While many of today’s youth continue to live beyond their means, give all their cash to brands like “The Kardashians,” Rick Ross and whomever else, there’s a stark reality that can’t be denied. According to the US Censu young Americans are suffering from the highest unemployment since World War II and risk living in poverty more than others – nearly 1 in 5.
In record-setting numbers, young adults struggling to find work are shunning long-distance moves to live with Mom and Dad, delaying marriage and buying fewer homes, often raising kids out of wedlock. They suffer from the highest unemployment since World War II and risk living in poverty more than others – nearly 1 in 5.
New 2010 census data released Thursday show the wrenching impact of a recession that officially ended in mid-2009. It highlights the missed opportunities and dim prospects for a generation of mostly 20-somethings and 30-somethings coming of age in a prolonged slump with high unemployment.
“We have a monster jobs problem, and young people are the biggest losers,” said Andrew Sum, an economist and director of the Center for Labor Market Studies at Northeastern University. He noted that for recent college grads now getting by with waitressing, bartending and odd jobs, they will have to compete with new graduates for entry-level career positions when the job market eventually does improve.
“Their really high levels of underemployment and unemployment will haunt young people for at least another decade,” Sum said.
Richard Freeman, an economist at Harvard University, added, “These people will be scarred, and they will be called the `lost generation’ – in that their careers would not be the same way if we had avoided this economic disaster.” Nationwide, employment among young adults 16-29 stood at 55.3 percent, down from 67.3 percent in 2000 and the lowest since the end of World War II. Young males who lacked a college degree – typically black and Hispanic – were most likely to lose jobs due to reduced demand for blue-collar jobs in construction, manufacturing and transportation during the downturn. Among teens, employment was less than 30 percent.[Read More]
The lost generation? Wowzers. Wake up people and realize that life is more than just reality TV and the hottest music video. It’s time to get back to basics.
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