It’s old news that when the pie ceases to grow larger, those around the table fight more over the pieces. While “class warfare” gets the press coverage, it may be that the real story is the tension between the young and those with established careers. Linette Lopez:
New census data released today reveals that the recession has made American 20 to 30-somethings into a Lost Generation of unemployed and underemployed, the AP reports. According to economists, this trend will continue through the decade, and when its over, it will take another decade for this generation to fully recover. The dream of going to college, getting a degree, finding a job, and striking out on your own has dissipated, leaving only staggering numbers. . . .
5.9 million members of The Lost Generation will leave college and return home to live with their parents, that’s 25% more than the last recession. Most of them are men. When they do get home, this generation will work odd jobs until they can start careers. But only a little over half of them make it to that point (55.3%).
Of course this delays the entire process of becoming an adult, getting married, buying a house, and starting a family. Marriage among those aged 24-32 reached a new low of 44.2%. Homeownership fell from 67.3% in 2006 to 65.4% in 2010.