The other day I ran across a reference that showed the percentage of national wealth in the U.S. held by “generations” when their median age reached 40. When the baby boomers reached forty, they held 21% of the national wealth; gen-X had 9% at age 40; while millennials, who just reached 40, hold only 5%. For a number of reasons, which I won’t go into here, that’s not surprising.
The next statement, however, did catch my eye, because the writer asked why the most-educated generation was the least wealthy and prosperous. Needless to say, my first reaction was to think “millennials” aren’t the most educated generation; they’re only the most ‘degreed’ generation.
As I’ve noted, on and off for years, overall, education has been dumbed down over the last fifty years, largely because of the push to get more high school and college graduates. On the one hand, there’s no doubt that the brightest, most educated millennials are generally as bright and as educated as the brightest in any previous generation, but to get there, they’ve had to pile up graduate degrees, and, as a result, have also piled up enormous debt, which is obviously one of the reasons they have a smaller share of the national wealth.
As for those other millennial college graduates, the ones who aren’t at the very top, I personally believe they’ve been even more cheated than those millennials skilled and fortunate enough to come out on top. The remaining millennials, in all too many instances, labor under the illusion that they’re well-educated, even when they cannot write a coherent paragraph, analyze a problem, complete a task without detailed instruction and continual supervision, or understand that every single profession requires a great deal of grunt work, perhaps high-level grunt work, but grunt-work all the same. Too many of them have been so “spoon fed” mere bits of knowledge and are so afraid of making as mistake that they have very little, if any, initiative.
It’s not that they’re without intelligence or ability. It’s that they’ve never been taught how to fully use those abilities, nor have they been taught young that failure isn’t fatal and that there are always consequences. It’s that the education system, society, and, frankly, often their parents, have failed them, and it’s been an incredibly expensive failure, both for them and society. While almost no one in power will admit this failure, at the same time the costs to these “lost millennials,” and to society, are still piling up and will for years to come.