The economic impact of Michigan's struggling millennials
They tend to not want credit cards or cars. They are postponing marriage, frequently choosing to live at home with mom and dad. They are grappling with a distressed economy and have high poverty rates to prove it.
They are the millennials, the 18-34 year olds of American society today.
What do all the trends of the millennial generation mean for the future economy as the baby-boom generation moves into retirement and beyond?
We invited Michigan State University economist Charles Ballard to weigh in on the issue. He explains the challenges facing millennials, and the generation's short- and long-term effects on Michigan's economy.