Millennials vs. Boomers: Who's Actually Winning in Trump's Economy?
Though many millennials feel like baby boomers went up the economic ladder just to kick the rungs out from behind them, one thing every generation can agree on is that everything feels a little financially tight right now. Every trip to the grocery store, every time you fill up the gas tank or check your bank account to see if you have enough to pay rent makes everything feel, well, political.
For the most part, Americans are divided on many issues, which is probably why opinions about President Trump and his economic policies are so divisive among millennials and boomers. In general, the Pew Research Center found just 23% of Americans consider economic conditions good.
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Yet, several younger voters say Trump’s economy created opportunity, stronger wages and a better job market. Boomers, on the other hand, remain skeptical. Here’s why the generational chasm is growing beyond even individual echo chambers.
So, Why Do Millennials Support Trump’s Economy?
Many economists may find support for certain policies questionable by just looking around at the results, but still, some millennials, who are now roughly between the ages of 29 and 44, have seen more “unprecedented” economic collapses before hitting 30 than boomers had before retiring comfortably. In fact, the millennial generation entered adulthood during some brutal housing recessions and bank runs.
For a lot of millennials, economic success doesn’t mean perfect conditions; it’s just the feeling that the other shoe hasn’t dropped yet. So no news is good news. Simply put, things feel slightly more affordable or opportunities seem easier to find than when experiencing a technical economic depression.
Millennials Care More About Paychecks Than Politics
Even though research from YouGov shows Trump recently hitting an all-time low 38.7% approval rating, a surprising sector of millennials says they judge the economy based on immediate financial survival. This assessment is based on everything from whether or not they can find a job to whether the stock market is helping their retirement accounts.
In Trump’s last election, the Pew Research Center also found that he received 39% of the vote share among 18 to 29-year-olds, in large part due to his promises around job growth and tax cuts. For millennials dealing with inflation and debt, promises of lower taxes and deregulation can sound more appealing than long-term policy debates. Much like with Gen Z, millennials also seem to project a sense of financial nihilism and put less stock in, say, Social Security benefits they feel they may never see.
The Millennial Hustler Mindset
Millennials also tend to dominate freelance work, creator businesses, side hustles and other forms of entrepreneurship in the thriving gig economy. Trump’s pro-business branding resonates with younger workers trying to build income outside traditional corporate jobs.
However, according to The Guardian, about 53% of millennials currently work two or more jobs, a trend often referred to as "polyworking,” which feels part hustle-mentality and part necessity to make ends meet.
Then, Why Are Boomers More Skeptical?
Even though the Pew Research Center reported that the share of voters ages 50 and older who favored Trump went up 54% voted for Trump in 2024, compared with 52% in 2020, many still have reservations about just in which direction the 45th and now 47th president is taking the current economy.
That being said, boomers tend to view the economy differently because they’re at a completely different life stage. Instead of focusing on career growth, they often prioritize retirement stability, Social Security support, healthcare costs, inflation protection and stock market reliability. This is where concerns about Trump’s economy start showing up.
Inflation vs. Older Americans
Seniors, often living on fixed incomes, go toe-to-toe with rising food costs, gas prices and utility bills. All of those factors hit their monthly budget pretty hard before you even factor in healthcare. Even voters who previously supported Trump economically started expressing concerns about tariffs increasing prices and retirement uncertainty.
Boomers vs. Social Security
Another major issue is Social Security. Currently, the average check is around $2,081 a month, however, according to the SSA Social Security Board of Trustees, the program will be depleted by 2035, so that taxes will be enough to pay for only 75% of scheduled benefits.
This leaves a majority of boomer retirees watching any discussion involving benefit changes, government spending cuts or administrative reforms. Reports of the Trump administration causing office closures and administrative changes tied to Social Security created anxiety among older voters as well. That concern alone can heavily shape economic approval ratings among retirees.
Travis Woods contributed to the reporting for this article.
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