With the obesity rate increasing, health experts warn that the generation now coming of age may be the first to actually expect shorter lives than their parents. That’s dismal news when it comes to younger generations’ physical health, but is their economic health any better? Are today’s young people likely to match or exceed the prosperity of their parents?

Not unless we make some major changes, according to economics Nobel Laureate Joseph Stiglitz, who recently spoke on Public Radio’s The Takeaway program. Packing a major dose of pessimism into just seven and a half minutes, the interview lists all the reasons members of Gen Y will end up poorer than their parents.

Of course, not everyone will suffer equally. “People with different skills, different background, different education face very different opportunities,” Stiglitz says. If you’ve got high tech skills or an Ivy League education, fret not. But if you’ve gone to a for-profit school, “your future is bleak.” Why? A combination of the need to pay for older generations’ exploding health care costs, while being saddled with tons of student debt, which amounts to “a stone around their neck.”

What does all this add up to for Stiglitz? The sad conclusion that America is no longer the land of opportunity. Europe, the statistics show, offers more opportunity to move up the economic ladder, while here it’s “nearly impossible.” Listen to the complete interview:

Do you agree with Stiglitz?

The Old American Dream Is Dead: What Will Replace It? What If Gen Y Wrote the Federal Budget Is Gen Y Delaying Adulthood or Redefining It?

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