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Dec. 2014, Joint Economic Committee, Democrats
12/30/14, "More millennials missing out on recovery, living with parents," The Hill, Kevin Cirilli
"A Congressional report released Tuesday found that millennials are not feeling the impacts of the economic recovery.
The Joint Economic Committee's report
added to what's become a long list of economic data showing that
millennials are delaying major life decisions such as buying a home and
getting married.
In 2003, nearly 40 percent of Americans between the ages of 25 and 34
headed a household. In 2013, the rate declined to 37.2 percent.
Meanwhile, the percentage of millennials living with their parents has
increased from 11 percent before the recession to 14 percent, according
to the report.
The report also found that household income
adjusted for inflation for Americans aged 25 to 34 declined by more than
10 percent.
While the national unemployment rate remains at 5.8
percent, millennial unemployment is at nearly 17 percent — 5 percentage
points higher than the prerecession 12 percent jobless rate for the
young.
The report found that American millennials are also more educated than any other previous generation. Sixty-three percent of them
have at least some college education. That's an 11-percentage-point
increase from the 52 percent of Americans in that same age bracket who
had some level of college education in 1994.
Such bleak economic conditions can have long-lasting impacts.
According to the report: “Even if young people land new, better-paying
jobs at some point, lower earnings earlier in their careers may result
in permanently lower retirement savings and net worth than might have
been the case if economic conditions had been better when they first
entered the labor force.”
Sen. Amy Klobuchar (D-Minn.), the vice
chairwoman of the Joint Economic Committee, said the report shows a
need for lawmakers to reform student loan programs.
“The success
of our younger generations is critical to our country’s future.
Millennials are the most-educated generation in history, but many of
them still face challenges because they entered the workforce during the
worst economic downturn since the Great Depression,” said Klobuchar,
who has been mentioned as a possible future Democratic presidential
candidate." via Free Rep.
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Comment: The Bush Family doesn't get the credit it deserves for the Fundamental Transformation. Obama couldn't have done it without them.
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