This paper aims to show that generations have made an implicit pact in order to maintain unchanged the employment system based on a labor market cleaved between insiders and outsiders. The former enjoy a high degree of protection, while the latter are a key element of the flexibility of the economy. Young people accept this unequal deal for three reasons. The first one is that the precarious phase is considered as a transitory one for those who are graduates. The second one is that most of young people think that in this way they will become insiders themselves. The third one is that these youngsters receive a substantial material and emotional support from their parents before they get a stable job. The actual losers of this compromise are young people who leave school without a diploma.