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UE only reached 10% for a few months and for much of the recession UE was under 7% and its secondary peak was 9%, significiantly lower then the UE in this recession and the periods of high UE were very short.
1) Start a business. For example on Ebay. If you make a profit, they will take most of your money away in fees to the point it's not even worth the time put into listing and shipping. Or take out a loan and open up a place, and fail because nobody can afford your service in this economy.
2) Go to college. Only everyone goes to college so you are likely not to get a job for it, and you're left in servitude paying off your student loan debt. There are plenty of people still paying off their loans from the 1980s.
3) If you're lucky enough to find a job, most of them pay barely over minimum wage. Perhaps enough to share an apartment with a friend or partner, but by no means enough to start a family. The work is also more often than not very mundane and stressful, usually retail or cold calling.
I don't think this is justified in a country with so many resources. There needs to be a structural change. I'm 23 years old and I feel like my generation born in the 1980s/1990s has little hope of being more than debt serfs.
Well I was born in 79, but I think most classify me as a Gen Y. I went to college, got a degree, making close to 6 figures, and have a 5 bed/3bath home at 3.75% interest.
Maybe you just choose the wrong career field, or didn't show proper drive. There is a lot of luck that comes with even nominal success, but its mostly hard work.
Why do you think that this is specific to your generation?
It's not.
You don't think we're doing more with less?
We're not retiring because our pensions got hit with stock market, Enron, etc.
We don't have money, either.
You're not special. Figure it out, everyone else in the world has to.
Thanks for that great comment, figure it out we all had to, really just shows the disconect.
Older generations were lucky to be young when job markets expand. To be the only developed not destroyed during ww2 so that factories in America could employee young workers in mass. The US at that time was the only nation prospering because the war was not fought here, relative to other countries, our casualties were low. Other countries were trying to rebuild bombed towns we were innovating and hiring countless boomers.
The world has caught up, and the US no longer exports to the rest of the world like it used to. Blue collar jobs are disappearing and those who have not been able to establish a career because they are new to the job market are having trouble getting their foot in the door. But don't worry, I'll just try harder, I hope your SS doesn't get defunded in 20 years when boomers are no longer controlling government.
1) Start a business. For example on Ebay. If you make a profit, they will take most of your money away in fees to the point it's not even worth the time put into listing and shipping. Or take out a loan and open up a place, and fail because nobody can afford your service in this economy.
2) Go to college. Only everyone goes to college so you are likely not to get a job for it, and you're left in servitude paying off your student loan debt. There are plenty of people still paying off their loans from the 1980s.
3) If you're lucky enough to find a job, most of them pay barely over minimum wage. Perhaps enough to share an apartment with a friend or partner, but by no means enough to start a family. The work is also more often than not very mundane and stressful, usually retail or cold calling.
I don't think this is justified in a country with so many resources. There needs to be a structural change. I'm 23 years old and I feel like my generation born in the 1980s/1990s has little hope of being more than debt serfs.
This is liberalism in action. "Your generation" supports liberal politicians and thier policies. Votes have consequences. Suck it up and enjoy liberal Nirvana (otherwise known as a gradual erosion of wealth and living standards).
Given "your generation" is in the driver's seat for future elections, you can expect more and more economic misery. There may come a point when you wake up, but that is unlikely.
And we've been "recovering" since 2009 as our government tells us.
Our recession was over June 2009.
Recoving technically I wouldn't call .1-3% growth much of a recovery. Though on the good news front we are on track to have the same number of jobs as existed in mid 2008.
whine?yes, and gettiin into politics to change things, after you realized that the problem is not individual.
If a guy is smart, educated, well behaved and despite this he can barely find a job, can't buy a home, can't start a family, can't move out from his parents that means there's something wrong not in him but in the system because of bad politics. And you gotta change politics. and we're trying to do it here.
I happened to check graphs who show in the last decade the enormous growth of USA national debt and the growth of financial profits.
more debts=more profits for ultra rich
In other word the government didn't make debt to promote jobs, small business, internal demands i.e. the real economy but printed money and sold more bonds to save bank speculations and the big capital.
But in order to re-pay the debt (used to save the rich) the same government raise taxes/cut services, blasting middle and lower classe.
That sounds an injustice to me and the reason of the middle class impoverishment.
Well I was born in 79, but I think most classify me as a Gen Y. I went to college, got a degree, making close to 6 figures, and have a 5 bed/3bath home at 3.75% interest.
Maybe you just choose the wrong career field, or didn't show proper drive. There is a lot of luck that comes with even nominal success, but its mostly hard work.
Well even though we are the same generation (I'm 1990 so about 10 years younger than you), you still came of age in the late 90s/early 00s which is a lot more of a prosperous time than now. Things have changed quite a bit. Was way easier to make money in those days.
Recoving technically I wouldn't call .1-3% growth much of a recovery. Though on the good news front we are on track to have the same number of jobs as existed in mid 2008.
Then why all the GenY complainers? They have the advantage of being younger and more energetic than us older folks, and age is not (yet) a protected class.
Well even though we are the same generation (I'm 1990 so about 10 years younger than you), you still came of age in the late 90s/early 00s which is a lot more of a prosperous time than now. Things have changed quite a bit. Was way easier to make money in those days.
We all experienced the same 2008 dropoff. The folks who were making that much money in 99-2000 and during the housing boom p**sed away much of their savings on $400 bar tabs and exotic vacations, many thinking it was going to last forever. Why do you think worthless .com companies were valued at 60-100 P/E ratios?
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