Generation Y, also known as the Millennial Generation, is facing a harsh reality. These 18 to 29 year olds are not only plagued by a youth unemployment rate of 12%, but they're also drowning in college debt. The average amount of student loan debt in America is now more than $26,000. College may still be a great investment, but it's leaving many Americans in debt for the rest of their life.

Generation Y: Looking for jobs -- and an identity

So will these Millennials ever be able to dig themselves out of such a deep hole? Well, that's what we wanted to know, so we asked Ron Hart, managing director at Morgan Stanley, what the future looks like for America's young people.