Take a look at the Pew Research Center’s study of the relative unemployment rates among various age groups in the United States. Young adults have been hammered by the Great Recession.
Isn’t this the generation that is going to pay off the debt their parents and grandparents have run up?
We’ve posted several pieces on our view of a coming clash of generations. Here is something from the Pew piece to fan those flames,
Older adults have maintained their standard of living. If any age group has weathered the economic storm better than others, it has been adults ages 65 and older. In a 2004 Pew Research survey, similar shares of young adults (50%), middle-aged adults (52%) and older adults (50%) rated their personal financial situation “excellent” or “good.” By 2011, a large gap had opened up between older adults and everyone else: 54% of older adults gave their personal financial situation a high rating, compared with roughly one-third of younger and middle-aged adults.
(click here if charts are not observable)
Japan’s had a lot of luck pulling money out of the grass boys, and Italy’s had a lot of luck pulling money out of bamboccioni. Can’t suck much taxes from a kid happy to earn minimum wage living with his parents or 4 room-mates.