MUST WATCH: Expert warns that young Americans are falling behind their parents, as system increasingly benefits elites

"For the first time in our nation's history, a 30-year-old man or woman isn't doing as well as his or her parents were 30. That is the social compact breaking down," Galloway said.

He said that 60 percent of people aged 30 to 34 had at least one child in 1990, and that number is down to 27 percent.

"People are opting out of America. They're not optimistic about it. They're not having kids," he said, later adding, "The pool of emotionally and economically viable men shrinks every day, which lessens household formation."

"So we have a real issue. Young people are enraged, so it turns every cut, every movement into an opportunistic infection because quite frankly, they are just pissed off. They look up they see wealth, exceptional wealth across my generation and people in certain industries, and they are really struggling."

Galloway, who is also a professor of marketing at NYU’s Stern School of Business, said the incumbent leadership at universities is creating "artificial scarcity on campus," and that "we take pride in rejecting 90 percent of our applicants, so the incumbents who already have the degrees so their degree go up in value."

"We get very concerned with housing and traffic once we own a housing, housing permits are sequestered from young people. Housing prices have gone from 290 to 420 in the last four years. So a young person, a house, stocks that I don't own skyrocket in value, let's have COVID relief and flush the markets and take assets way up because of a million people dying, would be bad, would be tragic if I got less wealthy. And we’re doing it on their credit card."

He said that "young people have every reason to be enraged. And every issue they see, they look up, they get angry and they see someone doing better than them and then every day it is speed balled in their face that they are failing, that they are not doing as well as everyone around them."

"We have lost the script," Galloway said. "Our kids are more anxious and more depressed and more obese and more addicted. And we have made a purposeful decision to let this happen by ensuring the people around this table stay wealthy at the cost of young people."

Turning Point USA founder Charlie Kirk wrote in response to the clip, "This is a VERY important clip. I speak at more college campuses and with more college kids than perhaps anyone else in the country and what this man is saying is 100% true. Watch and have your eyes opened."