Saturday, November 20, 2010

The Kids (Young Adults) are NOT Doing OK
Baseline Scenario has an article written by two young college graduates about how young people, even those with college degrees are struggling. Read the article linked above.

I'll include a few excerpts below but before I do I want to remind readers of a tidbit I found in the Wall Street Journal a month or so ago:

"Poverty Rate 42.8% for 25-to-34-Year"
Dougherty, C., & Murray, S. (2010, September 17). Lost Decade for Family Income. The Wall Street Journal, p. A1, A4.

We have allowed an entire generation to be dispossessed, marginalized, impoverished.

Here are a few excerpts from the Baseline scenario article written by Mark Paul and Anastasia Wilson:

"Currently, even after a slight boost in jobs growth, unemployment for 18-24 year olds stands at 24.7%. For 20-24 year olds, it hovers at 15.2%. These conservative estimates, using the Bureau of Labor Statistics U3 measure, do not reflect the number of marginally attached or discouraged young workers feeling the lag from a nearly moribund job market.

"The U3 measure also does not count underemployment, yet with only 50% of B.A. holders able to find jobs requiring such a degree, underemployment rates are a telling index of the squeezing of the 18-30 year old Millennial generation. While it appears everyone is hurting since the financial collapse, young adults bear a disproportionate burden, constituting just 13.5% of the workforce while accounting for 26.4% of those unemployed. Even with good credentials, it is difficult for young people to find work and keep themselves afloat.

"... Average student debt for the class of 2008 was $23,200, an increase over four years of about 25%, meaning that students are knee deep in negative equity between their educational investment and actual earnings...."

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.