As a boomer father of three GenYer's I have concerns. Let me note that I have always been a pull yourself up optimist throughout my work life. I honestly don't see the same opportunities out there for the bulk of todays workers.
Yeah I could look at my kids and they're doing alright but perhaps it's part good fortune.
The most clever and tuned in people from any generation are likely to do ok.
But that will not support a modern democratic socialist society. Some small cut off the bottom are likely relegated to bare survial, welfare of various sorts, or very low consumption lives. But a democracy will not stand for more than maybe 20% falling into this group. In fact it is economically impossible. 70% of our GNP is consumer sales, and this requires people with money to spend. And to spend frivolously, since the things that really matter are often very hard to buy. Good health insurance, and perhaps a house in a good school district where their kids will have some chance of learning something. Already, the majority of Americans are not even taxpayers. Most of these have some income, just not enough that they are a source of funds for government, rather than a use of funds.
I'd say that employment must turn up, and fairly soon, or we can look for problems.
I agree with the overall attidude here- pull yourself up, work hard, etc. But this is only reality for some people. Even apparently sharp people can make some seemingly odd decisions. After all, attitudes are more or less normally distributed, just like intelligence, drive, etc. I know a well educated young woman, about 37 by now, with a Big 12 University education, 4 years of university athletics and letters, and a real daily attendence in class MBA. Plus she is knockout good looking. She has traveled all over the world, certainly knows how to act well, but as best I can tell, she has not yet ever had a full time fully professional position. To top off this lousy situation, she recently ditched her very successful hard working well employed husband. She accepted an oddly small settlemnt in cash, so no spousal support coming even though she was married for 12 years. I think she was just really tired of him and tired of the struggle of the divorce, so she bailed. I know him too, and compared to her he is deadly boring, but they were married apparently happily for many years.
And he is fully employed and will likely continue to be employed until he wishes to retire. I think that if I had been her, this would have weighed pretty heavily in my decision of whether to stay or go.
A couple of times I offered to give her some contacts who agreed to talk to her. These are people who could either give her job, or refer her to others who could give her a job. No real response, though she is always friendly and warm with me. My idea is that she feels that things will work out, without really pounding the pavement to improve her position. She grew up in an upper middle class home and community, and basically unconsciously expects that pretty, well educated women from a "good background" will always be ok.
She plans to spend the remains of her divorce settlement on a skiing trip and lessons. As she explained, "I am young and want to do this while I can benefit from it."
I think she might do fine, if she realizes that her best opportunity may be in marketing herself to some 45 year old guy who is looking for a very sexy younger woman with a high class totally respectable background. Otherwise, she is approaching 40 without much to show other than a couple degrees and a lot of education loan debt. Approaching 40, negative net worth, no retirement plan. Not very good and she is far from being the only person in this pickle.
Ha
This guy knows about my ER plans but he's okay living in the now and getting by pretty easy without working too hard. 
