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Why Are Record Numbers Of Young Adults Jobless And Living At Home With Mom And Dad?
The Economic Collapse ^ | 02/14/2012 | Michael Snyder

Posted on 02/14/2012 9:00:16 AM PST by SeekAndFind

In the United States today, unemployment among those age 18 to age 34 is at epidemic levels and the number of young adults that are now living at home with Mom and Dad is at an all-time high. So why are so many of our young adults jobless? Why are record numbers of them unable or unwilling to move out on their own? Well, there are quite a few factors at work. Number one, our education system has completely and totally failed them. As I have written about previously, our education system is a joke and most high school graduates these days are simply not prepared to function at even a very basic level in our society. In addition, college education in the United States has become a giant money making scam that leaves scores of college graduates absolutely drowning in debt. Many young adults end up moving back in with Mom and Dad because they are drowning in so much debt that there are no other options. Thirdly, the number of good jobs continues to decline and this is hitting younger Americans the hardest. Millions of young people enter the workforce excited about the future only to find that there are hordes of applicants for the very limited number of decent jobs that are actually available. So all of this is creating an environment where more young adults are financially dependent on their parents that ever before in modern American history.

Since the start of the recession, the percentage of young adults in America that are employed has dropped like a rock. In 2007, the employment rate for Americans between the ages of 18 and 24 was 62.4 percent. Today, it is down to 54.3 percent.

Yes, there are certainly many out there that are lazy, but the truth is that most of them would like to work if they could. It is just that it is much harder to find a job these days.

And it isn't just young people that think that the job market has gotten tougher. According to one recent 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.

But if they cannot get jobs, then young adults cannot financially support themselves. So more of them than ever are heading back home to live with Mom and Dad.

In the year 2000, 8.3 percent of all American women between the ages of 25 and 34 were living at home with their parents. Today, that figure is up to 9.7 percent.

In the year 2000, 12.9 percent of all American men between the ages of 25 and 34 were living at home with their parents. Today, that figure is up to an astounding 18.6 percent.

Take a moment and let those statistics sink in.

Nearly one out of every five American men from age 25 to age 34 are living at home with Mommy and Daddy.

When you look at Americans age 18 to age 24, it is even worse. Among Americans age 18 to age 24, 50 percent of all women and 59 percent of all men still live with their parents.

Those are very frightening numbers.

Part of this has to do with a fundamental cultural shift. An increasing number of parents these days expect that they will have to take care of their own children beyond the age of 22. The following is from a recent article by Pew Research....

When asked in a 1993 survey what age children should be financially independent from their parents, 80% of parents said children have to be self-reliant by age 22. In the current survey, only 67% of parents say children have to be financially independent by age 22—a drop of 13 percentage points.

But what accounts for the tremendous gender disparity that we see in the figures above?

Well, one major factor is that young women are now far more likely to pursue a college education than young men are. According to an article in the New York Times, women now account for approximately 57 percent of all enrollments at U.S. colleges and universities.

The less education you have, the more likely you are to be unemployed in America today. So that is certainly a significant factor.

But many that have gone on to college are also moving back home. When you are a young adult with no job and no prospects and you are swamped with tens of thousands of dollars of student loan debt, it can be incredibly difficult to be financially independent.

After adjusting for inflation, U.S. college students are now borrowing about twice as much money as they did a decade ago. Many students that go on to graduate school end up with more than $100,000 in total student loan debt.

Sadly, those degrees often do not pay off. In fact, in America today one-third of all college graduates end up taking jobs that don't even require college degrees.

So what does all of this mean?

It means that there are millions upon millions of angry, disillusioned and frustrated young adults out there today. A recent USA Today article told the story of 32-year-old Dennis Hansen....

After a year without work, Hansen, 32, was hired to monitor Lake Michigan and Lake Superior water for the state and federal governments over two summers. He also had short stints as a census worker and as an extra post office hand during one holiday crush.

It hasn't been enough: Hansen says he has a $13,000 credit card debt and that's just for basics — his $600 monthly mortgage, heat and food.

"It's definitely a roller coaster," Hansen says, with the ups coming when he's done well in a job interview and the downs when there's a rejection: "That's when I'm frustrated, angry and wondering why I went to college for 10 years."

If the economy was humming along on all cylinders, it would be easy to blame our young adults for being too lazy.

But these days most young adults have to scramble like crazy just to get a really low paying job. Large numbers of very talented young adults are waiting tables, flipping burgers or stocking shelves at Wal-Mart.

And this reality is reflected in the overall economic statistics. Since the year 2000, 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.

The "wealth gap" between younger Americans and older Americans is also growing and recently hit a new all-time high. U.S. households led by someone 65 years of age or older are now 47 times wealthier than U.S. households led by someone 35 years of age or younger.

But this is not good for our society. When there is civil unrest, it is not those 65 and older that take to the streets.

We desperately need our economy to get healthy again so that our young adults can get good jobs, get married, set up households, raise families and be productive members of society.

Instead, the percentage of young adults that have jobs is near an all-time low, the percentage of young adults living with their parents is at an all-time high, the proportion of adults in the United States that are married is at an all-time low and we have hordes of angry, frustrated young adults with plenty of time on their hands.

You don't have to be a genius to see trouble on the horizon.

What is going to happen when the next major financial crisis comes and the economy gets significantly worse than it is now?

In the end, we are going to reap what we have sown. We have fundamentally failed our young adults, and those failures are going to produce some very bitter fruit.



TOPICS: Business/Economy; Society
KEYWORDS: jobs; unemployment; youth

1 posted on 02/14/2012 9:00:25 AM PST by SeekAndFind
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To: SeekAndFind

This thing has serious implications. While the lies continue to flow out of the WH about “recovery”.

The debt bomb is gonna smack us down, though it will hit Europe first as we are watching it unfold.


2 posted on 02/14/2012 9:05:35 AM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: F15Eagle
I feel their pain! I have a 31 yo back at home for 2 years now. Used to manage a mattress store, now waits on tables... Wouldn't be so bad if he didn't have a HUGE footprint in the house. He stays up til 4am every night, plays video games incessiently and has been a veritable pain in the ass. It finally got to the point where we are going to set him up in a rental so that we can live a normal life....

Mike

3 posted on 02/14/2012 9:23:46 AM PST by MichaelP (The ultimate result of shielding men from the effects of folly is to fill the world with fools ~HS)
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To: SeekAndFind

The majority of these stupid kids and their parents voted for Mr. “Hopey Changey’’ and this is what they got. If Obozo gets four more years the twenty somethings and the thirty somethings AND Mom and Dad will all be living in a cardboard box over a steam grate.


4 posted on 02/14/2012 9:25:20 AM PST by jmacusa (Political correctness is cultural Marxism. I'm not a Marxist.)
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To: SeekAndFind

Looks like you posted this twice.


5 posted on 02/14/2012 9:27:48 AM PST by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: MichaelP
I have a 31 yo back at home for 2 years now. Used to manage a mattress store, now waits on tables... Wouldn't be so bad if he didn't have a HUGE footprint in the house. He stays up til 4am every night, plays video games incessiently and has been a veritable pain in the ass.

Whoa! You're a couple of years past when you should've dropped him off at a recruitment office and driven away, so now I'll just say it's time to kick his ass to the curb. Plenty of waiters can support themselves without help from their parents. Your son can too. You're not doing him any favors.

6 posted on 02/14/2012 9:29:57 AM PST by old and tired (Go Rick! Go Newt! Go ABR!)
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To: SeekAndFind

Why? Parents failing to parent.


7 posted on 02/14/2012 9:36:45 AM PST by CodeToad (NO TAXATION WITHOUT REPRESENTATION!!!)
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To: MichaelP

Congratulations! You have a 31 year old teenager. Past time he learns to be a responsible adult. Being tougher on him is what being a parent is all about. You’re not going to be around forever and he needs to learn to feed himself. It really is unloving not to teach a child to fend for himself no matter how much of a fit he throws when you do it.


8 posted on 02/14/2012 9:40:39 AM PST by CodeToad (NO TAXATION WITHOUT REPRESENTATION!!!)
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To: CodeToad

The mocking on young people on this site is beyond stupid and represents an uneducated and uninformed opinion. Many of these people want to work, probably do work, and simply cant move out based on the simple math of the situation.

The fact of the matter is that the basic cost of living and inflation in housing, food, energy, taxes, health etc have driven up the cost of moving out for most young people beyond anything that can be reasonably expected.

The inflation and higher costs have also resulted in less people retiring as older people can no longer count on earning from interest on savings.

The job market sucks and is not coming back any time soon either.

The fact of the matter is that most young people would be better off figuring a way to become self employed doing doing than waiting for the job market to improve.


9 posted on 02/14/2012 9:45:39 AM PST by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: MichaelP

I’ve got one of those too. To bad we don’t live closer. We could set them up in an apartment together so the expenses would be cheaper.:)

Don’t let anybody give you a hard time and tell you what to do.


10 posted on 02/14/2012 9:48:46 AM PST by beandog (Just because I don't care doesn't mean I don't understand)
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To: GlockThe Vote
My son is 24 and took 5 months out of college to get a full time job. He is never late to the job and calls in sick only when he's really sick. He got a terrific first review appraisal. He banks almost his entire pay check, He doesn't drink , smoke or do drugs. His only vice is buying movies on DVD.

He helps around the house and is never intrusive. Why should I tell him to move out and pay another person's mortgage with his rent money when in a few years he'll be able to afford the down payment on his own place?

11 posted on 02/14/2012 9:55:01 AM PST by CaptainK (...please make it stop. Shake a can of pennies at it.)
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To: CaptainK

Exactly - young people living home is not a bad thing at all if they can use the time to pay down school loans, accumulate savings and some assets, etc.

For many many generations, there were many people under the same roof without the stigma some would like to attach to it on this site.

I find the condescending comments on this site against young people beyond absurd and ignorant. Yes there are some lazy slackers, but many are hard working people using the time to pay down debt, get some savings, and wait out this mess.


12 posted on 02/14/2012 10:03:42 AM PST by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: GlockThe Vote

“The mocking on young people on this site is beyond stupid and represents an uneducated and uninformed opinion. “

Wrong! The FAILURE TO MOCK young people acting childish is EXACTLY why they do!

Giving them excuses like the ‘economy’ is BS. I see them every day. Having several decades beyond them in experience means I talk not from ignorance but experience. You obviously failed to get that little nugget of wisdom.

We treat young adults like children and always have. Parents fail to discipline children at a young age and it continues throughout their lives. We even have ‘helicopter parents’ that like to call employers and complain when they think their darling idiot was treated harshly, like being told to get to work on time.

Sorry, but you post was stupid and illogical. Parents have responsibilities to their children and we have seen for the past 20 years a gross incompetence in that responsibility.

I work with a guy that has a 25 year old son living with him going to college. He thinks his son is about to graduate finally, yet, it turns out his sons is no less than 3 more semesters way from graduation. His son, living at home under supposed parental supervision, manages to be 25 years old and the parents know NOTHING about that son’s college program, yet they pay every dime of it. Their son also plays video games until early morning, sleeps late, and has a minimum wage job. Way to be an adult.

The 1970’s were no picnic, either. This “Woe is me! *sniff* *sniff*” childish behavior has got to stop. The younger need to stop acting like crybabies and get off their asses. Playing video games all night, “partying”, and the like, is no way to get through life. Seems like priorities are completely FUBAR.

Parents are not parents in this country. They refuse to parent and their children suffer for it.


13 posted on 02/14/2012 10:05:10 AM PST by CodeToad (NO TAXATION WITHOUT REPRESENTATION!!!)
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To: GlockThe Vote
For many many generations, there were many people under the same roof without the stigma some would like to attach to it on this site.

I tend to agree....I would be willing to help pay for my kids' first homes...the way I see it...I want to maximize overall family wealth, and paying rent won't do it. Besides when we're older, we may want to move in with them eventually. It is becoming more and more an economic necessity for extended families to pool their resources together.

14 posted on 02/14/2012 10:06:49 AM PST by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: SeekAndFind

The job market for young people is poor.

However, I simply can’t understand why so many young people are content to live at home.

I moved out at 17 and never looked back, even when times got tough. Lived with roomates, worked odd jobs - whatever it took. But NO WAY was I moving back in with the rents.

For some reason, this generation lacks that drive.
Adolescence now extends well into the 20’s. Obamacare allows for 26 year olds to remain on their parents health insurance.

This does not bode well for our future.


15 posted on 02/14/2012 10:08:38 AM PST by Retired Greyhound (.)
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To: beandog; MichaelP
Just got my youngest of two out the door and set up on her own. I, however, see the inevitable looming as both are in jobs that will soon tank. They'll be back. Both are industrious and hard working. Both voted enthusiastically for Obama, and now openly express buyer's remorse at every opportunity. Be that as it may, blood is thicker than water. As Mark Twain once famously said, "Home is the one place in this world where they have to let you in when you come knocking."
16 posted on 02/14/2012 10:09:39 AM PST by PowderMonkey (WILL WORK FOR AMMO)
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To: CodeToad

I’m saying that not all circumstances are the same on this. Yes there are lazy slackers who deserve a boot in the ass, but there are many who are hard working people using the time to pay down debt and accumulate savings which is a good thing.


17 posted on 02/14/2012 10:09:59 AM PST by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: GlockThe Vote

So how many “kids” do you have living at home? :-)

Seriously, in regards to your comment, it was very typical for the different generations to live together under the same roof. But the young were expected to produce and be useful, not be parasites.

Young people also used to strive to acquire their own place. They usually married in their early 20’s, and then lived together with parents until they could move out and start a family.

That pretty much changed in the 50’s.


18 posted on 02/14/2012 10:27:36 AM PST by Retired Greyhound (.)
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To: dfwgator

I think it is much better to financially help a son or daughter acquire their own place than it is to allow them to live at home.


19 posted on 02/14/2012 10:31:35 AM PST by Retired Greyhound (.)
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To: Retired Greyhound

I’m not making excuses for lazy slackers, i’m saying that there are many that work very hard but live in areas to where the cost of living is so phobitive for a variety of factors, that it is entirely reasonable and rational to stay home, pay down debt, accumulate savings, etc.

And starting a family in their 20’s? Nowadays a young man has to be totally nuts to get married in his early 20’s unless there are some exceptional circumstances.


20 posted on 02/14/2012 10:35:36 AM PST by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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