Millennials turned out in strong support for President Obama because he promised the most transparent administration in history. Blunders such as ObamaCare and NSA surveillance have instilled distrust for those in Washington and their ability to oversee a fair economic playing field.
This distrust has dimmed the prospect of young adults’ becoming future buyers and investors. If they do not shed their zeitgeist of frugal spending and investment habits, it could spell trouble for the retail and stock markets.
ObamaCare has been the most recent and perhaps final nail in millennials’ economic coffin. They now disapprove of the law by a whopping 57%, with 40% believing it will decrease the quality of their health care, according to a Harvard poll.
A report by NerdWallet says the average millennial who enters the exchanges will spend around $1,700 a year out of pocket while those who forgo insurance and take the penalty will spend an estimated $348. Such numbers simply point to the advantage of not enrolling.
If there’s one thing baby boomers taught us, it’s that a big generation can bring big change. And with millennials that change will be epic.
Yeah. Especially those who survive the global war we’ll be waging, starting sometime in the next five years.