Don’t Blame Millennials for a Shaky Economy
It’s not about style, it’s about poverty. By purchasing fewer cars and houses, millennials’ penchant for the temporary has been blamed for slowing the U.S. economy. But according to a new report by the Federal Reserve, that’s inaccurate. Those born between the early 1980s and the late 1990s don’t actually have different consumption preferences compared with those of earlier generations, research shows. What they do have is less wealth, more college debt and higher housing costs. No wonder millennials differ in their politics, being more likely to support redistributive economic policies.