3 People Living in a Car California Surviving The Recession

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A young man struggles to survive in the current economic client. This is a open ended series where I will pick a few individuals for a interactive reality series called ' Surviving the Recession"

How Are the Kids? Unemployed, Underwater, and Sinking
with 272 comments

This guest post is contributed by Mark Paul and Anastasia Wilson. Both are members of the class of 2011 at the University of Massachusetts-Amherst.

In some cultures asking how the kids are doing is a colloquial way of asking how the individual is faring, acknowledging that the vitality of the younger generation is a good metric for the well-being of society as a whole. In the United States, the state of the kids should be an important indicator. Young workers bear the significant burden of funding intergenerational transfer programs and maintaining the structure of payments that flow in the economy. Today, the kids' outlook is almost as bleak as the housing market; they are unemployed, underwater on student debt, and out of luck from a reluctant political system.

Currently, even after a slight boost in jobs growth, unemployment for 18-24 year olds stands at 24.7%. For 20-24 year olds, it hovers at 15.2%. These conservative estimates, using the Bureau of Labor Statistics U3 measure, do not reflect the number of marginally attached or discouraged young workers feeling the lag from a nearly moribund job market.

The U3 measure also does not count underemployment, yet with only 50% of B.A. holders able to find jobs requiring such a degree, underemployment rates are a telling index of the squeezing of the 18-30 year old Millennial generation. While it appears everyone is hurting since the financial collapse, young adults bear a disproportionate burden, constituting just 13.5% of the workforce while accounting for 26.4% of those unemployed. Even with good credentials, it is difficult for young people to find work and keep themselves afloat.

If companies are unwilling to hire bright young college graduates even at a relatively low salary and minimal benefits, will they ever be willing to hire anybody at all?

Jobs aren't the whole story. Recent college graduates, those in the labor force with the freshest batch of knowledge and skills, are currently underwater and sinking fast with unprecedented student loan and personal debt. Average student debt for the class of 2008 was $23,200, an increase over four years of about 25%, meaning that students are knee deep in negative equity between their educational investment and actual earnings.

Between inflated student debt and the lack of available jobs for qualified graduates, students are defaulting at an all time high level of 7.2%. From 2008 to 2009, student debt defaults jumped about 30% to $50.8 billion. This earning-to-debt gap not only hurts lending institutions, but also may affect students' future abilities to borrow -- a significant hurdle in our credit driven economy.

If student debt and job stagnation continue, younger workers will face real structural unemployment (as opposed to the fake kind that had been suspected by some economists, but was recently debunked by the San Francisco Fed). The more time these young workers spend unemployed and underemployed, the greater chance for future structural unemployment due to deteriorating human capital.

High debt, high defaults, and low family earnings will prevent many students from finishing college at all. High unemployment for those who do manage to graduate with a degree will create barriers for those unable to start their careers. As economists have shown, most current deficits can actually be attributed to the decrease in tax revenues - a debilitating trend that will continue without well-targeted action.

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[agenthelios1]

I keep hearing people say "join military", but is this what our economy has been reduced to? When the only damn jobs are government related? seems pretty pathetic for a country that is supposed to be "the best"

[ericksongeoff]

Emigrate to Canada. I cannot understand why I never meet American Immigratnts in Canada. I work in a large factory in Winnipeg, Manitoba,Canada. I work with people from over 80 countries but not one Amercan is on the floor. Oh well.... your loss.

[GarIicjr]

@ericksongeoff do you have legal weed up there? im from iowa im trying to find a nice place to move to that has medical weed shops. and i have thought about canada.

[Pernaetova21]

o well..

[Pernaetova21]

That's just it.. I don't have any debts either. No student loans, no car loans, no back rent.. nothing. I was never eligible to sign for any of these things because of my lack of employment. Parent's weren't going to co-sign because they couldn't afford it. I don't do drugs and I'm not an ex-con. I got a grant and scholarship to pay for school. I sort of feel like I should've been like everyone else and lived it up because I'm still not free. I know that's not how it is but that's how I feel.

[Pernaetova21]

I'm pretty much homeless aside from living with my folks. It's a lot of pressure because I feel guilty for having to mooch off of them. I'm 25 years old and have had very little sucess in keeping a job for more than 6 months at a time. I recently graduated from a vocational school and that hasn't helped at all. Anyway, I try to at least earn my way by taxiing my family around town because I'm the only other driver with a license besides my dad. I'm fixing to become a taxi driver.

[Damnedsoul53]

he is a GOOD boy. he works his ass off just to survive! like me!

[fancysnake1]

Rancho Cucamonga? I live there :D

[low72]

Obama passed S. 1867 under section 1031 today (dec. 19th) which he said he would veto...the 'national defense bill' allowing the u.s. military to detain american citizens indefinitely on u.s. soil with no trial. there's a lot more to this, martial law is coming soon as well as WWIII ...don't believe me look it up

[KCArmstrongXIIV]

@agenthelios1 tell that to all the family friendly multi national corporations who claim theyre american business to STOP shipping every job overseas..seems the government is the only entitiy hiring right now lol

[daggertoungeomega]

had a vision long ago I saw planes dropping form thy sky helecopters submarines just stopping in it's tracks soldiers who couldnt even draw their weapons . I was just one man standing but this wont happen it i wont let it get there.

[daggertoungeomega]

oh yeah and that bill that those 90 senators or so voted on last time i checked they were us citizens too. they make laws that they themselves get themselves snaired in you could have a army of tanks guns helecopters missles all that crap it wont matter If one man can stand up against all nations on two feet imagen 250,000 sealed and the uncountable number of angels that are in tuned with this one man of being. it all irrelevent in the arena of the elohim and other beings who stand with me.