Sunday, November 17, 2013

OBAMANOMICS has been especially hard on Young Adults

Mobility for young adults in the United States has fallen to its lowest level over the past 50 years as cash-strapped 20-somethings shun home-buying and refrain from major moves in a weak job market. 
The new 2013 figures from the Census Bureau, which reversed earlier signs of recovery, underscore the impact of the sluggish economy on young people, many of them college graduates, whom demographers sometimes refer to as ‘‘Generation Wait.’’
Burdened with college debt, toiling in low-wage jobs, they are delaying careers, marriage, and having children. Waiting anxiously for their lucky break, they are staying put and doubling up with roommates or living with Mom and Dad, unable to make long-term plans or commit to buying a home — let alone pay a mortgage. 
Many understood after the 2007-2009 recession that times would be tough. But few say they expected to be in economic limbo more than four years later. 
[...]
Among adults aged 25 to 29, just 4.9 million, or 23.3 percent, moved in the 12 months ending March 2013. That is down from 24.6 percent in the same period the year before, and the lowest level since at least 1963. 
By metropolitan area, Portland, Ore., Austin, Texas, and Houston were among the top gainers in young adults, reflecting stronger local economies. Denver and Washington, D.C., topped the list of destinations for college graduates. 
Demographers say the delays in traditional markers of adulthood — full-time careers and homeownership — may prove to be longer-lasting.
Roughly 1 in 5 young adults aged 25 to 34 is now disconnected from work and school. 
‘‘Young adulthood has grown much more complex and protracted, with a huge number struggling to reach financial independence,’’ said Mark Mather, an associate vice president at the private Population Reference Bureau. ‘‘Many will get there, but at much later ages than we’ve seen in the past. More and more, we’re seeing many young adults routinely wait until their 30s to leave the parental nest.
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