Laurie Penny: I’ve turned 25, but the world won’t let me be a grown-up

We are old enough and ugly enough to build a better future for ourselves.

It happens without warning. At some point between the first time you hear an ironic remix of the cartoon theme tunes of your childhood and the expiration of your Young Person's Railcard, you wake up one morning and something has changed. Under the puppy fat and pimples, your face has begun to emerge, and so has your future. You have become, however inadvertently, an adult.

By the time I finish this column, I will be 25 years old. Growing up is always an odd process, but since I graduated from university, it has become more convoluted than usual. For many people my age -- including most of my friends -- secure, meaningful employment, marriage and home ownership all seem as distant and unimaginable as they were when we sat our GCSEs.

While we've been finding our first wrinkles and filling out our first dole forms, all the normal things that were supposed to make up for theuncomfortable position of suddenly having to take care of oneself have been confiscated by the forces of world finance. Little lifelines like the Future Jobs Fund and the Education Maintenance Allowance have been cut to save costs, just as university fees have been trebled by an administration happy to hand billions in subsidies to the investment banks that created the crisis.

The impetus behind this year's uprisings in Egypt has been partly ascribed to the frustration of young adults unable to afford the transition into work, marriage and independence.

It's tempting to frame all this as a generation war, an immense and predictable kick-off between the baby boomers, who enjoyed every benefit that the postwar consensus brought its fortunate children, and Generation Y, the ragtag, loosely defined group of late-cold-war babies who are old enough to have been promised a future of permanent growth and young enough to have been shafted when that future failed to emerge. This interpretation is madly convenient for many who would prefer not to engage with the realities of geopolitics. It is also wrong.

It is wrong because it allows the enormous crisis of capital and democracy sweeping Europe, the US and the Middle East to be reconfigured as an intercontinental temper tantrum. With a bit of imagination, it's easy to see all the strikes, protests, riots and revolutions accompanying the disintegration of late capitalism as merely the international equivalent of a bedroom door slammed in fury -- a worldwide whine of: "It's not fair!"

In fact, it's a little more complicated than that. Property, privilege and profit are not the sole preserve of the "power generation" now easing its way into precarious retirement.

Disaster capitalism

There are baby boomers who have lived all their lives in poverty, and baby boomers who were marching, striking and fighting against the numbing tide of disaster capitalism when today's activists were still in nappies; just as there are members of Generation Y who'd take a Jack Wills hoodie and a job at Goldman Sachs over global revolution any day.

Something larger and far more frightening is going on. The struggle going on across the world is not between old and young, but between the possessed and the dispossessed -- most of whom just happen, like 52 per cent of the world's population, to be under the age of 30.

Three years ago, I turned 22 just as the world's stock markets were tumbling. Watching the news, I realised, like so many other middle-class young people in the west, that the future we had been promised would not be delivered after all, at least not without a fight that would finish far too late.

For many of us, it is already too late. Denied the trappings of adulthood, we grew up anyway, into unemployment, anger and disillusion, into a world that didn't want us.

When I was 22, I was angry. Now that I've been 25 for a whole ten minutes, I'm still angry, but I'm also hopeful. All around me, and across the world, people are organising, educating themselves, building new, alternative communities, joining resistance movements, and starting to talk about the possibility of a future that our parents never expected.

Fed up with waiting for a better future to be delivered, we have realised that we are old enough and ugly enough to build one for ourselves. It's not a generation war -- but the power generation has every reason to be frightened.

Laurie Penny is a contributing editor to the New Statesman. She is the author of five books, most recently Unspeakable Things.

This article first appeared in the 03 October 2011 issue of the New Statesman, Which Tories is it ok to love?

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Scotland's vast deficit remains an obstacle to independence

Though the country's financial position has improved, independence would still risk severe austerity. 

For the SNP, the annual Scottish public spending figures bring good and bad news. The good news, such as it is, is that Scotland's deficit fell by £1.3bn in 2016/17. The bad news is that it remains £13.3bn or 8.3 per cent of GDP – three times the UK figure of 2.4 per cent (£46.2bn) and vastly higher than the white paper's worst case scenario of £5.5bn. 

These figures, it's important to note, include Scotland's geographic share of North Sea oil and gas revenue. The "oil bonus" that the SNP once boasted of has withered since the collapse in commodity prices. Though revenue rose from £56m the previous year to £208m, this remains a fraction of the £8bn recorded in 2011/12. Total public sector revenue was £312 per person below the UK average, while expenditure was £1,437 higher. Though the SNP is playing down the figures as "a snapshot", the white paper unambiguously stated: "GERS [Government Expenditure and Revenue Scotland] is the authoritative publication on Scotland’s public finances". 

As before, Nicola Sturgeon has warned of the threat posed by Brexit to the Scottish economy. But the country's black hole means the risks of independence remain immense. As a new state, Scotland would be forced to pay a premium on its debt, resulting in an even greater fiscal gap. Were it to use the pound without permission, with no independent central bank and no lender of last resort, borrowing costs would rise still further. To offset a Greek-style crisis, Scotland would be forced to impose dramatic austerity. 

Sturgeon is undoubtedly right to warn of the risks of Brexit (particularly of the "hard" variety). But for a large number of Scots, this is merely cause to avoid the added turmoil of independence. Though eventual EU membership would benefit Scotland, its UK trade is worth four times as much as that with Europe. 

Of course, for a true nationalist, economics is irrelevant. Independence is a good in itself and sovereignty always trumps prosperity (a point on which Scottish nationalists align with English Brexiteers). But if Scotland is to ever depart the UK, the SNP will need to win over pragmatists, too. In that quest, Scotland's deficit remains a vast obstacle. 

George Eaton is political editor of the New Statesman.