My daughter sent me this link (click the title of this entry) to Kate Zernike's New York Times article, "Generation OMG." It does appear that the coming-of-age Millennials are facing tougher times as they enter the world's workforce. But what struck me was the generation still at home, born after 2000. One name proposed for them has been the "Homelanders" -- born in the post-911 world, and so even more obsessively protected than the Millennials. The works of Howe and Strauss continue to hold up for me, their notion of the generational dynamic as a reliable predictor of social moods.
All of which seems to suggest the sort of hunkering down we see everywhere: caution, restricting expenditures, and slowly starting to rediscover the value of the public sector.