A word used to describe members of anyone graduating High School around 2011. So named for the tendencies of this generation to "demand a balloon" for doing the absolute minimum amount of work and expecting automatic gratification. More literally, this gratification is generally expected in the form of grades, popularity, etc. Generally, anyone born in the early '90s can be defined as part of the Balloon Generation, regardless of whether or not they actually exhibit the above characteristics.
You're part of the balloon generation! You think you can do the absolute minimal amount of work and then ask GIMME A BALLOON and I'll actually give you one? You're weaksauce!
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