More Millennials than Baby Boomers … bad news for capitalism.

Let’s connect a couple of dots today.

Noticed the headline: “Millennials overtake Baby Boomers as America’s largest generation.”

That’s right, Millennials (ages 18 to 34) have surpassed Baby Boomers (ages 51 to 69) as the nation’s largest living generation, according to population estimates released by the U.S. Census Bureau.

The Baby Boomer generation peaked at 78.8 million in 1999.

The Millennial generation – which now numbers 83.1 million — continues to grow as young immigrants expand its ranks.

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So, what’s that demographic shift have to do with capitalism?

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The second dot, courtesy of the Washington Post’s WonkBlog

“A majority of millennials now reject capitalism.”

In an apparent rejection of the basic principles of the U.S. economy, a new poll shows that most young people do not support capitalism.

A Harvard University survey polled young adults between ages 18 and 29, found that 51 percent of respondents do not support capitalism. Ouch.

Just 42 percent said they support it.

But, Millennials’ views seem conflicted about how best to organize the economy.

  • Just 27 percent believe government should play a large role in regulating the economy.
  • Just 30 percent think the government should play a large role in reducing income inequality.
  • And only 26 percent said government spending is an effective way to increase economic growth

For the record: A similar survey found that a majority of respondents 50 years or older support capitalism.

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Couple of factoids:

The median age in the U.S. is 37.6 years old.

There are more 22 year olds than any other age group.

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#HomaFiles

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One Response to “More Millennials than Baby Boomers … bad news for capitalism.”

  1. John Carpenter Says:

    I wonder how many 18 to 34 year old Americans would have had confidence in capitalism in the 60’s? These would be the Baby Boomers at a different time of life. I suspect it would be close to the 50% factor that is cites here for Millennials.

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