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Fourth echelon

More young adults are living at home than during the recession

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Young adults are living with their parents at greater rates than during the lowest point of the "Great Recession," even in the face of improved job prospects as the economy recovers, a new study finds.

The living arrangements of young adults seem to have come unhinged from labor market conditions, as they are becoming less likely to live on their own as the economy improves from the financial crisis. Five years into the economic recovery, full-time employment is up and wages are starting to rebound. But despite these improvements in the labor market, more millennials are living with their parents than they were during the worst period of the recession, according to a recent Pew Research report.

Comment: The fact is that many young people simply aren't able to be self-sustaining in the current economic climate. Most American households are significantly worse off than they were before the recession; incomes have fallen, wages have stagnated and student loan debt has soared. Those glowing unemployment numbers don't reflect a true picture of the labor market as many people are still struggling with extended periods of unemployment, and only 44 percent of people in the US are employed for more than 30 hours per week. To add to the uncertainty, a majority of people are now fearful of another economic downturn.

http://www.sott.net/article/299643-More-young-adults-are-living-at-home-than-during-the-recession

 
 
 

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Young adults are living with their parents at greater rates than during the lowest point of the "Great Recession," even in the face of improved job prospects as the economy recovers, a new study finds.

The living arrangements of young adults seem to have come unhinged from labor market conditions, as they are becoming less likely to live on their own as the economy improves from the financial crisis. Five years into the economic recovery, full-time employment is up and wages are starting to rebound. But despite these improvements in the labor market, more millennials are living with their parents than they were during the worst period of the recession, according to a recent Pew Research report.

Comment: The fact is that many young people simply aren't able to be self-sustaining in the current economic climate. Most American households are significantly worse off than they were before the recession; incomes have fallen, wages have stagnated and student loan debt has soared. Those glowing unemployment numbers don't reflect a true picture of the labor market as many people are still struggling with extended periods of unemployment, and only 44 percent of people in the US are employed for more than 30 hours per week. To add to the uncertainty, a majority of people are now fearful of another economic downturn.

http://www.sott.net/article/299643-More-young-adults-are-living-at-home-than-during-the-recession

 
 
 

its a harsh world! 

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The College Loan trap is most likely a contributing force behind this trend.

 

When Tierney Cooke arrived in New York City in 2010, she faced a daunting choice: pay rent or pay off her student debt. She had taken out loans to put herself through four years at the University of Washington in Seattle, and her first job as a nanny barely paid the bills.

The total loan payment “was coming in close to $1,000 per month,” Ms. Cooke said. “There was no way that I wasn’t going to pay rent. I didn’t think of it as a choice.”

Ms. Cooke, 26, a California native, eventually landed a job in digital advertising, but still couldn’t find the money to pay the rent and the debt collectors at the same time.

Several missed payments dashed her credit score and that of her father, since he had co-signed the loans. Ms. Cooke stifled her dream of living alone.

“I take my responsibility for my part and not being on top of it,” Ms. Cooke said, but added that she signed on the dotted line as a clueless teenager. “At 18 or 19, agreeing to take on thousands and thousands of dollars of debt, I had no idea what it meant.”

Data released by the Federal Reserve Bank of New York suggests that the relationship between student loan debt and the housing market has turned ugly fast. People with student debt used to buy homes at higher rates than peers who had not taken out loans, partly because going to college meant earning more money, according to the report.

But in 2012, the New York Fed reported that for the first time in at least a decade, 30-year-old student borrowers were less likely to take out home mortgages than other young people.  Among people around 30 years old, homeownership was plunging fastest for student debtors.

Economists are worried. Last month, former Treasury Secretary Lawrence Summers said that student loan debt was taking the life out of the housing recovery, and the Nobel laureate Joseph Stiglitz called the rising debt “an educational crisis” that is “affecting our potential future growth.”
 
 

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Meanwhile some idiot parents are never happy and continue to degrade you your whole life, claiming the government is your friend. They refuse to see any facts or do any research on their own and take the official story on everything, making your life hell since pretty much inception.

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