Wednesday, September 21, 2011

The Great Recession's 'Lost Generation'

This was a very sobering read, but it fits with what I've seen around me and the experiences of many from my generation.  There's no way to really know what the long-term impact will be, but it is obvious there will be financial and societal repercussions. 

QUOTE: "Many young adults are essentially postponing adulthood and all of the family responsibilities and extra costs that go along with it," said Mark Mather, an associate vice president at the private Population Reference Bureau. He described a shift toward a new U.S. norm - commonly seen in Europe - in which more people wait until their 30s to leave the parental nest.

The fewer people working the lower the tax revenues will be, meaning that the deficit will continue to outpace all the official projections you see in the media.  It's hard to see a significant improvement in this picture as long as we are repeating the Carter years of the late 1970s.

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