Exploring the economic impact of peak millennials, specifically those born in 1990-1991 turning 33-34 years old. Discussing challenges in housing market, delayed family planning, and generational disillusionment towards the current economic system. Highlighting the significant influence of this microgeneration on various sectors like education, labor market, and housing.
Peak Millennials born in the early 1990s have a significant impact on the economy and housing market.
Delayed economic milestones of peak millennials may influence future fertility rates and retirement systems.
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Impact of Peak Millennials on the Economy
Peak Millennials born in the early 1990s represent the largest part of the biggest generation in the US, impacting various economic sectors. The cohort, known as peak millennials, has significantly influenced the housing market, labor market, and college enrollment rates, creating demand that the economy struggled to meet.
Long-term Consequences of Peak Millennials' Delayed Economic Progress
Peak millennials' delayed economic milestones, such as homeownership and starting a family, can have lasting effects on the broader economy. The cohort's struggle with financial decisions, student debt, and job market challenges may lead to changes in fertility rates and future retirement systems, impacting generations to come.
Jeanna Smialek, who covers the U.S. economy for The Times, will be 33 in a few weeks; she is part of a cohort born in 1990 and 1991 that makes up the peak of America’s population.
At every life stage, that microgeneration has stretched a system that was often too small to accommodate it, leaving its members — so-called peak millennials — with outsize economic power but also a fight to get ahead.
Guest: Jeanna Smialek, a U.S. economy correspondent for The New York Times.
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
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