But young adult just starting their careers is also profoundly affected by the economic troubles. Noreen Malone of New York magazine has written a long, incisive article about their plight. This featured article has been summarized by Daniel Gross, editor of Yahoo! Finance:
- The average worker gets 70 percent of total raises in the first decade as a worker – so stagnant or non-existent wages during that period means many of today’s young workers are likely to suffer prolonged economic under-performance.
- Students today have huge, stupendous college loans, far more than in earlier years
- The tough times mean young adults are much more likely to be living at home in their twenties. "Thirty-nine percent of us in a 2010 National Journal poll were getting financial help from relatives, including a full quarter of those with full-time jobs," Malone writes.
- The slow formation of new households and independent living is depressing the housing industry. The average age of getting married has increased by a full year since 2006, and young couples are having fewer children.
- The number of women between ages 20 and 34 rose by a million from 2008 to 2010, but the number of babies dropped by 200,000.
- A college degree used to be insurance against unemployment. For those over 25, about 4.5% are unemployed. But for recent college graduates, the unemployment rate is close to 14%.
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The full article by Noreen Malone is in New York magazine and on line at: