So we’re in a recession now. Some more than others. Some are saying that things are so bad that there will be a depression. Others think that idea is just insane.
There’s a lot of uncertainty, but no one is really saying anything all that optimistic. We’re facing a pretty terrible economic reality.
So let’s get to what really matters. Let’s get all stereotypically Gen Y about it and ask what’s really on our collective minds: how does this affect me?
Aside from a relatively quick blip during the dot-com burst and some turmoil when we were in grade school, Gen Y has had consistently rosy economic times. Unemployment was low, credit was easy to get, and mortgage brokers would literally give you your own house if you had non-velcro shoes on.
That game of candy land is ending, and some people think we’re screwed. The credit crunch has yet to really impact the job market, but it very well could. And some journalists are already speculating about how that will hurt us Yers:
But my question is: what are they going to do if they can’t shop? Our society has been based around consumerism for the past 15 years and these kids have racks of CDs and plasma TVs and comparatively unparalleled riches.
I guess that’s a bit of a theory. We don’t have as much money (or credit). We can’t buy as many iPods and other confusing gizmos. We… lose our minds and riot in the streets?
Others are more positive. From the same article:
Anyone born after 1983 is not really used to considering anything other than wealth, but students are much more determined to build up a broad skill base; they’ll work hard to get it and demand we provide the teaching,’ he said. ‘They will be successful no matter what; they are independent self-learners who are better equipped than any previous generation.’
The article I linked to, from The Guardian, makes a big show about interviewing young people who respond with dull comments, designed to make the whole generation look like a bunch of apathetic goof-offs. But I’m used to that. The point made is still, essentially, a true one — for most of Generation Y, this economic downturn isn’t going to be much more than a footnote in our lives.
Let’s face facts: even if the job market contracts, even if people put off retirement and work until they literally keel over on their desks one day, the worldwide demographics still put us in a workforce shortage. It may be more of a challenge to find a position that isn’t terrible and soul-sucking, but the odds of companies closing their doors to new hires altogether seem unlikely in both the short- and long-term.
More facts: If Gen Y has debt, it’s of the student loan and credit card variety. Neither are any fun to have, but unless you’ve done something monumentally stupid like pay off credit cards with other credit cards or bought yourself a jetski for every day of the week, that’s not the kind of debt that’s going to sink you. Set up a payment plan and pay it off. We’ll buy fewer iPods. We can do that.
What really strikes me as amusing about this whole mess is that it, in a lot of ways, rewards the shiftless slackers in their 20s who haven’t really got their life started yet. Are you 24, an English/History/Drama major, who rents an apartment, has no investments or retirement savings plan? Do you blow most of your money on booze and trips to Europe? Have your parents been constantly nagging you over the past few years to stop “throwing your money away”, to buy a house/condo, to start putting more of your money into investments? Have you been ignoring them, in favour of a bottle of vodka and a three-week backpacking jaunt through Croatia?
If so, congratulations. You’re in an excellent position to survive the current worldwide financial crisis.
I’ll be watching the job market closely, to see how this affects things on the ground floor. Keep checking back for my thoughts. We’ll get through this together.