Why Young Americans Feel Stuck in Today’s Economy — ft. Ed Elson & Kyla Scanlon

Everyone's heard of a midlife crisis, but what about a mid career crisis? Turns out countless people are going through one right now. For some, they're starting to feel they've hit a wall, that there's no room for growth, no new opportunities, promotions pass them by, raises are few and far between. Others worry they're becoming replaceable, either by younger talent or by technology. And still others find themselves asking over and over, is this all there is? If any of this feels familiar, it's time to visit strawberry.me, where a certified career coach will work with you to get you out of your rut and help you move forward, either at your current job or by helping you land a new more rewarding one. Your strawberry coach will help you turn a mid career crisis into a mid career revival. Go to strawberry.me/unstuck and get 50% off your first coaching session. That's strawberry.me/unstuck. Now is the most affordable time ever to find out if career coaching is right for you. Time ever to find out if career coaching is right for you. Welcome to the second and final episode of Professor g on economics, a special series focused on the forces shaping the economy and your financial life. I'm Ed Elson, cohost of Professor g Markets. I'm joined again by Kyla Scanlon, economic commentator and author of In This Economy, How Money and Markets Really Work. Together, we will be answering your questions on the economy and what it means for your money. And if you'd like to submit a question for next time, you can send a voice recording to office hours at profanitymedia dot com or post your question on the Scott Galloway subreddit. Kyla, thank you for joining us. Thank you. Are you ready to get into this? Yes. Our first question comes from Spencer Combs. On Instagram, they say, quote, it seems like a growing number of millennials priced out of homeownership and delaying kids are redefining traditional spending patterns. Rather than channeling money into homes and early family life, they are allocating more toward experiences, pets, and accessible luxuries. These categories may increasingly replace those older economic anchors. How do you see this generational reallocation of spending influencing the economy overall, and what opportunities could emerge as a result. Kyla, what say you to Spencer Combs? I think it's an interesting question, and it actually becomes an American dream question. So there's something called aspirational displacement where people who can't afford to buy a house, which is that traditional path of the American dream, they start buying experiences. They start spending on their pets because they have additional income, but they can't, you know, make a huge purse purchase like a house. And so it's an interesting thing that we're seeing in the economy. And on the previous episode, I talked about, Bammel's cost disease and how goods were getting cheaper and cheaper because we've gotten better and better at producing them. Services have …