Plain English with Derek Thompson Are Young People Screwed?
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Nov 12, 2025 
Michael Batnick and Ben Carlson, co-hosts of the Animal Spirits podcast, dive into the challenges young people face in today’s economy. They discuss rising youth unemployment and housing market obstacles, highlighting how age and interest rates impact first-time buyers. The duo explores how AI might replace entry-level jobs and its dual potential to disrupt or transform the workforce. They also analyze the shift of younger investors towards stocks, driven by housing costs and the implications of these economic trends for future generations.
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Generationwide Pessimism Versus Mixed Reality
- Young people report record pessimism about the economy and housing despite gains in assets like stocks.
- Housing, hiring, and cultural trends combine to create a disproportionate perception of being "screwed."
Housing Is The Biggest Squeeze
- The biggest and clearest squeeze on young people is housing affordability and access.
- High prices, low supply, and doubled mortgage rates pushed the median first-time buyer age to 40.
Why Supply And Demographics Hurt Buyers
- Housing tightness stems from demographics, low supply, and legacy low-rate homeowners who won't move.
- Young buyers face competition from equity-rich older owners and fewer listings to choose from.
