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As many other posters have pointed out, this is the second recession for the Millennials.
I am an older Millennial in my mid-30s.
I finished my MBA program just mere months before Lehman collapsed. Even before Lehman collapsed, there were bad signs in the economy, especially as it pertains to new MBA hiring. Big companies plan out their new MBA hires about a year in advance. In Spring 2008, many large companies were setting up hiring freezes. As far back as Oct-Nov 2007, my MBA classmates and I were seeing our interview pipelines dry up and/or get cancelled.
I have been decimated by the 2 worst recessions of the last 80 years (2008 and 2020 COVID). My early career has been obliterated. It took me until the late 2010s to recover from the last recession. There is a chance that I will be picking up the pieces from the financial devastation of 2020 until I am 45 years old.
Late Millennials (1993-1996) and early Gen Z (1997-2002) are getting their first recessions. Some of the 1997-2002 Gen Z's are still in college and should considered themselves fortunate if that is the case.
As a result of this recession, I am turning more socialistic. I was anti-bailout in 2008.
However, Millennials are not the first generation to suffer. Millennials are the first large generation to suffer. In 2004, data points were released indicating Generation X'ers born between 1965-1974 were earning less money than Silent Generation members born between 1935-1944 were earning in 1974. However, since Gen X is a comparatively small generation, this information got quickly forgotten by the masses.
What would you say to your younger self to convince yourself of this new viewpoint?
23 yr old you were still a baby. You can always go home to mommy if you lose your job. Now is when the recession will really affect you.
Yeah straight out of college with student debt, all job hiring completed halted and no prospects at all.
Compared to now where I'm married so dual income in case one of us loses their job and have hundreds of thousands of dollars in savings to fall back on if necessary.
Eventually, millennials become tougher and lose the bad reputation when they lived through tough times. It wasn't long ago that gen X was also associated with the very same things said about millennials but the recessions came and went. It is the recession that hit you when you are no longer dependent on your parents that's the real test.
You should just stop posting. It's really not helping your position.
This will mark the Millennial gen's 1st recession of their work experience. The last 2 didn't affect them because they were not within working age. This will be a real learning experience and test for many millennial works that never been forced to compete on the employer's terms. The last decade, employers had to change their hiring standards to meet the millennial worker's terms.
Excuse you?
We graduated into an awfully crappy job market. Our birth years started in 1981-1984 depending on who you asked.
Millennials more than any other generation know what a recession looks like.
My career was destroyed by it. I'm starting to believe it's likely that I will never have a career I can be proud of and will never be able to afford to own a home. I'll be surprised if I even ever find love at this point.
Life sucks.
Yep, it sucks but it's something I'm really having to come to terms with. Back in 2008, people talked about how that was a once-per-generation economic downturn. Amazing that this country was so dumb to elect another Republican and how we're dealing with a crash a magnitude of times worse. I'm 34 now but will be in my 40s before we have a functioning economy again and that's an optimistic scenario.
It's hard to not feel like I've had my entire life and potential robbed from me.
I was able to buy last year, but I live in small town Tennessee were property is affordable, but the job market sucks. While anyone could lose their job right now, I'm probably fairly safe, and I'd hate to go back to renting.
A lot of my friends and peers are already laid off. An ex of mine works at a bank. She was axed this week because all the branches are closed. Other than people working in the medical field, essential services like grocery stores or some retail, etc., a lot of people are already laid off.
These economic consequences will be with us long after the virus has run its course.
My career was destroyed by it. I'm starting to believe it's likely that I will never have a career I can be proud of and will never be able to afford to own a home. I'll be surprised if I even ever find love at this point.
Life sucks.
Yep, it sucks but it's something I'm really having to come to terms with. Back in 2008, people talked about how that was a once-per-generation economic downturn. Amazing that this country was so dumb to elect another Republican and how we're dealing with a crash a magnitude of times worse. I'm 34 now but will be in my 40s before we have a functioning economy again and that's an optimistic scenario.
It's hard to not feel like I've had my entire life and potential robbed from me.
Wise words indeed. If a Democrat had won, this virus wouldn't have happened.
This will mark the Millennial gen's 1st recession of their work experience. The last 2 didn't affect them because they were not within working age. This will be a real learning experience and test for many millennial works that never been forced to compete on the employer's terms. The last decade, employers had to change their hiring standards to meet the millennial worker's terms.
This will mark the Millennial gen's 1st recession of their work experience. The last 2 didn't affect them because they were not within working age. This will be a real learning experience and test for many millennial works that never been forced to compete on the employer's terms. The last decade, employers had to change their hiring standards to meet the millennial worker's terms.
I think you are referring to Generation Z - it's their first recession. Many of the older Millennials now in their 30s actually graduated into the Great Recession of 2008. It wasn't uncommon for them to lose out on the job search and move back in with their parents. This happened even for those with master's degrees. The law graduates had it even worse. One example that stood out to me was a guy who had gotten perfect scores on the standardized test for college and earned a master's in computer science around 2009. He just wound up moving back in with his parents for above six months until he finally found an entry level job. At the time, he was in his mid 20s. By 2013 he was booming in a comeback though. That scenario was common for that age range back then.
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