If only there’d never been subprime


Sad data for young(ish) Americans:

In record-setting numbers, young adults struggling to find work are shunning long-distance moves to live with Mom and Dad, delaying marriage and buying fewer homes, often raising kids out of wedlock. They suffer from the highest unemployment since World War II and risk living in poverty more than others – nearly 1 in 5.

New 2010 census data released Thursday show the wrenching impact of a recession that officially ended in mid-2009. It highlights the missed opportunities and dim prospects for a generation of mostly 20-somethings and 30-somethings coming of age in a prolonged slump with high unemployment.

“We have a monster jobs problem, and young people are the biggest losers,” said Andrew Sum, an economist and director of the Center for Labor Market Studies at Northeastern University. He noted that for recent college grads now getting by with waitressing, bartending and odd jobs, they will have to compete with new graduates for entry-level career positions when the job market eventually does improve.

“Their really high levels of underemployment and unemployment will haunt young people for at least another decade,” Sum said.

And to think then lawyer and now president, Obama, sued Citi when they refused to hand out any more subprime loans, the loans that collapsed the housing market, broke the banks, and were a primary cause of the GFC.

UPDATE

Whoda thunk three years ago that Palin would be only five points behind the current POTUS?

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  1. Timely post. My kids (ages 22 and 24) still live at home, though one is on his way out the door to his own apartment next month, and the other has plans to get married and move out soon. They’re still at home because both went through an extended period of unemployment. It’s only been in the last year that they’ve been able to find employment and start to build the capital to be able to get out on their own.

    Mind you, I’ve loved hanging on to them this long. It’ll be a sad day when my “babies” leave the nest. But it would have been nice for my kids to have had the opportunity to start down their selected career paths without experiencing the demoralizing feeling that extended unemployment brings.

    • Dude, I’m closer to your kids’ age than yours, and have experienced similar. I chose a kinda easily acquirable job, a steady income, fun and satisfying work (when actually working and not dealing with the BS) and having to deal with ignoramuses assuming I’m a second class citizen when it’s my country’s and others’ that saved these fucks from a North Korean hell hole.

      In a word: patience.

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