Although I agree that my generation (and those before and after us) will have to work harder than ever to succeed in today’s economy, I disagree with the notion that it takes years of climbing a “greasy pole” to achieve a position of influence. I believe that one of Gen Y’s strongest assets is the viewpoint that anyone in an organization, regardless of their position or years of experience, can influence others and make substantial changes.

Fewer job choices and greater debt will make it difficult for young people to hold out for positions within organizations that respond to their ideas and believe in change. That’s why the most determined and innovative young professionals will create new jobs and new opportunities. You’re right to compare Gen Y to the Flower Power generation – we have the same potential of giving up on our long-term aspirations in exchange for short-term survival. But it’s the people (of all generations) who resign themselves to “what is” that keep us from reaching “what could be,” and for this reason I hope my cohorts don’t change their tune.

Of course no matter what field today’s grads go into they’ll need to work harder to get a job. They’ll need to be flexible and take on internships or even volunteer. When you’re out there looking for a job and a seasoned professional desperately needs the same job, the competition is going to be fierce.

Second, in the case of the Great Depression, you faced a limited understanding in power of economics and some financial market disasters.

In this case, the power of economics is understood a little better (by no means perfect, but hey, we can draw some awesome graphs), we have ANOTHER financial market disaster…. and the US has just done this:
http://research.stlouisfed.org/publications/usfd/page3.pdf

Yeah, I’m joining in the chorus of people calling the super-debtor on its arrogant disaster-plex.

In the meantime I’d encourage you to re=read what I said about my own parents. They never grew up with a sense of betrayal of the kind you describe but it taught them values we lost somewhere around 1987. The year of Wall Street.

Millenials will look at this Great Recession and blame their parents’ generation for causing it. While it will sober them that fame and fortune do not await each one of them with their own reality shows; It will re-fortify their belief that their parents have messed royally with their future (read: environment, overfishing, GM Foods, global warming, energy crises, moral crises, economy, unemployment…) and can’t be trusted.

I expect the Millenials to undergo a fundamental change that casts off their seemingly single-minded pursuit of fame/fortune and celebrities, and make claims to their guardianship role of our planet’s future. Their ability to keep their idealism through these boomerang years will fuel this metamorphosis (could it be as long as the Cicada’s 17yr cycle?). Their disgust with the corruptions and scandals of politicians, business leaders, financial wizards, and even the clergy, will further confirm their beliefs that we blew it. Will they be better conservators than we have been? I hope so.

Cheers,
Mohamed