So this is a thing. It must be – it’s in the New York Times Magazine and the Süddeutsche Zeitung on the same weekend.
Dean Baker is rough on It’s Official: the Boomerang Kids Won’t Leave. To be fair, the NYT article actually does make the point that flat-to-falling wages, the invention of student debt, and crazy-high house prices have been pushing back the age of economic independence. It’s not just some sort of moral degeneracy that makes them live at home.
And it makes the important point that this has been going on for some time. We’re not living through the hangover after the party; for the majority, there was no party, as recovering Lib Dem economic advisor Giles Wilkes points out.
Of course, Baker could point at tens to hundreds of articles of pure whining and moralising about why today’s kids just won’t get on their bikes. He would be right, too. Very importantly, he could point to many of them that long predated the crash. I certainly remember this as a subject of intensely tiresome and self satisfied public whining for my parents’ generation, and as a subject of real trouble for my contemporaries. Hey, Euromoney Institutional Investor offered me a job on £14k in central London in 2005. And Baker has the great advantage that he names the guilty men.
But there is no real dispute between Baker and the NYT writer, I think. Contrast this effort from the SZ, in which we are told that this is a phenomenon well known and laughed at in Italy (!), and that it has gone up in Europe since 2007. Well, gee, how could it happen? Perhaps the policies that led to this have something in common with the casual contempt the crack at Italians betrays.
Further, this is special:
Manchen Kindern sind Zusatzkosten, die sie verursachen, nicht bewusst – und das in einer Phase, in der Eltern für ihre Altersvorsorge arbeiten.
Ah, the problem is that if the economic order you voted for means your kids move back in with you, that might cost you money you’re putting into your HSH Nordbank ship-rental fund because of the pension reform you voted for them to have and the tax cut you voted for you to have. Clearly the debate, even at this level, is a notch more honest in the US than in Germany.