Author: Millennials Navigating Rocky Path to Prosperity

Monday, 09 Jun 2014 01:51 PM

By Melissa Clyne

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There are a wake of obstacles in the path of millennials' ability to have a prosperous future, according to Pete Seat, former spokesman for President George W. Bush and author of "The War on Millennials."

Discussing his book on Newsmax TV’s "America’s Forum," Seat offered a number of reasons for the "sputtering economy," from Baby Boomers' living and working longer to 401ks being depleted in the recession.

"We have unprecedented national debt; unsustainable entitlement programs on the fast track to insolvency, and souring international relations," he added, citing a 2013 Wall Street Journal characterization that "the on-ramp to adulthood is delayed."

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Millennials — a term typically used to describe people who reached young adulthood around the start of the new millennium in 2000 — are struggling to "get promotions, get raises. They feel stuck."

"They can't move forward, and that means they're not buying houses, they're not buying cars, they're relying on public transportation, staying in rental units," he said. "They're not building a nest egg for themselves."

Despite the challenges, Seat says it’s a very optimistic generation "in large part because we trust ourselves more than we trust those at the helm and in power."

Millennials save more money at an earlier rate than any other generation in American history, according to Seat, because "we have figured it out that we're going to have to do it for ourselves. We cannot rely on the government and others to do it for us."

With student loan debt averaging $28,000 a year, Seat suggested American millennials rethink four years of college as the only path to economic prosperity. Skilled vocational workers can reap healthy financial rewards.

"We need to diversify our economy," he said. "There are thousands of jobs sitting vacant because young people don't have the skills for these highly skilled and high-paying jobs in manufacturing that require very technical expertise. We need to understand that our economy needs that diversification. We can't just all go to college."

Millennials, who carried President Barack Obama "down Pennsylvania Avenue as a generation" have soured on his presidency, Seat said, adding that "all that hope and change has not come with results."

"He never transitioned from campaigning to governing. He’s trying to build his legacy by bypassing Congress, and I smell a lot of politics with it."

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