The quiet agony of the recession generation

14 October 2009

Each generation is defined by the economic experience of its youth. And Britain is breeding angry, thrifty cynics who are beginning to wonder if they were mis-sold university education.

Well, for starters, they are likely to be suspicious of the stock market. Shares are, broadly, still worth less than they were ten years ago. They will expect that to continue, and they’ll squirrel their money away in gold or cash. The mere mention of a hedge fund will give them palpitations. Many, of course, might just emigrate. Globalisation means it has never been easier or cheaper to travel and stay in touch via the internet. Just as some parts of Britain bear the stamp of the waves of Spanish and Portuguese emigration so might there soon be parts of China and Singapore that will be slowly Anglicised.

The British jobs market is not expected to recover for another three years. And, given that we have already had two years of financial collapse, it’s inevitable that these youngsters will be moulded by the bursting of the debt bubble. But if they turn out to be more interested in saving than spending, then perhaps it will mean our grandchildren are less likely to suffer another depression. It may make for a better balanced, more prosperous and fairer country. But it will also be a long, hard slog.

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Peter From Maidstone

October 16th, 2009 11:29am Report this comment

Sorry, this is a pile of rubbish. I grew up in a recession, and experienced several more since. I don't believe in relying on luck, I believe in relying on working hard. I grew up a socialist and I am now a conservative. My eldest daughter is going through university and it is costly for us all, but she has chosen her subject wisely and I expect her to find work. I have been made redundant this year as a result of the recession, but I don't believe in higher taxes or that if I don't make an effort I will get by - I know that I have to work hard at the new business I have started.

I grew up in a time of three day weeks, blackouts, strikes and unemployment. I don't believe that increasing taxes is the answer.

And the piece is full of contradictions. Recession babies want increased taxes AND are suspicious of government?

Please! I am sorry for unemployed youngsters but there is work our there if they are imaginative, able and flexible. It is the older people we should feel sorry for - told that they must work longer and also told that they are too old to work at all.

This is another simplistic deterministic article that suggests people are unable to think for themselves and decide for themselves. 'It's not my fault'.

Lupus Lungfish

October 16th, 2009 4:28pm Report this comment

Theres no doubt that Labours policy of trying to get fifty percent of kids to do some tinpot degree and then charge them through the nose for it has been a disaster. Most of them would be far better equipped for life if they'd blown the twenty grand or so on a three year trip around the world!

A. MacAulay

October 18th, 2009 11:01am Report this comment

Yes, just recall the miasmic Heath/Wilson-Callaghan years. Then I missed Thathcher and enjoyed the Carter years, to return for Major. And then the crumbling Kohl years, the nasty Blairite, Schröder followed by the Grand Coalition, the dullest pudding ever served. And now we are here, SNAFU.

Eternal Pessimist

October 23rd, 2009 6:13pm Report this comment

So what else is new? Recession or no recession, the higher education system has already been creating a large number of people who are overqualified, underexperienced and unemployable. We need to help people save money and disappointment up fron by closing universities down, particularly former polytechnics.

A derogatory term for people who went to university in Indonesia is 'sarjana supermie', or 'pot noodle graduates', on the ground that they have no nutritional value and are very cheap to buy. Are we any better? Given the amount of money involved, no.

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