WASHINGTON – Joint Economic Committee (JEC) Ranking Member Carolyn B. Maloney (D-N.Y.) called for measures to improve the future economic status of the Millennial generation, including more federal and state support for higher education, investments in the nation’s crumbling infrastructure and stronger actions to combat climate change.
“The challenges facing Millennials are real, but the solutions exist,” Maloney said. “Our job is to help chart the course forward… It’s not enough to block destructive actions that hurt Millennials. We must focus on targeted actions that will help them.”
The Millennial generation, generally defined as those born in the 1980s and 1990s, are central to our nation’s economic, social and cultural vitality, Maloney said. It is the largest generation ever—bigger than the Baby Boomers – with approximately 88 million people. It is also the most educated and racially diverse generation in U.S. history.
But Millennials generally also face a higher rate of unemployment and underemployment than previous generations, lower median income, more student debt, lower savings rates and lower rates of homeownership.
Maloney rejected Republican calls to cut necessary government spending and fundamentally alter social insurance programs. Cutting back or neglecting important federal programs would hurt Millennials, she said.
“We need to make college more affordable by strengthening federal and state support for higher education, making tuition free at community colleges and increasing investments in Pell Grants,” Maloney said. “We need family-friendly policies so Millennial parents can make a living and raise their kids.
“Let’s repair our nation’s roads and bridges to lay the groundwork for a stronger economy. If we don’t do it now, Millennials will pay a very steep price down the road. And let’s not ignore what will perhaps be the greatest challenge of our time—climate change. We must fight those who claim that climate change is a ‘hoax.’ Failing to address climate change would leave an unimaginable burden on Millennials and future generations.”
Read Ranking Member Maloney’s full statement here.
See a chart on Millennial incomes here.
###
