Generation X vs. Recession Generation

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Essay #1 Generation X vs. Recession Generation The world we live in is made up of many generations and each of these generations has unique characteristics and habits. Two of these generations, Recession Generation and Generation X, are alike in some characteristics and different in others. In this paper, it will be shown that both Generation X and Generation Recession are skeptical about relationships. On the other hand, it will be argued that Generation X and Recession Generation differ in their financial values. One article that addresses the characteristics of Generation Recession and Generation X recently appeared in a popular magazine. “The Recession Generation”, by Rana Foroohar, appeared in Newsweek Magazine (website) on January 8th, 2010. Foroohar’s thesis is that young people’s behaviors will be affected and changed by the ramifications of the recession. It’s no coincidence that the environment shapes the psychology of each generation and how childhood experiences influence the behavior of a complete generation. Backed by the National Bureau of Economic Research (NBER), Foroohar uses data from 1972 to 2006 which shows evidence that one extreme challenging year in early adulthood fundamentally changes people’s core values and behaviors (para. 2). Research shows that recession babies believe in wealth redistribution, Gov. Intervention, invest more conservatively, make less money and choose safer jobs. Foroohar’s second point is that, according to Dr. Reich, when American’s have had serious economic turns for the worst in the past, the ramifications have not been long and serious enough for Americans to adopt a new way to live their lives in frugality since the Second World War. Yet, Dr. Reich with other respected academics, economists, and investors say that it will happen this time; there are many factors that ensure the change to frugality. Some of
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