The Great Recession has done terrible things to people of all ages and walks of life, but which generation of Americans have had their futures the more irreparably damaged? The Atlantic lays out the evidence.
Here’s a gross oversimplification of the very interesting article:
- Millennials: A higher percentage of this age group are unemployed than any other, and studies from past periods of joblessness show that people starting their careers now will always have lower earning power than those who graduate in more flush times. Oh, and don’t forget that crippling student-loan debt.
- Generation X: Adults who should be in their peak earning years can’t move up the career ladder because baby boomers with decimated retirement accounts can’t or won’t retire. (See below.)
- Baby boomers: They and older members of Gen X have discovered that a house is not the perfect savings vehicle Americans once thought, and that investing can be a frightening ride. Oh, and that older workers have a very, very hard time finding new employment and may never work again.