Within the recently released job report, there is a concerning trend: a significant portion of the laid-off workers from the past six months belong to Generation X. Born between 1965 and 1980, Generation X now accounts for a quarter of America’s unemployed, up from less than 20% at the end of last year, according to careers consultancy Glassdoor. This information isn’t surprising, as back in 2021, there were already concerns about a “unemployment crisis” affecting Generation X. They faced the brunt of COVID-related layoffs and have struggled to reenter the workforce. Fast forward two years, and the challenges for job-seeking Generation X members have intensified. Ageism, the increasing presence of AI in the job market, and resistance to full-time office work have compounded their struggles. Additionally, many Generation X individuals find themselves burdened with credit card debt and inadequate retirement savings. Furthermore, a significant number of Generation X members fall under the category of the sandwich generation, which means they are responsible for caring for both their children and aging parents simultaneously.
Not surprisingly, Generation X is experiencing significant financial stress, making them the most pessimistic and economically strained generation in America, according to a recent wealth report from New York Life. Nearly a third of them feel incapable of managing debt, and 70% express concerns about inflation. This economic anxiety among Generation X members should be noted by politicians, especially those on the left. Although not particularly partisan, Generation X members are disproportionately affected by the current wave of job losses and face greater difficulty than Millennials when it comes to finding new jobs. According to a Gallup study, 44% of Generation X individuals identify as politically independent, a figure that has remained steady since 1992. This resilience in their nonpartisanship is noteworthy, considering that previous generations have shown a decline in independent leanings as they age.
However, the challenge for progressives lies in the fact that independent voters, particularly Generation X, are losing faith in the Democratic Party. In 2018, 51% of independent voters supported the Democratic Party, but that number had decreased to 42% four years later, according to AP VoteCast. Conversely, support for the Republican Party remained unchanged at 38%. While left-leaning sentiments continue to be more prevalent among independents, President Biden must address the economic turmoil experienced by Generation X voters and find a way to secure their support leading up to Election Day, as they lack strong ideological allegiance. Bill Clinton, the first “Boomer” president, won the White House twice by appealing to independent voters and focusing on job growth.
On a positive note, there is some favorable news for Generation X. According to The New York Times, for the first time ever, the average incoming CEO is a member of Generation X, with an average age of around 54. These success stories are deemed as the “unlikely warriors for flexible work.” However, this positive narrative mainly applies to high-level executives or the minority of Generation X individuals who manage to find employment. The reality for the majority of us is dealing with mounting credit card debt and concerns about inflation, while simultaneously facing limited health insurance coverage for our aging parents and unaffordable summer camps for our children.
Although Generation X stands at the threshold of a significant wealth transfer of approximately $70 trillion over the next two decades, only a small percentage truly believes that they will benefit from it. The iconic 1994 film “Reality Bites” portrayed Generation X as slackers, but today the opposite holds true. For politicians on both sides of the spectrum, the message is clear: the culture wars fueled by divisive politicians are unattractive and unproductive. With limited job prospects and dwindling options, Generation X is not interested in discussions about book bans, legacy admissions, or gender ideology. Unlike during the heyday of Generation X in the 1990s, there is no new magic solution to alleviate our economic anxiety. We desire an end to the fentanyl crisis, manageable mortgage rates, and reassurances that our lives hold inherent value beyond algorithms and data. Reality has hit Generation X harder than ever, and there is no quick fix. However, we can learn from the past. Bill Clinton, America’s first Boomer president, secured his place in Generation X history by prioritizing job growth and appealing to independent voters. Three decades later, both political parties would be wise to follow suit.
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