Young adults aged 18-29 are facing historic unemployment levels.

Photo courtesy of Read the Spirit

Forget the Baby Boomers! A new generation is quickly making headlines, for better or worse. We're known as the "Millennials" or "Generation Y" — young adults aged 18-29 who are finding ourselves in an unusual predicament. We're growing up with more privileges than any previous generation, graduating from college in record numbers and receiving post-graduate degrees at an increasing rate.

But we're also a generation taking the brunt of the country's deepest economic crisis since the Great Depression. More than ever we're unsuccessfully seeking employment, moving back home with our parents and generally delaying adulthood and independence. Hence, the origin of our other nicknames: the "Boomerang Generation" —  or worse —  the "Failures to Launch."

Unemployment hovers nationally at 9 percent, but the numbers are much worse among young adults. How bad is it? Try this Bureau of Labor Statistics interactive web page to see for yourself. Check current rates for 20 to 24 year olds, and you'll find unemployment numbers are twice what they were 10 years ago — and far higher than at the eve of the recession in 2007. Worst of all, it's difficult to say when our prospects are going to improve.

In the meantime, we're going back to school or accepting jobs we're overqualified for. We're drowning in debt, yet desperate to get the experience employers require on our resumes, and anxious to make the connections needed to get a foot in the door. When nothing works out, we're simply left to buy time until the economy bounces back.

We have every reason to complain — yet many are still smiling!

Despite our dire circumstances, many Millennials are surprisingly optimistic about the future. As OurValues.org founder Wayne Baker pointed out in a January post, Baby Boomers are filled with regrets about how their lives have turned out. Racked with self-pity, Pew researchers found that Boomers have spent most of their lives less satisfied than previous generations.

Yet surveys show that young adults —  part of an age group that has lost more ground economically than any other age group over the last three decades — are nonetheless positive about their career prospects. Overall, according to Pew research, most men and women in Generation Y are unhappy with their income level —  but 90 percent told Pew pollsters that they eventually expect to make enough to live a good life. Compare that with only half of Boomers who said yes to that question. (If you care to read more on this, the Pew webpage includes a free PDF you can download of the entire Millennials study.)

So, what convinces us things will get better? Many of us grew up with Boomer parents telling us things like "Follow your dreams" or "Money isn't everything." Even in the midst of economic crisis, these attitudes still may be hitting home. But as time passes and the opportunities we need don't open up, does this attitude become naïve?

While we view our self-assurance in a positive light, some others believe we simply have unrealistic expectations. A January Huffington Post column argues, "Now that Gen Y is facing the realities of grown-up life and our current economy, they are discovering that dreams don’t pay the rent. They are learning that their passion combined with their college degree does not guarantee an immediate career."

What do you think?
Should Millennials lower career expectations?
Should we give up passions in search of paychecks?
If you're Gen Y yourself, tell us about your career prospects.

Gayle Campbell is a recent U of M graduate and the Media Director at OurValues.org, an online magazine promoting civil dialogue on American ethics and values. Gayle can be reached at Gayle.OurValues@yahoo.com.