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For all the hype about the upcoming presidential election in 2020, there is something coming earlier that is much bigger, and its ramifications for the global economy will last for decades. What am I talking about? The first wave of millennials is about to turn 40.
That’s right. This super-caffeinated, highly educated generation is rapidly approaching — Wait for it! Sit down for it! Dare I say it? — middle age. The youngest of millennials, those born in 1980, are just completing college. Once we ring in 2020, the first millennials will reach four decades.
Much has been made of how different millennials are from previous generations. The reality is that many own houses and have kids and in many ways are as conventional as prior generations. Though it wasn’t easy. They’re still behind where Gen X was at this age, mainly due to coming of age during the Great Recession, an overload of student debt and the fact that many are struggling to save and generate wealth for later in life. Recent data from the Federal Reserve show that younger Americans are getting into more trouble with debt and the average American is struggling to make ends meet and build up emergency savings.
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James' World 2 
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