Grant Smith: The Politics of Gen Y Revisited – A New Lost Generation?

On June 15^th, my esteemed colleague, Zac Byer, published a thoughtful piece on generation Y’s place in the world. Most importantly, he zeroed in on Gen Y’s strong attachment to nostalgia.

Perhaps most  insightful, he theorized that this attachment to nostalgia is potentially rooted in a generational fear that what lies ahead may not be as bright as what has already passed.

At risk of sounding like a pessimist, one has to wonder, “what if the pessimists have this one right?” What if Gen Y – financially speaking – is destined to end up as a new “lost generation?”

Let’s look at what is coming down the road: student loan debt that surpasses credit card debt; risk of inflation from multiple rounds of quantitative easing; the end of Social Security and Medicare as we know it; the list goes on and on.

Like the credit card shopper who splurges at the store, only to wind up with the bill months later, Gen Y is very likely to be the generation who receives the credit card bill in the mail from a previous generation or two. Unlike the credit card shopper who at least got to enjoy their products, Gen Y may get all of the tab, but none of the goods.

What solution proposed by either political party can really make it any better? If we increase taxes like the Democrats propose, Gen Y risks paying more in taxes as they progress in their careers and rise through the ranks of the tax bracket. If we cut spending (read, services) like the Republicans propose, what services can Gen Y look forward to after years of toil in the marketplace. Of course, I am assuming here that either proposal becomes a long-term reality. However, if we can claim to have learned anything from millennia of experience with governments, it is that any temporary solution often becomes a long-enduring reality.

I do not mean to sound an alarm (though maybe I should) nor sound like an incurable pessimist (though maybe I do). I hope at least to begin a discussion on generational contemplation on the role and expectation of government in our lives. If you believe in larger government, then what do you propose should be done so that Gen Y can enjoy the benefits of government like previous generations have? If you believe that government should be far smaller than it is, then what do you propose so that Gen Y can see government gracefully exit its lives without making one generation pay the entire tab for previous generations?

I cannot think of a more appropriate place for a discussion like this one than on The Recovering Politician. From former public servants reflecting on their experiences in the arena, to our earnest and devoted readers who no doubt come from all walks of life, we have the perfect ingredients for coming up with engaging and thoughtful discussions. We can all agree to disagree on the issues and still present some deeply thoughtful conversations on a topic as large and multi-generational as the one I am presenting here. So, be sure to spread the word to help get the discussion going. Most importantly, start sharing your ideas in the comments section below and let’s see where it leads us. We at the RP look forward to seeing where the discussion goes.