Kerby Anderson

Scott Galloway is a professor of marketing at the New York University Stern School of Business and author of the book The Algebra of Wealth. In a recent TED Talk, he describes many of the concerns I have raised in previous commentaries. The first step in solving a problem is properly identifying it.

He begins by reminding us that as we go down the generations, “the last two generations are making less money on an inflation adjusted basis.” He argues that the social contract in America has broken because “for the first time in the US’s history a 30-year-old is no longer doing as well as his or her parents were at 30.” Most young Americans do not feel good about America. That attitude creates rage and can explain the incendiary movements like the BLM riots and pro-Hamas protests.

He also shows graphs that parallel the research by his colleague, Jonathan Haidt. Rates of self-harm increase. Rates of depression also increase. He recalls that when he was in high school, teenagers died because of drunk driving. Today teenagers are killing themselves.

Many of these disturbing trends were surfacing 30 years ago when I wrote Signs of Warning, Signs of Hope. The builder generation (born before the end of WWII) sent Dad off to work and Mom stayed home with the kids and most went to church. The boomer generation (1946-1964) had two parents working, had a more difficult time buying a home, and may or may not have gone to church. The latest generations have both husband and wife working, aren’t sure they want to have kids, may never afford a home, and don’t go to church.

The economic and spiritual trends that started decades ago account for so many of the societal concerns surfacing today. It’s time to admit we have a broken economy and broken society that needs revival.