A recent article in The Cut highlighted the struggles of millennials facing financial hardship, exemplified by Joe, who was denied a $15,000 loan by his father, Steve, for a lawn-care business. Steve, who retired comfortably after selling his company, believes in teaching self-reliance, a view contrasted by Louise Perry and Rob Henderson.

Henderson argues that millennials are generally doing fine, citing college education rates and flat incomes. However, Perry contends that structural economic changes have hindered millennials and Zoomers from achieving middle-class stability across key pillars: education, employment, marriage, homeownership, and children. Previous generations benefited from abundant social and financial capital, enabling easier progression through life stages.

Perry explains that today's youth must spend heavily on financial capital to achieve similar stability, capital they often lack. This is masked by falling costs of non-essentials like electronics, offsetting rising costs of essentials like housing and education. While top-line metrics suggest prosperity, the reality is a "pincer" effect where essential costs consume supposed gains. Homeownership rates for millennials are significantly lower than previous generations, and the median age for first-time buyers has risen dramatically. Soaring rents and student debt further trap young adults in financial limbo, indicating a "tremendous measurement failure" in official statistics.