The increasingly indispensable Derek Thompson has yet another killer piece up at The Atlantic – this time he looks at how the Millennials, young adults of my generation (between 25 and 34 years old) are really bearing the brunt of this recession.
I wrote about my generation the other day in terms of its hesitancy to own stocks in my post We’re The Kids in America . Thomson gives us a look at another side of the same coin with a rundown of the Millennial living condition:
The first-order reason why more 20-somethings aren’t working is that there isn’t enough work. We want to work. We want to grow up. We want have own own jobs and apartments and weddings and baby showers. But many young people cannot do those things right now, because the thing that pays for independence is employment, and one out of six Americans is broadly unemployed.
The data in the infograph at left comes from a new Pew Center study that shows that 11 percent of 25 to 34 year olds have had to move back in with their parents because of the economy.