“You have people in my generation who can’t buy houses, who need new cars, who don’t want to have children because they can’t afford to.”
They’re drowning in student loan debt, victims of stagnant wages, sideswiped by political circumstance. As you may have heard, or know from personal experience, young people are being left behind by the United States’ economy, especially over the past 10 years, according to aThe report, released Tuesday, June 4, compiles data from the Bureau of Labor Statistics and other sources to juxtapose the economic outlook of young people from 2009 to now.
“We’re able to make an apples-to-apples comparison between the young people entering the workforce as the recession hit and those entering the workforce today,” Soncia Coleman, senior director of programs for Young Invincibles, tellsAccording to the report, the wages of people age 25 to 34 have remained consistent over the past decade, at $807 per week. In that time, the cost of college has risen 30%. A collectively owed $660 billion in student loans in 2009 today looms at over $1.
When not blundering on solutions, American leadership continues to ignore the crisis. In 2017, education secretary and billionaire Betsy DeVos rolled back Obama-erathat the Education Department, under DeVos’s watch, refused to approve even one application for federal student loan relief in the second half of 2018, according to department data.revealed the Trump administration is mulling over the prospect of selling its student loan portfolio to private investors.
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