Every presidential election season, it seems like we hear rumblings about why the youth vote matters. And this year, politicians’ main focus may be on the economy. A May 2008 survey and report that I co-authored for the Center for American Progress shows that voters under 30—often known as the Millennial generation—have decidedly progressive views on the economy, possibly more so than any previous generation, especially compared to the more conservative views of Generation X.

According to CAP’s report, a majority of 18 to 29 year-olds (the ages the report used to define the Millennial generation) believe that in order to ensure strong and sustainable economic growth, we need increased public investments in health care, education, services, and other areas. Millennials also tend to think that government can and should play a positive role in the economy, and they don't necessarily believe that free markets always have the answers. For example:

• Millennials are more likely to support universal health coverage than any age group in the 30-year history of the question, with 57 percent believing that health insurance should come from a government insurance plan.
• 61 percent of Millennials think the government should provide more services, the most support of any age group in any of the previous 20 years the question was asked.
• 87 percent of Millennials think the government should spend more money on health care even if a tax increase is required to pay for it. This is the highest level of support in the question's 20-year history.
• 95 percent of Millennials think education spending should be increased even if a tax increase is required to pay for it, the highest level ever recorded on this question in the 20 years it has been asked.
• Millennials are supportive of labor unions, giving them an average ranking of 60 on a 0 to 100 scale (with a 100 rating as the most positive view), the second-highest level of support of any age group in the over 40-year history of the question.

Although young people remain less likely to vote than other age groups, Millennials are starting to close the gap. As the executive director of Rock the Vote argued earlier this year, "2008 is set to become the third major election in a row with an increase in turnout among young voters." Presidential candidates and the political analysts commenting on the race have taken notice of the potential impact of Millennials' votes and are making efforts to reach young voters.

Young adults rank the economy as the most important issue in this year's election, and it has already proven to be a bigger concern for Millennials than older generations. In 2006, 23 percent of voters under 30 cited the economy as the most important issue, compared with 14 percent of the rest of the electorate. And a 2003 survey of 15-to 25-year-olds found that "jobs and the economy" was the most important problem facing the country, nearly double the number that said the war in Iraq.

Young adults today face more significant economic challenges than other recent generations, including lower rates of health care coverage—the lowest rate in comparison to other age groups—worsening job prospects and earnings, a decline in benefits offered by their employers, and higher levels of student debt and other types of debt. As New York Times columnist Bob Herbert wrote in May, Millennials are "in danger of being left out of the American dream—the first American generation to do less well economically than their parents. And that economic uncertainty appears to have played a big role in shaping their views of government and politics."

Research suggests that political attachments and attitudes formed in early adulthood often continue to be held later in life. The shared experiences of Millennials—like those who lived through the Great Depression and World War II—can form a lasting worldview that shapes their political views throughout their lifetimes. Evidence indicates that Millennials already have a distinct generational identity, with 69 percent thinking their age group is unique, compared to only 42 percent of Generation X, and 50 percent of baby boomers.

Millennials could well be poised to transform the American political landscape in 2008 and beyond due to their decidedly progressive positions on economic issues and the role of government in the economy. Regardless of what happens down the line, the 2008 election will be a chance for young Americans to take our concerns to the voting booth and be heard.