Everyone currently emerging into the workplace will be economically scarred for life by the misfortune of their timing. The initial wage loss for a worker emerging in a bad economy is 6 to 7 percent for every 1 percentage point increase in the unemployment rate, which means a twenty-one-year-old starting a job today makes about 24 percent less than he or she would have five years ago. After fifteen years, even during the good times, the wage loss still hovers at around 2.5 percent.
The War Against Youth: The recession didn’t gut the prospects of American young people. The Baby Boomers took care of that. By Stephen Marche
This is an important read. Important and very depressing.
(via sleepingwombat)
