Remember when graduating college meant getting your own place (maybe one roommate) and living on your own? And the new hire was able to get their own health insurance and not have to be taken care of by mom and dad? Remember when you finished your apprenticeship and became a journeyman you finally felt like you had a future, a way up?
Unfortunately, for many young people, those days are not happening any more. Many good paying jobs that were steady sources for good paychecks have gone overseas. Manufacturing and assembly plants, which employed many on the production lines, engineering offices, business offices, and maintaining the plant, are gone. Many business and finance operations have been moved offshore, making for fewer place to start a new career.
Young Workers: A Lost Decade quantifies what is happening to our young adults entering the work force. The permanent shift in the types of jobs available in the United States coupled with the current recession have many wondering if our young people will be lost in the shuffle, unable to start their careers. The report finds
- 31% of young adults say they make enough money to pay their bills and save some money for a rainy day. 24% report making less than what they need to pay their bills.
- Only 58% of young workers receive paid sick leave.
- 33% of young workers are living with their parents because they don't make enough.
The report shows a significant change for the worse for these workers since the last survey in 1999. In 1999, 24% reported not having health insurance. In 2009, that number if 31%. 51% report not having a retirement plan, a 10% increase from 1999.
These changes occurred during a decade of increased corporate profitability and high compensation for a very few at the top of the corporate ladder. Working people need to push for reform within the business community which will provide middle class wages that allow young adults to become economically independent. Concentrating the money among a few cuts off the many, and in the end, strangles the economy.
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