succeeded this trend in the rural area of ​​the Midwest, which is now governed by Republicans. These officials have 600 years of campaign experience, reflecting the diversity of the central area. Iron ore area from the Appalachian Mountains area in eastern Ohio to northeastern Minnesota State, Missouri State Boucell, Michigan State Upper Peninsula, Iowa State, Illinois State, Indiana State, Cornfield and Wisconsin State Dairy Farm

Hope from the center: Democrats can serve the Midwest better by bringing wisdom of rural and working classes to Washington.