Yes. The growth in number of licensees has been falling and is now near 0. It is likely to soon go negative. The rate of growth and in particular the absolute number of licensees is a lagging indicator as to the health of HR due to the 10 year license term. A leading indicator is on air activity. And although difficult to measure, the decline is so obvious as to be self evident. This reality is not the fault of licensees or the FCC or ARRL. It is simply a function of a stark generational change. A change that is of a greater magnitude than others. Several things are at the root of the differing values of the millennial generation - the next group to replace baby boomers and the next group of would be hams. More millennials have college degrees than any other generation before them. This means they are weighted down financially with debt. This in turn makes them consider most hobbies as frivolous and an unnecessary waste of finances. Many late millennials live with their parents as you know. Many prefer socialism over capitalism. Secondly they witnessed and lived through the Great Recession. This period had a significant impact on their beliefs in how the economy works and or does not work and again how they plan to spend their money. They see the spending habits of boomers as excessive with to great an emphasis on hobbies, adult toys and things unnecessary to meeting the daily needs of life. A millennial says why a ham radio when I can communicate to the world with my cell phone. That is much more a statement as to the necessity of ham radio in our life than a comparative statement of technology. In other words they are not going to care about radio for its own sake. That is why I am a ham but will be laughable to the generation of spenders coming up since radio for radios sake will be seen as an unnecessary luxury. That is much different than a boomer generation that for the most part just can’t understand what radio for its own sake even means. Millennials are creating industry and they are destroying industry. Ham radio needs millennials to replace boomers and given their values, they are an unlikely group to ensure the continuation of ham radio.