538: Bad News For The Class Of 2008
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We’ve long known that millennials — the Snapchatting army of those born between 1980 and 1997 — face unique economic challenges.1 They are poorer today than Americans of the same age in 1989. Many are also deep in a hole of student loan debt, unlike any generation has seen before. They are less likely to own a home — and if they do, those homes tend to be worth much less than the starter homes of twenty-somethings and thirty-somethings in the recent past.
Now, six years after the Great Recession officially ended, we’re starting to understand that these setbacks might permanently affect this generation’s careers and lifetime earnings.
For starters, millennials earn less money than people of the same age earned 25 years ago, according to the Federal Reserve’s 2013 Survey of Consumer Finances. While the median income of all households fell 12 percent between 2007 and 2013, it dropped 19 percent for those headed by 18- to 33-year-olds (compared with the same age cohort in 2007). If anything, these numbers may overstate income: The data set doesn’t count millennials living with their parents. (The survey only covers the heads of households.)
We can see the different impacts in the income gap between these two groups. The median household income of bubble millennial college graduates was about $66,000 in 2013, down nearly 25 percent from the same age group’s earnings in 2007. But the median college-educated recession millennial is earning 36 percent less, or $49,000.
http://fivethirtyeight.com/features/bad-news-for-the-class-of-2008/
THANKS OBAMA.
Really, fuck you Clinton and GWB.
NO COMMENT
For serious, this is bullshit. A good chunk of us should've done the sensible thing and became engineers. The seeds for the Recession started in 2006 so three years into our respective programs was the moment in which we were actually fucked. We didn't receive the nutshot until the fall of 2008.
Of course, we had to graduate near the start of the recession. Wish we were in the 2012 or 2013 class that came out with the sun shining and jobs everywhere.
*EDIT*
This shit ain't new. We knew this in the fall. The fall I graduated 10,000 jobs were lost in one of the fields I got a degree in. We're the lost generation for real. You can all thank us for the Occupy movement. They said find us jobs or we're going to camp here for no reason.
For serious, this is bullshit. A good chunk of us should've done the sensible thing and became engineers. The seeds for the Recession started in 2006 so three years into our respective programs was the moment in which we were actually fucked. We didn't receive the nutshot until the fall of 2008.
Of course, we had to graduate near the start of the recession. Wish we were in the 2012 or 2013 class that came out with the sun shining and jobs everywhere.
*EDIT*
This shit ain't new. We knew this in the fall. The fall I graduated 10,000 jobs were lost in one of the fields I got a degree in. We're the lost generation for real. You can all thank us for the Occupy movement. They said find us jobs or we're going to camp here for no reason.
Well the good news is I'm not in debt since I decided in 08 going to a 4 year and spending an enormous sum of money was a bad idea. As for everything else.
