Jeremy Horpedahl: Are Millennials and Gen Z Actually Worse Off Than Their Parents?
Jeremy Horpedahl: Are Millennials and Gen Z Actually Worse Off Than Their Parents?
The answer is a resounding NO, says economist Jeremy Horpedahl, who uses basic data to counter doomer narratives from the right and left about the state of America.
My latest Reason Interview podcast is up. If you want to start watching or listening, scroll down now and hit the link to the platform you prefer.
You've probably heard some variation of the notion that Millennials and Gen Z are going to be the first generations of Americans to have lower standards of living than their parents. It's too expensive to go to college, to buy a house, to have kids—you name it, goes this line of thinking. Today's guest has good news: Younger Americans are actually doing better than Gen X was at the same stage, and they are in the same ballpark as Baby Boomers when you adjust for inflation and population.
"Millennials and Gen Z have dramatically more wealth than Gen X had at the same age, and it's growing fast," writes Jeremy Horpedahl, a libertarian economist trained at George Mason University who teaches at the University of Central Arkansas. His work, which draws on the Census, Bureau of Labor Statistics, and other non-controversial sources, shows that young Americans are doing well and that economic mobility is the rule rather than the exception.
I talk with Jeremy about why politicians and media sources get basic economics wrong, why it's vital to always adjust for inflation and population growth, and how growing up in the Dakotas gives him a different, more optimistic perspective on things than many in the academy. He also analyzes the economic plans of former President Donald Trump and Vice President Kamala Harris. His answers are provocative, to say the least, just like his research.
0:00- Introduction
2:46- Adjusted for inflation' & 'per capita'
6:02- Are Millennials & Gen Z really doomed?
12:57- American homeownership rates
15:00- Delayed 'adulting'
18:59- Housing spending trends
22:08- Why is housing so expensive?
29:32- Ad: Lumen
31:10- Why are Millennials so eager to embrace doomerism?
35:20- How economic growth impact living standards
37:09- U.S. economic freedom, growth & living standards compared to Europe
41:40- Measures of mobility
47:50- How post-COVID inflation skewed our perceptions
53:28- Is inflation our new normal?
55:19- Should we be hoping for divided government?
58:00- Attitudes toward immigration in Arkansas
1:01:19- Benefits of living in 'flyover country'
1:05:04- George Mason economics
1:06:44- Do libertarians blame government too much?
1:10:05- Is there room for optimism for the future?
Today's sponsors:
St. John's College. Explore 3,000 years of human thought on campuses in Santa Fe, New Mexico, and Annapolis, Maryland. From Greek philosophers who are the wellspring of democratic ideals to America's founding fathers to contemporary critics who question everything: Each is welcome at St. John's College. In-person and online Master's degree courses too.
Lumen. Lumen is the world's first handheld metabolic coach. You just breathe into the device and it measures your metabolism through your breath. The phone-based app lets you know if you're burning fat or carbs, and it gives you tailored guidance to improve your nutrition, workouts, sleep, and even stress management. Your metabolism is your body's engine—it's how your body turns the food you eat into fuel that keeps you going. Because your metabolism is at the center of everything your body does, optimal metabolic health translates to a bunch of benefits, including easier weight management, improved energy levels, better fitness results, and better sleep. It can help women track their cycles and the onset of menopause, and adjust recommendations to keep your metabolism healthy through hormonal shifts. Take the next step in improving your health: Go to lumen.me/INTERVIEW to get 15 percent off your purchase.
If you like this content, please read and support Reason, the world’s magazine of “Free Minds and Free Markets.” Established in 1968, Reason provides is a great resource for news, politics, culture, and ideas from a libertarian perspective. Proud to have worked there for 30+ years!
It ain't that bad, Exhibit 2,341. Reminds me of Pinker's "everything is getting better, actually" writings. To me, the bigger story here is how much we DON'T want to hear that things are fine. All the incentives nowadays are for gloom, doom, and victimhood. We're all turning into Trump kvetching about windmills at a debate. Consider this: We've all had an Uber driver who was, like, a doctor in his home country. Can you imagine any doctor in America leaving the US to go drive a taxi somewhere else? Of course not. Decent sign that we're doing *something* right here.
He who has studied under Veronique de Rugy at GMU's Mercatus Center is likely worth listening when it comes to economics. This will be a good listen!