Yes, this is reflected in my own generation (Generation X) which, as I recall, were decidedly more liberal in our youth. As we grew older, we grew more conservative. The Baby Boomers are the one generation that bucked the trend in that they still possess a modest liberal bias even as the eldest of their ranks passes from middle to old age.
It remains to be seen how long Generation Y will remain solidly liberal. Reagan exerted enormous influence on my generation not simply because he was so sunny and optimistic (that will only get you so far) but because he brought positive, tangible results with him shortly after entering office. It remains to be seen whether Obama can actually deliver on the hype and his promises. Given that Obama's answer is to tax, borrow and spend irresponsibly, essentially the same position as his predecessor (albeit taken to obscene heights) and current Congressional peers then I think it's safe to say the popularity and degree of satisfaction his presidency brings won't come remotely close to emulating Reagan's.
One thing for sure, the Generation Y'ers that are so adamantly in favor of Obama are the most poorly educated & equipped generation to come along in a long time. I don't have much love or respect for my generation but when I see these young 'uns going about their daily business of recklessly pushing themselves needlessly into debt by living way above their means and acting like overgrown children who happen to have jobs, (depleted) bank accounts and 401Ks I wonder what the hell they're going to be like when they smash into reality and are forced to abandon their pursuit of la vida loca. So we'll see how their ideological position changes when more of them settle down, have kids, are confronted with piles of bills and mortgages to pay and... yes, grow old. They may just richochet hard to the right or... there's a good chance that, given their lack of connection to a generation reared in a culture that emphasized moderation and responsbility, will push the country even further to the left. Out of their inability to deal with even the basic challenges of life I can easily see Gen Y'ers turning to government to provide all the answers.
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