We are delaying partner-marrying and house-buying and kid-having for longer than any previous generation.
And, according to The Olds, our problems are all our fault: We got the wrong degree.
In 2008 we weren’t hiring graduates, let’s hire all the people we passed over.’ No, they hired the class of 2012.”You can even see this in the statistics, a divot from 2008 to 2012 where millions of jobs and billions in earnings should be.
In 2007, more than 50 percent of college graduates had a job offer lined up.
Decision by decision, the economy has turned into a young people-screwing machine.
And unless something changes, our calamity is going to become America’s.
Earlier this year she had to borrow money to file for bankruptcy.
Each applicant telling her, one by one, in front of all the others, why he’s the right candidate for this -an-hour job as a bank teller.He sometimes considers getting a master’s, but that would mean walking away from his salary and benefits for two years and taking on another five digits of debt—just to snag an entry-level position, at the age of 30, that would pay less than he makes driving a bus.At his current job, he’ll be able to move out in six months. There are millions of Scotts in the modern economy.Salaries have stagnated and entire sectors have cratered.At the same time, the cost of every prerequisite of a secure existence—education, housing and health care—has inflated into the stratosphere.“I’m 25 and I’m still in the same place I was when I earned minimum wage.” Four days a week she works at a dental office, Fridays she nannies, weekends she babysits.And still she couldn’t keep up with her rent, car lease and student loans.After that he bounced around—selling suits at a Nordstrom outlet, cleaning carpets, waiting tables—until he learned that city bus drivers earn an hour and get full benefits. In theory, Scott could apply for banking jobs again.But his degree is almost eight years old and he has no relevant experience.We spend money we don’t have on things we don’t need. We killed cereal and department stores and golf and napkins and lunch.Mention “millennial” to anyone over 40 and the word “entitlement” will come back at you within seconds, our own intergenerational game of Marco Polo.