A new census report painted a rather grim picture of millennials as they make their transition into adulthood. You might call it a failure to launch. American 20-something-year-olds face low wages and high debt levels, and many are struggling to make it on their own.
According to the government report, in 2015 one-third of young adults (about 24 million) in the US lived with their parents. ‘While 81 percent of those who live at home are either working or going to school, one in four between 25 to 34 are ‘idle, meaning they are not in school and do not work,’’ the report said.
An NBC report focused on the wage problem millennials face. Simply put, they can’t find decent paying jobs. The census report corroborates the issue, revealing the extent of the wage problem, especially for young men:
‘In 1975, only 25% of men aged 25 to 34 had incomes of less than $30,000 per year. By 2016, that share rose to 41% of young men.’
The findings stand in stark contrast to the employment news the mainstream media constantly feeds the public. Based on the numbers, the jobs market is healthy. Young people entering the workforce should have no problem finding work. But Peter Schiff has been saying for months that most of the jobs being created are low-paying, service jobs, not jobs that you can build a life around:
This post was published at Schiffgold on APRIL 20, 2017.
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