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Old 01-19-2009, 07:16 PM
 
177 posts, read 544,248 times
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What age group is hurt the most in this bad job market. Is it young people out of college or older people in their 50,s, or every age group. Who will have the advantage when job market gets better
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Old 01-19-2009, 07:40 PM
 
Location: WA
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My personal opinion would be people at the broader edges of the spectrum--such as the young people just out of college that don't have the savings or the experience for a time like this, or the older people just getting ready to retire and now they have to consider retiring a few years early when their accounts are down, or maybe even consider a new industry. Those more in the middle hopefully have the combination of savings, job experience, and time to wait it out.

The more tech savy and those that have the skills needed now (maybe younger people?) could be at an advantage at finding jobs for those reasons, and also that they are willing to expect to or just are paid lower. I've heard some sad stories about companies laying off long-time workers because their younger employees are cheaper to keep.
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Old 01-19-2009, 07:59 PM
 
Location: Houston, Texas
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The youngest will be affected the worse. You have many traditionally low paying jobs that young people take. You also have many older people who lost their retirement in the stock market or their home value and must continue to work way past 65 at these low paying jobs.

If you were an employer and an older physicaly good polite 65YO person applied.... and then a teenager came in to apply who is wearing pants that can fit 10 grown adults into them with their hat on crooked and tatoos all the way down each arm. Who will you hire?
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Old 01-19-2009, 08:09 PM
 
Location: rain city
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Without a doubt over 50's are in the worst predicament.

Their retirement accounts have been deflated probably forcing them to work well into their 60's. If they own a home the value has probably been reduced and may be unsaleable anyway, their job skills are seen as out of date and undesirable.

Young people still have decades left to recoup. Over 50's are out of time.
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Old 01-19-2009, 08:59 PM
 
Location: Chicago, IL
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Young people.
Generation Y job-seekers hit hard - Careers- msnbc.com
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Old 01-19-2009, 09:34 PM
 
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I would say that the older people have taken the biggest hit. Not only are their jobs evaporating but their retirement savings are also being emptied. Probably largest shift of wealth in history going on in next 12 months. Many older people AREN'T going to retire. They'll work until they die.

Younger people haven't lost anything except their opportunities for a good paying job. The days of 50k out of college are long gone. Now you'll be happy with 20k to make ends meat.
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Old 01-19-2009, 10:27 PM
 
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I dont know about Gen Y taking the brunt of this recession

all the wall street lay-offs are apparently targeted at the more experienced Gen-Xers or older because the Gen-Yers are cheaper
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Old 01-19-2009, 10:33 PM
 
177 posts, read 544,248 times
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Just curious what is the starting wage for someone just out of college now
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Old 01-19-2009, 10:52 PM
 
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Probably Gen 'Y', meaning those 30 and under. They are just starting out and therefore have little savings, are competing against laid off people with much more experience for the same job, and have higher expectations that may be dashed due to the economic situation.

On the flip side, a 45 year old with a mortgage and two kids in college who got laid off isn't exactly having it easy either.
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Old 01-20-2009, 12:53 AM
 
Location: Some place very cold
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Young people get hard. They graduate from college with huge student loans and worthless degrees in things like anthropology and english literature, and they can barely get a job at Walmart.

The good news is they are young and healthy and can share an apartment and eat top ramen noodles or go and live in a Yurt somewhere and it doesn't bother them as much.
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