As the Millennials are making their way into adulthood, countless economists and nervous Boomers have pinned their hopes on this generation to kickstart the moribund US economy. There are 3 basic sources of consumptive growth in a nation with twin budget and trade deficits... population growth, wage growth, and/or credit growth and population growth the greatest among these to drive greater demand. So, the growth of the population, and the Millennials in particular, is worth a pretty close look. I'll dive deep on the quantitative inferiority and just skim along on the inferior quality of Millennials vs. Boomers.
It is true that there are more Millenials than Boomers. But to compare apples to apples, I'll compare the two groups as they made their way through the 15-34yr/old population segment (kinda like tracking the Mississippi river around about Davenport, Iowa to know what downstream communities like St. Louis, Memphis, and eventually New Orleans should expect). When the Boomers exited this segment in 1981 (heading for adult prime time), they numbered about 81 million. Likewise, the Millenials are now making their transition to adulthood and they number about 88m. Or simply put, there are about 6.7 million more Millenials than Boomers (comparing peak to peak).
But to understand the impact of the two different generations, the chart below shows the total population growth during each generations time...since it is not just growth but the rate of growth that is paramount to make our economic system function. The Boomers represented an increase of 33 million (a 40% increase of the 15-34yr/old population) vs. the Millenials 9 million (a 10% increase in the 15-34yr/old population).