But in some ways, millennials are also the luckiest.
For one thing, they’re living in an age of affordable abundance. Food has never been cheaper as a share of the typical American family budget. The price of apparel is also falling relative to wages. The Internet, while no substitute for gainful employment, has made many things cheaper that used to take extra income to buy—communication, notably, including private information-sharing and professional collaboration. It has made casual retail cheaper (and more convenient). It has also made mass entertainment cheaper, especially music and amateur videos. These commodities have grown cheaper, in part, by replacing and lowering the cost of human work.