Are We Destroying A Generation Of Young People ?

The is no doubt that this recession has hit all segments and age groups in our society (except the rich). But that doesn't mean that all age groups have been affected equally. Some groups, such as the elderly, have a place they can turn to for help -- Social Security. But there is a groups, young people, that has virtually no place to turn -- and there is growing evidence that our young generation has been hit the hardest.

There has always been a wealth gap between the young and older people. Back in 1984, older people had 10 times the wealth of the younger generation, and this was normal because those older people had a lifetime to build that wealth. But things have gotten way out of whack since then. In 2009, the older generation had about 47 times the wealth of households headed by those under 35.

Part of this is due to the enormous debt that young people leaving college have accumulated, but another and larger part is the job shortage in this country. Over 20 million people are out of work in America, and a significantly larger part of them are young people. Just look at what has happened to the median net worth of households headed by different age groups since 1984:


All Households
1984...............$65,293
2009...............$71,635
increase of 10%

Ages 65 And Older
1984...............$120,457
2009...............$170,494
increase of 42%

Ages 55 Thru 64
1984...............$147,236
2009...............$162,065
increase of 10%

Ages 45 Thru 54
1984...............$113,511
2009...............$101,651
decrease of 10%

Ages 35 Thru 44
1984...............$71,118
2009...............$39,601
decrease of 44%

Younger Than 35
1984...............$11,521
2009...............$3,662
decrease of 68%

As you can see, the last quarter century has not been kind to anyone under 45, but it has been especially devastating to those currently under 35. A drop in net worth of 68% is a whopping big number, and shows how hard it is for young people to try and accumulate wealth in this recession economy.

In fact, many of these young people are now falling into poverty. In 1967, only about 12% of those younger than 35 were living in poverty. That number has ballooned to 22% in 2009, and it will probably grow even larger if we don't start creating many jobs in this country.

It has always been a part of the American Dream that children would do better financially than their parents, and in the past that has pretty much been true. It no longer is. There is little doubt that this generation of young people will not do as well as their parents. If that dream is not dead, it is surely very sick and dying. This economy, powered by Republican "trickle-down" policies, is well on its way to effectively destroying the hopes and financial well-being of an entire generation of young people.

The only hope for averting this is for the politicians to put there politics aside and concentrate of job creation. That doesn't look like it's going to happen anytime soon. Is it any wonder that the majority of those in the Occupy Wall Street movement are young people? They are the ones who'll be hurt the most if current economic policies are not changed -- and changed fast.

The information quoted above is gleaned from a survey by the Pew Research Center.