As someone who grew up in a traditionally conservative Asian American immigrant family, I've heard a lot of my elders bemoaning the state of 'kids these days.' Now granted, that's an age-old pastime of the elder generation, but this time I think there's something to it, in the sense that young people today really are markedly different in a number of ways than prior generations of Americans.
For starters, it seems Millennials today are less into consumerism. There's a never-ending line of articles about how "millennials are killing X," where X is often a consumer item that was previously an aspirational or status-displaying purchase for Americans: wines, country clubs, designer brands, golf, sports cars, and so on. At first ,this was attributable to the fact Millennials had little money: they were loaded with college debt and had trouble finding steady work during and for years after the 2008 financial crisis. But with unemployment very low now even for younger people, and incomes rising, we haven't seen a pick-up in those consumerist habits. Instead, if the upwardly-mobile young people I know are any guide, we're getting a surge in millennials looking for ways to define themselves outside of careerism and consumption, and often a focus on retiring young (or paying off loans and then moving to a more fulfilling, low-earning job).
Millennials are also completely disgusted with the GOP. Sure, young people have long preferred the Democrats (since 1992, at least), but the magnitude of that preference has become extreme. Between 1992 and 2004, Democrats won the 18-29 vote by between two and 19 points. Even as late as the 2006 mid-term, it was just 22 points. But in the 2018 Congressional election, it was a stunning 35 point gap in favor of Democrats. And even among the 30-39 demographic, which is nearly always competitive and often tilts to the Republicans, the gap in favor of Democrats was 22 points.
Millennials aren't just rejecting the GOP. They're even rejecting triangulating Democrats, in favor of more radically liberal options. The term "socialist," which was rejected by all but the extreme for most of the period between WWII and the early 2000s is now something electable politicians proudly wear, and millions of young people proudly support.
You can also see a greater focus on "work/life balance," which is showing up in more insistence on paid maternity and paternity leave, and a surprisingly large decline in average annual working hours for full-time workers in the US (from 1834 in 2000 down to 1783 most recently, which is like taking six extra days off per year).
From a conservative/Republican perspective, something has gone terribly wrong with Millennials. But the irony here is that we probably have those very conservatives and Republicans to thank for the dramatic change in mindset of this generation, relative to earlier ones. For over seven decades, young people came up in an atmosphere where, even if they first entered the workforce in tough times, prosperity (and the siren song of 'keeping up with the Joneses') was just a few years away. For example, the early 1990s were rough on Generation X, but the recession was fairly short, and after a couple years of jobless recovery, was followed by a very strong growth cycle. There wasn't time to abandon dreams of material wealth or to give up on establishment politics.
What changed this time was that conservatives in Congress imposed government austerity. You won't find another period like 2009-2016, in American history, in terms of having such absurdly low government spending growth, nor a period so long of government employment shrinkage. You can see it here, in terms of government employment:
https://fred.stlouisfed.org/series/USGOVT
Before the start of the Obama administration, the longest the nation had ever gone without government payrolls showing net expansion was 73 months -- which entailed the massive demobilization following WWII. Generally, it was rare to go more than a year or two without government payrolls expanding. We've now gone 103 months with a net decline of government payrolls, including all but the first few months of the Obama administration.
You can see a similar pattern with this data, which measures spending levels.
https://www.usgovernmentspending.com/total
You simply won't find a period as long as the present one with so little government spending growth. This is the closest thing to sustained austerity in US economic history. The result is that we've had a whole generation that was all but shut out of stable civil servant positions, and which had little opportunity for material advancement for the better part of a decade. This altered the traditional "rat race" American mentality, in that generation, to something closer to traditional Western European cultural values. Since your chances of being better off than your parents was dwindling, defining success in those terms just wasn't appealing. Instead, the youth culture rejected capitalist values and found meaning along other cultural avenues. In fact, there's a pride in making do with less -- a coupon-clipping, decluttering, reduce/re-use, freegan pride.
This may, in fact, be a good thing, long term. A culture of material acquisition and status competition is dangerous from the perspective of environmental burden. It's better for people to find happiness in less material, more sustainable ways, rather than slaving long hours to buy a bunch of plastic crap they don't need. But from the perspective of a Republican or conservative, this change in culture is unfamiliar and troubling (see the constant freak-outs here about the new socialism). So, it's fascinating that it may ultimately be attributable in large part to the austerity politics they pushed during the Obama years. In essence, they broke the Millennials -- turning them into the first generation in living memory that was genuinely skeptical of capitalism and the traditional US culture of acquisition. They denied the Millennials the "gateway drugs" of capitalism during their formative years, and so an unprecedented chunk of the generation never got hooked.