Census Bureau Takes a Look at the “Lost Generation”
Being in my 20s I see myself as a very motivated, hardworking, independent individual. According to this article by Pulse of Radio however, my generation does not share these views of adulthood.
New Census Bureau figures show that just 55.3 percent of young Americans between 16 and 29 were employed in 2010, a big drop from 67.3 percent in 2000 and the lowest level since World War Two. Because of that, these young people are delaying the traditional steps that represent the transition into adult life, including moving into your own place, getting married and buying a home. Some 5.9 million people between 25 and 35 lived with their parents last year, up by a whopping 25 percent since before the recession began in late 2007. The marriage rate for the same age group fell to 44.2 percent, which is also a new low, and home ownership fell for the fourth straight year. Studies have also shown that when people experience unemployment at a young age, it reduces their likely earning power over their entire career. Harvard economist Richard Freeman told AP, “These people will be scarred, and they will be called the ‘lost generation’ — in that their careers would not be the same way if we had avoided this economic disaster.”