As the Recession continues to take its toll on America, young college graduates are finding the jobs they were all but promised 4 years ago are no longer available. Many return home to their parents as their own attempt at self-sufficiency fail to launch.
Not only by a sluggish economy, the job market is being affected by the retirement woes of those who are working past the age they had anticipated. More baby boomers are continuing to work as they realize they are not as close to their retirement goals as they seemed to be. Continuing to hold their employment, these older employees are preventing younger workers from entering their industry. It’s a bad situation for everyone. Seniors are working longer, even though they don’t want to do so, and college graduates are eager to work but lacking the venue to do so.
The effect is the beginning of a terrible cycle that will exacerbate itself until another bubble forms in 20 years. Younger workers, who are delayed in beginning their savings now, will eventually have to work longer and harder than their predecessors, thereby delaying the next generation from beginning their careers. That delay will feed into the next round, forcing them to work longer and harder, and creating another delay.
Though the answers may not be clear, the call to action is. Something must be done to disrupt this feedback loop that threatens to annihilate our country’s way of life.