History repeats itself. Each generation tends to think that the circumstances affecting them are unique to it. Looking at the comforts that the Baby Boomers enjoy today, it's easy to forget what the Boomers had faced back in the late 1970s and early 1980s.
This New York Magazine article ("Downward Mobility") written back in 1982 could have essentially been written today about the current Millennial generation entering the workforce:
http://nymag.com/...
Here are excerpts from the article:
Worse, the cost of housing has soared... has made it impossible for most in the baby-boom generation to afford the houses they grew up in.
"The baby boom generation may never achieve the relative economic success of the generations immediately preceding it or following it."
There are, quite simply, too many people in the same cohort. An M.A., M.D., or M.B.A. means so much less now because there are so many more of them. In almost every occupation, the competition is up and the rate of promotion down for the baby-boom generation.
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