{"id":6233,"date":"2015-05-29T16:31:29","date_gmt":"2015-05-29T16:31:29","guid":{"rendered":""},"modified":"2021-04-09T11:19:19","modified_gmt":"2021-04-09T15:19:19","slug":"the_millennials_a_generation_that_will_reject_what_they_ve_been_bequeathed","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2015\/05\/29\/the_millennials_a_generation_that_will_reject_what_they_ve_been_bequeathed\/","title":{"rendered":"The Millennials: A Generation That Will Reject What They\u2019ve Been Bequeathed?"},"content":{"rendered":"

RUSH: I had a story that arrived in the third hour of the program yesterday, and I decided to save it until today because we were well into other things yesterday. But this, too, will help you understand. And a lot of other people understand what\u2019s happening with the economy<\/a>. It\u2019s from Business Insider<\/a>.<\/p>\n

Let me set this up with something. You steady listeners, those of you who have been around for the duration or at least 20 years might remember that over the course of this program I occasionally have asked, and I did go out and find out the answer to this, by the way: How is it every generation has people in it who think that times have never been worse than they are when they are alive? Every generation has a group of people that think that, no matter how good or bad things are, there\u2019s always a percentage of every generation that thinks it\u2019s never been worse and it\u2019s never gonna get better.<\/p>\n


\nYou have an even smaller percentage of people in every generation, some of whom think that these are the last days. But they\u2019ve all been wrong. Everybody in every generation who thought it was never gonna get better, they\u2019ve all been wrong. We\u2019ve always rebounded. The country has always rebounded. And those rebounds have always held my curiosity. How did they happen? Be they cultural, be they economic, the country has always rebounded.<\/p>\n

I\u2019ve been asking myself this question, you know, I\u2019m a Baby Boomer, and my perception is that we\u2019ve had cycles throughout my life. But I\u2019m one of the people who think that the country is in as precarious a position domestically and culturally as it\u2019s ever been. And I\u2019ve tried to fight that. Because it was obviously bad during the Civil War. It was obviously bad during the Great Depression. I mean, there have been horrible times in this country, from which we\u2019ve always rebounded. But hubris is a strange thing, and most people\u2019s historical perspective begins with the day they were born.<\/p>\n

And by that, I mean, most people think the most important things that have happened in the world happen when they were alive, because they\u2019re much more aware of those things than they are things that happened before they were born. Stands to reason, psychologically. So I\u2019ve fought this. I\u2019ve fought the temptation to be one of those people who think that it\u2019s never been worse. I\u2019ve intellectually tried to fight it. And I\u2019ve tried to remain upbeat. I still am an optimistic.<\/p>\n

But at the same time I don\u2019t think that we\u2019ve bottomed out here in this current cycle of decline. But the country always has. It\u2019s these rebounds that have always fascinated me. What caused them? Was it simple societal evolution? Or were there specific reasons? So I began to research it, and I found some demographers who have actually studied this. And their answer, it was somewhat complex, but what I do is make the complex understandable, so let me just reduce all their complexity to the very essence of their point.<\/p>\n

They claim you go back through American history, and you will find — and it\u2019s usually, if I recall what they said, every third or fourth generation, there comes a time when young people growing up simply refuse to live the way their parents and grandparents lived. They refuse to accept the politics. They refuse to accept the culture. They refuse to accept the economic do\u2019s and don\u2019ts, the conventional wisdom, and they just chuck it all.<\/p>\n

\"\"
\nHe said a great example of this was the Victorians. The Victorians were a generation that grew up amongst debauchery, and they wanted no part of it. And they went so far the other way that, you know, prim, proper, perfect, total morality at all times. At least that\u2019s the perception of the Victorian age, along with architecture and some other things. So I\u2019m thinking, okay, where are we in this generation?<\/p>\n

Are the Millennials a generation that is gonna grow up refusing to accept what they have been bequeathed, and are they going to embark on new ways of doing things? And is it gonna be economics, economics only, is it gonna be cultural, is it gonna be political? We don\u2019t have enough information to know. But we do have a new bit of information to add to everything we know.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Here\u2019s the headline, Business Insider<\/a>: “Millennials Don\u2019t Care About Owning Anything, and it\u2019s Destroying Traditional Retail.” And, you know, folks, until I saw the headline, \u2019til I read the story, this is something I knew in a associative way. You know, pick up an observation reading a story, such as Millennials don\u2019t want to buy cars. They\u2019re the first generation that couldn\u2019t care less about cars. All they care about is mass transit. Okay, you read that, chuck it away, think this is a bunch of creeps, idiots, small pocket of the Millennials, doesn\u2019t represent anything. And then you find out they don\u2019t want to own homes. They don\u2019t have the money. So it turns out there\u2019s much more to this than just random examples.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Now, look, before I get into this, folks, do not mistake something here. I\u2019m not falling prey to any media manipulation. I understand that there\u2019s all kinds of reporting about the Millennials out there. And I know why. I know why there\u2019s all kinds of reporting about the Millennials. The Millennials happen to be fitting the mold that the Drive-Bys and the Democrats want. They\u2019re depressed, they\u2019re down in the dumps, they\u2019re losing faith in the country but not Obama.<\/p>\n

That\u2019s exactly the profile of voter Democrats seek. People unhappy, hopeless, helpless, no positive things in the future in their minds, and those people are ripe, it is felt, to be able to turn to government for solutions to problems they have, economic benefits, what have you. So I understand that, and I understand that the Millennials are coming up on becoming as self-absorbed as my generation is, the Baby Boomers. But you can\u2019t blame \u2019em \u2019cause everybody\u2019s talking about \u2019em and everybody\u2019s focused on \u2019em and everybody\u2019s either criticizing \u2019em or praising \u2019em or what have you. And they\u2019ve been told they\u2019re very important, they\u2019ve been told they\u2019re the future of the country, so I get all that.<\/p>\n


\nBut nevertheless to me it\u2019s worth the study because there are some things about this generation that are new, and they are pushing things that heretofore have always been things in the minority that have not been thought of as crucial or important or what have you. And I think in the Millennials we have maybe — I could be wrong about this, too — we have maybe the first thoroughly corrupted, in terms of education generation in the country\u2019s history.<\/p>\n

I mean, this generation has been exposed from kindergarten, preschool, to full-fledged liberalism, from the time they\u2019ve been able to talk. They have seen it on Saturday morning cartoon shows and absorbed it. They\u2019ve been taught about climate change, all this crap, gay rights, since kindergarten. Their entire lives they have been propagandized, they have been indoctrinated. And so tracking their movements and their attitudes is interesting.<\/p>\n

So when you have a story: “Millennials Don\u2019t Care About Owning Anything, and it\u2019s Destroying Traditional Retail,” here are the details. It is a Business Insider report, but they get much of the news from Reuters.<\/p>\n

“The tendency of Millennials to rent instead of buy is turning the retail industry upside down. Jilian Mincer of Reuters reports. ‘These behaviors have propelled businesses such as car rental service Zipcar, taxi service Uber and home rental site Airbnb.\u2019 And the trend is extending into clothing. Renting has also spread to the music and hospitality industries with companies like Spotify and Airbnb, Ehlers writes. ‘Never mind buying a second home when you can rent a chateau in France on Airbnb for $200. Why hire a chauffeur when they don?\u2019t come with an app that tracks their relative location to yours, like Uber?\u2019 she says. ‘Even owning the latest album of your favorite band feels a lot less appealing when you can stream it immediately on and offline with a Spotify pro membership, without taking up any space on your hard drive.'”<\/p>\n

It goes on to talk about how the current generation of Millennials simply doesn\u2019t want to own anything. They\u2019re transient. They don\u2019t want to put down roots anywhere. They don\u2019t want to be tied to anything. Now, part and parcel of this is, and of course this story does not go into it in great detail, the vast majority of the kind of Millennials this story is talking about are college grads, and they don\u2019t have any money. They don\u2019t have any money to own anything anyway. I think that\u2019s a hugely relevant factor here that does not get mentioned. Obviously you\u2019re not gonna own anything if you already have a hundred thousand dollars in student loan debt. You come out of college, and you can\u2019t find a job, much less a career, the best you can do is 25 hours a week or an internship.<\/p>\n

We\u2019ve had the numbers out this week about the number of Millennials who expect after college to go back home and live with their parents. It\u2019s over half of them. And I think it\u2019s all rooted in the fact they don\u2019t have any money. And their attitude about that is — this is the frustrating thing for me is that they\u2019re blaming the country. They think that they have come of age at that moment in time when America has seen its best days.<\/p>\n

For some reason they do not tie their economic circumstances or plight with any particular policies that have been implemented in Washington or in their states in the last six and a half years. Instead, they just say, “We\u2019re it, we\u2019re the first generation that\u2019s not gonna do as well as our parents.” If you have that attitude going in, that means you\u2019re obsessed or consumed with negativism and pessimism. And when you are negative and pessimistic about economic matters, you\u2019re not gonna sink a lot of money that you don\u2019t have, i.e., you aren\u2019t gonna borrow a lot of money to buy things when you don\u2019t have any idea where you\u2019re gonna be next year and when there\u2019s so much uncertainty.<\/p>\n

I think Millennials don\u2019t care about owning anything is not because there has been some massive generational, mental, emotional shift in their brains as it is a result of practical economic reality. If they had the had the money to buy a home, they would. If they had a career future, if they were able to plant roots someplace, start a career, start a job, they\u2019d be doing things that people normally do. But it\u2019s the economics here that are dictating everything, and it\u2019s the economics left out of the story.<\/p>\n


\nBut the bottom line of it is, it is affecting the rest of the economy. It is affecting retail. Don\u2019t know how much yet. So the question goes back to, all right, is this the generation that is going to size things up as they mature and reject it all? And it\u2019s way too soon to say, but it doesn\u2019t appear they\u2019re prepared to reject the Democrat Party, which is the primary reason they are in these dire economic straits. But that never occurs to them. I mean, it does to some. They\u2019re not monolithic. No group of people or generation is. But the ones making news, the ones being written about, they don\u2019t see the Democrat Party as the problem.<\/p>\n

They see the Republican Party as the problem but not in the sense you do. They think the Republican Party is just a bunch of idiots, just a bunch of jerks. It starts and ends there. And they think the Democrat Party is filled with people trying so hard to make everybody happy and everybody equal and, that\u2019s another thing, this push for equality. That is something that I guess in the sixties, you know, my generation, there was a basic service of that concept, service to it, equality, but it wasn\u2019t a dominant thing in the sense that it has become today, where equality equals sameness.<\/p>\n

So I do think, folks, it\u2019s a different generation. And I think the Millennials of today are gonna be eclipsed by their own kids faster than they know what hit them. (interruption) You disagree with me on that in there is? I do. If things don\u2019t change, if they continue to feel sorry for themselves and if they continue to think that the best days of the country are behind \u2019em, if they continue to stay deeply loyal to the Democrat Party and the absolutely destructive policies coming out of that organization, their kids are gonna eclipse them faster than they know what happened.<\/p>\n

“The younger generation is increasingly ‘looking for less expensive alternatives to ownership,\u2019 Doug Stephens, author of the blog Retail Prophet, writes. ‘Why do retail brands depend so heavily on dispersed outlet locations to unload this season?\u2019s collections when they could rent them?\u2019 Millennials, defined as 18- to 34-year-olds, are increasingly living in small, urban apartments rather than sprawling suburban houses. As a result, they don\u2019t have room for as many goods. On top of that, younger people have discriminating taste as a result of exposure to online reviews.” And so there\u2019s a lot of sharing going on and not much ownership, which is a problem for people who sell things.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Oh, yeah, well, I tell you, it was just a few months ago that all the news was about how Millennials want to buy houses in the suburbs. US News and World Report<\/a> back in April: “Millennials Still Want to Own a Home in the Suburbs — A common misconception in the wake of the Great Recession is that Americans, particularly millennials, hold different preferences regarding homeownership and a desire to live in the suburbs.<\/p>\n

“This stylized argument claims that the declining homeownership rates of recent years is a reflection of an increased desire to rent, particularly in more urban locations. However, this assertion is at odds with recent survey data that indicate that preferences for homeownership and suburban living remain strong.”<\/p>\n

And yet we got the story yesterday that they don\u2019t want to own anything and it\u2019s creaming retail. Anyway, it\u2019s a very much written about generation, and they\u2019re aware of it, and they\u2019re very, very self-focused, rivaling my generation, the Baby Booms. The Baby Boomers still think everything\u2019s about them. But their kids and grandkids — (laughing) — are gonna give them a run for the money.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Jeffrey in New Orleans, great to have you with us, sir, hello, and welcome to Open Line Friday.<\/p>\n

CALLER: Hey, Rush, I just want to let you know, I\u2019ve been listening to you 20 years and I\u2019ve enjoyed every show you\u2019ve ever put on and I\u2019ll continue to listen to you as long as you\u2019re on the radio.<\/p>\n

RUSH: I appreciate that. I really do. Thank you very much.<\/p>\n


\nCALLER: I just wanted to bring up the point, I\u2019m not a Millennial, I\u2019m kind of just on the edge of that, but I recognize the fact that a lot of (unintelligible) that I buy after six months or a year they\u2019re already outdated. So I started down the road of renting things just because I get tired of buying something and then a year later something so much better comes out that I\u2019ve got, you know, essentially four or five iPhones laying around my house that I never use.<\/p>\n

RUSH: Well, now, wait a minute. An iPhone, that\u2019s not a — let\u2019s talk about a house, or let\u2019s talk about your clothes, or let\u2019s talk about a car. I mean, cars change every year, too. Sometimes dramatically, sometimes just intermittent upgrads, but it\u2019s never been a reason people haven\u2019t bought cars. I mean, homes get new tech all the time and they get new architecture and people get more money, get a bigger home, it\u2019s never stopped people from wanting their starter home.<\/p>\n

CALLER: Well, I\u2019ve actually owned a home but I had to get rid of it because I move quite frequently with my job. I never make any money on \u2019em. As a matter of fact, I usually lose money because of —<\/p>\n

RUSH: Well, you need to talk to Elizabeth Warren. Elizabeth Warren is an expert in making money flipping homes<\/a>.<\/p>\n

CALLER: I didn\u2019t know that.<\/p>\n

RUSH: Oh-ho-ho, she\u2019s made like a quarter of a million dollars flipping homes in Oklahoma. Her voters don\u2019t know this about her, either. She\u2019s out publicly condemning the act saying it\u2019s not a good way to go, it\u2019s more problems than not, don\u2019t try it, but she has flipped homes. She\u2019s bought homes in depressed areas after storms and so forth or foreclosed homes and spent a little bit of money remodeling them and then flipping them, and she\u2019s earned a total of a quarter million dollars.<\/p>\n

She\u2019s not like that short little Vietnamese guy on the TV spots 20 years ago driving around in a Bentley after his first flip. What was his name, Tom Wu? Remember those ads? The infomercial guys, they lived in a giant palatial estate in Boca Raton, but you found out it was just a picture of a house in front of a green screen and he\u2019s driving around in a rented Bentley with champagne and all kinds of naked women after he just flipped his first house, and he\u2019s giving away his secrets.<\/p>\n

Well, Elizabeth Warren, that\u2019s what she\u2019s doing, quarter of a million dollars. You are studying from the wrong people out there, Jeffrey.<\/p>\n

CALLER: Possibly so.<\/p>\n

RUSH: Now, look, home ownership, there are a lot of people, by the way, not just Millennials, who are looking at home ownership as not worth the trouble. But it\u2019s not because of technological advance or the rapid rate of change in things. Some people just look at it as a bad deal and something that limits their mobility. There\u2019s all kinds of reasons people are choosing not to buy houses today, but the largest part of it, the biggest part of all of this is the Millennials don\u2019t have any money, neither does much of anybody else.<\/p>\n

So the whole concept of ownership is a strange concept. For a lot of young people, ownership of a home particularly, but anything else, it\u2019s not even a practical consideration simply because there isn\u2019t sufficient income or job opportunities and then you couple that with all the student loan debt that they\u2019ve got, and it isn\u2019t a pretty picture. But look, Jeffrey, I\u2019m glad you called, I appreciate it. Thank you. You\u2019ve got a great point about certain things that advance so fast technologically that they\u2019re obsolete in six months, like gizmos. No question that\u2019s true, but people still own those. They\u2019re not renting those yet.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: I had a story that arrived in the third hour of the program yesterday, and I decided to save it until today because we were well into other things yesterday. But this, too, will help you understand. And a lot of other people understand what\u2019s happening with the economy. It\u2019s from Business Insider. 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