In These Times: We Are Zoomers and We Want the PRO Act
By JAMES COLEMAN AND NICK GONZALEZ
Like so many other recent college graduates of Gen Z who are trying to enter the workforce, become financially independent and grow our families, we’re seeing the promised “American dream” drift further and further out of reach.
The economy our generation enters today is defined by rising inequality and stagnant wages. Debilitating student debt and astronomically high costs of living in metropolitan areas have dwindled our chances of achieving the same economic prosperity as previous generations. Our parents worked jobs that didn’t require a college degree and allowed them to purchase homes at a fraction of today’s price. Now that dream feels more like a fantasy for our cohort of younger workers.
Today, Millennials and Gen Z collectively make up 40 percent of the U.S. workforce but own only 5.9 percent of household wealth, while Baby Boomers account for just 25 percent of the workforce but own 53 percent of household net worth. When Baby Boomers were Millennials’ age, they owned more than double the wealth of Millennials today. Our generations won’t have the same stability as our parents and grandparents unless systematic changes are made to reinvigorate a key tool in the workplace that helped generations before us enjoy more economic security: labor unions.