No group in America has been hit harder during the current recession than young adults. Millions of Americans are graduating from college with virtually no money, lots of debt and with very dim employment prospects. Those who don't go to college are even worse off. All their lives these young Americans were taught if they studied hard, got an education and worked within the system that good jobs and the American Dream would be waiting for them. But now millions of them are realizing that all of their studying and hard work is not providing them with the rewards that they always thought they would get. This is causing large numbers of young American adults to become depressed and disillusioned. In fact, record numbers of them are moving back in with their parents. But without decent jobs, what are they supposed to do?
There are all sorts of grim stats at the end of the post to underscore the primary point. While statistics can always be skewed, after all of these years where I (and obviously countless others) have talked about working longer it is pretty clear that if people in their 60s are working longer because they have to and the unemployment rate has gone up then gen y will have more obstacles getting out of the starting blocks.
A point I have been making for months, and this too I think is obvious, is that if this was/is the worst financial crisis in 80 years there will be fallout and consequences for many years.