An unprecedented 40% of Millennials are still living at home or living with other relatives.
Is this because they are immature and too sheltered?
Or does it have to do with the lack of housing and economic opportunity for this generation?
Here are 7 reasons why the younger generation are still living with their parents:
- Regulations. The regulatory burden on small businesses and for business owners have not only discouraged businesses from hiring. Millennials and young entrepreneurs face insurmountable hurdles to opening their own business, from the licensing fees, the taxes. Regulations also prevent the creation of more housing.
- High taxes. Federal, state, and local taxes not only hurt Millennials, but they stifle job promotions and wage increases.
- Forced minimum wage hikes. Businesses are coping with high taxes and fees. Then local and states governments are pushing forced wage hikes. Businesses cannot justify paying an employee $15 to do a job that isn’t worth that kind of money. Automation, part-time hiring, layoffs, and closures have become the norm for major and small businesses as the minimum wage increases.
- Obamacare. This overly complex, misguided law is crushing businesses with taxes and regulations. Most business have not been hiring more employees, or they only hire workers for part-time, which is not enough to live on.
- Inflation. Government spending and skyrocketing government debt from the federal government combined with massive expansion of the money supply by the Federal Reserve is driving up prices. This problem makes even living with a roommate very expensive.
- Useless degrees without useful skills. Millennials are graduating from colleges with useless degrees in esoteric social science courses, art, or e studies. They walk out of college with no strong marketable skills to make themselves employable.
- Lack of Motivation. Many Millennials have been taught to see the government as a source of support and help for everything. It’s sapped vision and initiative. Many parents are coddling their kids, and so they have little interest in striking out on their own.
Millennials seem to face insurmountable challenges to a prosperous future. My hope is that the Trump Administration will Make America Great Again for them, too.
What do you think? Email me at [email protected]craighuey.com.