That stands for "Insecure, Pressurised, Over-Taxed and Debt-Ridden" according to the UK's thinktank Reform . "Reform’s work in 2006 and 2007 identified that the balance of taxation and public spending has tilted against young people, so that they now face an unfair burden, without being able to expect many of the benefits; and this at a time when their economic profile is already difficult. They are also faced with increasing levels of debt from higher education, much stronger labour market competition, lower growth in earnings and acute difficulties in getting onto the property ladder."
Generation Debt got a shout-out today in the UK Telegraph in an editorial about the effects of Britain's "borrowing binge" and taxation on young people. While I love the sentiment, most notable to an American eye are the references to government supports and programs that are unheard of here in America, like universal health insurance and "interest-free graduate overdrafts."