September 21, 2012
HOW’S THAT HOPEY-CHANGEY STUFF WORKIN’ OUT FOR YA? (CONT’D): You Can’t Talk About Millenials Without Talking About Falling Earnings. “The Atlantic has been on the Millennial beat for a long time, explaining why 20-somethings aren’t buying cars or houses or cable subscriptions, not getting married, not having children, and sometimes not even moving out of their parents’ basements. The answer, again and again, is the economy. Unemployment for adults between 20 and 24 is 14%, compared to the national average of 8.1%. But even those with jobs are facing something without modern precedent: Steadily falling annual earnings.”
It’s worse than this indicates, though, because even as earnings were falling, student indebtedness was climbing.