"Many families such as the Johnsons—upper-middle-class professionals—are suddenly downwardly mobile. For years, they used rising family wealth to help foot the bill for college, down payments for houses and start-up cash for children's careers. But pay cuts, layoffs and the decadelong flatlining of the stock market mean many families can no longer help their children.
This comes as young adults could use a financial helping hand more than ever. The unemployment rate for workers ages 16 to 29 was 15.2% in March, the highest rate since 1948, according to the Bureau of Labor Statistics."
Wall Street Journal
You know all those new jobs that are being created? They are being created because adults are taking the minimum wage and starter jobs that used to be the domain of youth. This is the reason that the unemployment rate among the young is spiking.
No, I'm not an economist and I can't give you charts and a long article using arcane financial terms to explain it. What I can do is look around me and see the truth. When I go to the local hardware store or look into a fast food place (I can't afford to buy their product) I see adults doing the jobs that used to be done by kids. And I'm not talking young adults; I'm talking adults in their mid to late '40's and up.
I don't need a degree in economics; I just need my eyes.
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