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The Cur­rent Year is 6263

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WHY?



The Eco­nomic Col­lapse blog

Why are young peo­ple in Amer­ica so frus­trated these days? You are about to find out. Most young adults started out hav­ing faith in the sys­tem. They worked hard, they got good grades, they stayed out of trou­ble and many of them went on to col­lege. But when their edu­ca­tions where over, they dis­cov­ered that the good jobs that they had been promised were not wait­ing for them at the end of the rainbow.

Even in the midst of this so-​called “eco­nomic recov­ery”, the full-​time employ­ment rate for Amer­i­cans under the age of 30 con­tin­ues to fall. And incomes for that age group con­tinue to fall as well. At the same time, young adults are deal­ing with record lev­els of stu­dent loan debt. As a result, more young Amer­i­cans than ever are putting off get­ting mar­ried and hav­ing fam­i­lies, and more of them than ever are mov­ing back in with their parents.

It can be absolutely soul crush­ing when you dis­cover that the “bright future” that the sys­tem had been promis­ing you for so many years turns out to be a lie. A lot of young peo­ple ulti­mately give up on the sys­tem and many of them end up just kind of drift­ing aim­lessly through life. The fol­low­ing is an exam­ple from a recent Wall Street Jour­nal arti­cle

James Roy, 26, has spent the past six years pay­ing off $14,000 in stu­dent loans for two years of col­lege by skat­ing from job to job. Now work­ing as a super­vi­sor for a cof­fee shop in the Chicago sub­urb of St. Charles, Ill., Mr. Roy describes his out­look as “kind of grim.”

It seems to me that if you went to col­lege and took on stu­dent debt, there used to be greater assur­ance that you could pay it off with a good job,” said the Col­orado native, who majored in Eng­lish before drop­ping out. “But now, for peo­ple liv­ing in this econ­omy and in our age group, it’s a rough deal.”

Young adults as a group have been expe­ri­enc­ing a tremen­dous amount of eco­nomic pain in recent years. The fol­low­ing are 30 sta­tis­tics about Amer­i­cans under the age of 30 that will blow your mind…

#1 The labor force par­tic­i­pa­tion rate for men in the 18 to 24 year old age bracket is at an all-​time low.

#2 The ratio of what men in the 18 to 29 year old age bracket are earn­ing com­pared to the gen­eral pop­u­la­tion is at an all-​time low.

#3 Only about a third of all adults in their early 20s are work­ing a full-​time job.

#4 For the entire 18 to 29 year old age bracket, the full-​time employ­ment rate con­tin­ues to fall. In June 2012, 47 per­cent of that entire age group had a full-​time job. One year later, in June 2013, only 43.6 per­cent of that entire age group had a full-​time job.

#5 Back in the year 2000, 80 per­cent of men in their late 20s had a full-​time job. Today, only 65 per­cent do.

#6 In 2007, the unem­ploy­ment rate for the 20 to 29 year old age bracket was about 6.5 per­cent. Today, the unem­ploy­ment rate for that same age group is about 13 per­cent.

#7 Amer­i­can fam­i­lies that have a head of house­hold that is under the age of 30 have a poverty rate of 37 per­cent.

#8 Dur­ing 2012, young adults under the age of 30 accounted for 23 per­cent of the work­force, but they accounted for a whop­ping 36 per­cent of the unemployed.

#9 Dur­ing 2011, 53 per­cent of all Amer­i­cans with a bachelor’s degree under the age of 25 were either unem­ployed or underemployed.

#10 At this point about half of all recent col­lege grad­u­ates are work­ing jobs that do not even require a col­lege degree.

#11 The num­ber of Amer­i­cans in the 16 to 29 year old age bracket with a job declined by 18 per­cent between 2000 and 2010.

#12 Accord­ing to one sur­vey, 82 per­cent of all Amer­i­cans believe that it is harder for young adults to find jobs today than it was for their par­ents to find jobs.

#13 Incomes for U.S. house­holds led by some­one between the ages of 25 and 34 have fallen by about 12 per­cent after you adjust for infla­tion since the year 2000.

#14 In 1984, the median net worth of house­holds led by some­one 65 or older was 10 times larger than the median net worth of house­holds led by some­one 35 or younger. Today, the median net worth of house­holds led by some­one 65 or older is 47 times larger than the median net worth of house­holds led by some­one 35 or younger.

#15 In 2011, SAT scores for young men were the worst that they had been in 40 years.

#16 Incred­i­bly, approx­i­mately two-​thirds of all col­lege stu­dents grad­u­ate with stu­dent loans.

#17 Accord­ing to the Fed­eral Reserve, the total amount of stu­dent loan debt has risen by 275 per­cent since 2003.

#18 In Amer­ica today, 40 per­cent of all house­holds that are led by some­one under the age of 35 are pay­ing off stu­dent loan debt. Back in 1989, that fig­ure was below 20 per­cent.

#19 The total amount of stu­dent loan debt in the United States now exceeds the total amount of credit card debt in the United States.

#20 Accord­ing to the U.S. Depart­ment of Edu­ca­tion, 11 per­cent of all stu­dent loans are at least 90 days delinquent.

#21 The stu­dent loan default rate in the United States has nearly dou­bled since 2005.

#22 One sur­vey found that 70% of all col­lege grad­u­ates wish that they had spent more time prepar­ing for the “real world” while they were still in college.

#23 In the United States today, there are more than 100,000 jan­i­tors that have col­lege degrees.

#24 In the United States today, 317,000 wait­ers and wait­resses have col­lege degrees.

#25 Today, an all-​time low 44.2 per­cent of all Amer­i­cans between the ages of 25 and 34 are married.

#26 Accord­ing to the Pew Research Cen­ter, 57 per­cent of all Amer­i­cans in the 18 to 24 year old age bracket lived with their par­ents dur­ing 2012.

#27 One poll dis­cov­ered that 29 per­cent of all Amer­i­cans in the 25 to 34 year old age bracket are still liv­ing with their parents.

#28 Young men are nearly twice as likely to live with their par­ents as young women the same age are.

#29 Over­all, approx­i­mately 25 mil­lion Amer­i­can adults are liv­ing with their par­ents accord­ing to Time Magazine.

#30 Young Amer­i­cans are becom­ing increas­ingly frus­trated that pre­vi­ous gen­er­a­tions have sad­dled them with a nearly 17 tril­lion dol­lar national debt that they are expected to make pay­ments on for the rest of their lives.

And this trend is not just lim­ited to the United States. As I have writ­ten about fre­quently, unem­ploy­ment rates for young adults through­out Europe have been soar­ing to unprece­dented heights. For exam­ple, the unem­ploy­ment rate for those under the age of 25 in Italy has now reached 40.1 per­cent.

Simon Black of the Sov­er­eign Man blog dis­cussed this global trend in a recent arti­cle on his website…

Youth unem­ploy­ment rates in these coun­tries are upwards of 40% to nearly 70%. The most recent fig­ures pub­lished by the Ital­ian gov­ern­ment show yet another record high in youth unemployment.

An entire gen­er­a­tion is now com­ing of age with­out being able to leave the nest or have any prospect of earn­ing a decent wage in their home country.

This under­scores an impor­tant point that I’ve been writ­ing about for a long time: young peo­ple in par­tic­u­lar get the sharp end of the stick.

They’re the last to be hired, the first to be fired, the first to be sent off to fight and die in for­eign lands, and the first to have their ben­e­fits cut.

And if they’re ever lucky enough to find mean­ing­ful employ­ment, they can count on work­ing their entire lives to pay down the debts of pre­vi­ous gen­er­a­tions through higher and higher taxes.

But when it comes time to col­lect… finally… those ben­e­fits won’t be there for them.

Mean­while, the over­all econ­omy con­tin­ues to get even weaker.

In the United States, Gallup’s daily eco­nomic con­fi­dence index is now the low­est that it has been in more than a year.

For young peo­ple that are in high school or col­lege right now, the future does not look bright. In fact, this is prob­a­bly as good as the U.S. econ­omy is going to get. It is prob­a­bly only going to be down­hill from here.

The sys­tem is fail­ing, and young peo­ple are going to become even angrier and even more frustrated.

So what will that mean for our future?


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If you do noth­ing else, Check out the for­got­ten post sec­tion above it’s the rea­son the site was made. If you are going to court read or lis­ten to Free Speech Radio, Seat-​belts 1 & 2 and Cog­ni­tive Dis­so­nance at High Fre­quency! In that order. Posted in Audio and text format.

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