The oldest millennials are approaching 40, after all -- and their prime earning years.
It has long been a media trope that the millennial generation is, at best, a great annoyance to the rest of the adult population and, at worst, a destroyer of beloved American institutions, from marriage to homeownership.
Lee, who defines the millennial generation as those born between the years 1981 and 2000, said that this cohort, who are largely the children of the baby-boom generation, now represent the largest cross-section of the U.S. population. Lee wrote that those aged 30-49 are the most important contributors to economic growth because they tend to consistently take out more debt, see their incomes grow and purchase expensive cars, houses, as well as spending hefty sums raising children. The millennial contingent is seemingly on the cusp of aging into that age group.
Compared with other major economies, including Europe, China and Japan, the U.S. economy’s demographic tailwinds appear even more powerful, he wrote, as the following chart illustrates.
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