I know. You read a book with a title like End of the Good Life: How the Financial Crisis Threatens a Lost Generation--And What We Can Do about It, what do you expect it to be, except a downer?
Froymovich, herself a member of the Millennial generation, describes many of the economic factors that are currently working against those born between the years of the late 1970s and early 2000s. Among them are governmental austerity measures, uncertain global economics, higher unemployment rates and a poor job market, and rising education and student loan costs.
She does not paint a very optimistic picture.
Again, nothing in this book particularly surprised me: I've seen for myself and know many others who have found the job market to be tough going for the last few years. (Generation X hasn't exactly been raking in the dough either.) And it was definitely not a very "narrative" read; Froymovich interviewed lots of people and there are, therefore, many personal stories and insights throughout her book, but overall it has a definite "wonky" feel--heavy on the numbers and economic policy facts--but that was definitely part of why I found it such an informative read.
So what has been contributing to the loss of the American (and, to an extent, European) dream? Things like:
--"From 1990 to 2010, tuition and fees at public four-year universities more than doubled and the prices of two-year colleges climbed by 71 percent, while median household income rose just 2 percent." (p. 37.)
--"Since the crisis [of 2008], a quarter of young adults reported delaying marriage and about one-third have delayed starting a family." (p. 39.)
There's many more facts here than those, and the author offers a surprisingly global look at these challenges (and the political short-term thinking and austerity plans that continue to make a bad situation worse), but unfortunately I was an idiot and didn't bookmark many of the passages I found interesting.
One aspect of the book in which I was disappointed was its lack of better suggestions for the future or concrete ideas for improving one's own personal lot. And when such suggestions were made, they seemed to focus largely on the need for Generation Yers to "become entrepreneurs."* Consider this, as one of her positive case examples:
"Dollar Shave Club is another one of those great ideas. Cofounded in 2012 by Michael Dubin, just 33 years old, the company offers a subscription plan and delivery service for basic razor blades for men's grooming. Shaving supplies are often expensive, and men have to remember to restock regularly...Depending on the plan a customer chooses, the program costs just $3 to $9 a month, compared to fancy razors bought in a store that can cost more than $12 for the handle alone and $20 for a four-pack of refill cartridges. Dollar Shave Club can undercut the competition by cutting out the middleman--stores. It operates solely online. The company hired manufacturers in China and South Korea to make their blades cheaply." (p. 193.)
If you want to take a global view on that, how does it help the young people in China and South Korea?
So the ending annoyed me. But the rest of the book? I didn't think I was going to stick with it, and yet I did. And it provided a different look at current economic and political policy, which I appreciated.
*This line of thinking always pisses me off. First and foremost: not everyone wants to become an entrepreneur, for chrissake, and not everyone should have to become one. Also, there is increasingly NO POSSIBLE FRICKING WAY to cover your health insurance or health costs as an entrepreneur (unless you are one of the entrepreneurs who turns out to be, you know, Mark Zuckerberg, or someone like that). Take it from a freelancer: one of the only ways to make it as a freelancer is to marry some other poor sap who has a health insurance plan you can join.