Young Adult Economic Issues

Today’s young adults feel the effect of a massive shift in the U.S. economy—changes that are documented in a brand new data report from Demos and an evaluation of public opinion polling by The Center for American Press. The research was announced these days with a press teleconference. The Demos report, “The Financial State of Young America,” is a detailed data book offering proof that America’s young individuals feel the full impact of a 30-year shift from c commercial to technology- and service-based U.S. economy. The report shows that the mixture of decreasing incomes, growing debt, and high costs of education, homeownership and healthcare are conspiring to make this generation the first to not exceed the living expectations of their parents. The Center for American Progress study, “The Progressive Generation”, provides hard money lenders an extensive examination of the economic views of young adults these days, discovering that on a wide variety of economic issues, from taxes to government spending, and from healthcare to support for labor unions, young individuals today have decidedly progressive views. “Young adults today think that that the government can be a force for good in the economy, and that increased investments in healthcare, education, and other areas are necessary to ensure strong and sustainable economic growth,” said David Madland, Director of the American Worker Project at the Center for American Progress and author with the new “Progressive Generation” report from the Center for American Progress. “Millennials are more progressive than other age groups today and than previous generations when they were younger. The progressive economic view of this large and politically active generation of young adults is most likely to have a deep impact in 2008 and to the future.” The report finds that: Millennials are much more likely to assistance universal health coverage than any age group within the 30 previous years the question has been asked, with 57 percent of 18- to 29-year-olds saying that well being insurance microdermabrasion machines ought to come from a government insurance strategy; Eighty-seven percent of Millennials think the government ought to invest more money on well being care even when a tax increase is required to pay for it, the highest degree of assistance within the question’s 20-year history.; An amazing 95 percent of Millennials think education spending ought to be increased even when a tax improve is required to pay for it, the highest level ever recorded on this question in the 20 years it has been asked.; Sixty-one percent of Millennials believe the government should offer more video camera stabilizer services, the most assistance of any age group in any with the prior 20 years the question was asked; Millennials are very supportive of labor unions, giving them an average ranking of 60 on a 0-to-100 scale (with 0 indicating a much more negative view of labor unions and 100 being a much more positive view), the second-highest level of support of any age group in the more than 40-year history with the question. “Young people today are being hit by a one-two economic punch,” said Tamara Draut, director of the Economic Opportunity Program at Demos and author of “The Economic State of Young America” and also a book entitled “Strapped: Why America’s 20-and 30-Somethings Can’t Get Ahead”. “For this generation of young workers, the economy no longer generates widespread opportunity and security, and our public policies haven’t evolved to pick up any of the slack. In fact, many metal detector of the problems we see today are a direct result of a disinvestment in the policy investments meant to ensure that the opportunity ladder is firmly in place.” “The Economic State of Young America” offers a portrait with the economic standing of today’s young adults, also divided by race and gender–and offers tankless water heaters policy solutions that Congress and state legislatures can act on. Findings in the report uncover: Incomes have dropped for many young workers; The rapid expansion of debt; Gaps in college access by race, income and gender; Greater rent costs take in much more of young worker’s incomes; Gains in homeownership were uneven; and Financial challenges facing young families.