by Tyler Durden
Three and a half years after the worst recession since the Great Depression, the
earnings and employment gap between those in the under-35 population
and their parents and grandparents threatens to unravel the American
dream of each generation doing better than the last. We have
noted a number of times that these divides are growing and warned of the
social tension this could create and, as
Bloomberg notes,
it does not appear to be getting any better, Generation Y professionals
entering the workforce are finding careers that once were gateways to
high pay and upwardly mobile lives turning into detours and dead ends. "
This generation will be permanently depressed
and will be on a lower path of income for probably all of their life -
and at least the next 10 years," as middle-income jobs are disappearing.
A 2009 law school graduate sums it up rather succinctly: "I had a lot
of faith in the system, the mythology that if you work really hard you
can achieve anything, and the stock market always goes up.
It was pretty naïve on my part."
http://www.zerohedge.com/news/2012-12-26/generation-y-wakes-american-dream-faces-american-nightmare
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