Generation Y Wakes Up From The American Dream, Faces An American Nightmare

Tyler Durden's picture

Three and a half years after the worst recession since the Great Depression, the earnings and employment gap between those in the under-35 population and their parents and grandparents threatens to unravel the American dream of each generation doing better than the last. We have noted a number of times that these divides are growing and warned of the social tension this could create and, as Bloomberg notes, it does not appear to be getting any better, Generation Y professionals entering the workforce are finding careers that once were gateways to high pay and upwardly mobile lives turning into detours and dead ends. "This generation will be permanently depressed and will be on a lower path of income for probably all of their life - and at least the next 10 years," as middle-income jobs are disappearing. A 2009 law school graduate sums it up rather succinctly: "I had a lot of faith in the system, the mythology that if you work really hard you can achieve anything, and the stock market always goes up. It was pretty naïve on my part."

 

Via Bloomberg:

Generation Y professionals entering the workforce are finding careers that once were gateways to high pay and upwardly mobile lives turning into detours and dead ends. Average incomes for individuals ages 25 to 34 have fallen 8 percent, double the adult population’s total drop, since the recession began in December 2007. Their unemployment rate remains stuck one-half to 1 percentage point above the national figure.

 

Three and a half years after the worst recession since the Great Depression, the earnings and employment gap between those in the under-35 population and their parents and grandparents threatens to unravel the American dream of each generation doing better than the last. The nation’s younger workers have benefited least from an economic recovery that has been the most uneven in recent history.

which is leading to an increasingly disenfranchised generation:

“This generation will be permanently depressed and will be on a lower path of income for probably all of their life -- and at least the next 10 years,” says Rutgers professor Cliff Zukin, a senior research fellow at the university’s John J. Heldrich Center for Workforce Development. Professionals who start out in jobs other than their first choice tend to stay on the alternative path, earning less than they would have otherwise while becoming less likely to start over again later in preferred fields, Zukin says.

 

...

 

Only one-fifth of those who graduated college since 2006 expect greater success than their parents, a Rutgers survey found earlier this year. Little more than half were working full time. Just one in five said their job put them on a career path.

As the dream fades:

“I had a lot of faith in the system, the mythology that if you work really hard you can achieve anything, and the stock market always goes up,” says 2009 law school graduate Elizabeth Hallock, 33. “It was pretty naïve on my part.

And fingers are pointed:

Hallock is the named plaintiff in one of 14 lawsuits against some of the nation’s best-known law schools, including her alma mater, the University of San Francisco School of Law. The civil complaints, filed in 2011 and 2012, accuse the institutions of overstating graduates’ job-placement results and incomes.

 

Young Americans are struggling to reconcile their lack of economic rewards with their relatively privileged upbringings by Baby Boomer parents and the material success of their older peers, Generation X, born in the late 1960s and 1970s...

But whose fault is it?

“It’s a generation that had really high expectations, in some part driven by the way they were raised by their boomer parents,” she says. “Yet in the past five years they have had reality slammed in their face by the employment situation.”

As...

The same housing crash that hammered young architects and loan officers also slammed lawyers. Law schools are turning out about 45,000 degree holders a year for about 25,000 full-time positions available to them, according to the National Association for Law Placement Inc. in Washington. The class of 2011 had the lowest placement with law firms, 49.5 percent, in 36 years.

 

“It is not the perfect path to wealth and success that people may have envisioned,” says Robin Sparkman, editor in chief of The American Lawyer magazine in New York.

Which is leading to lawsuits - by the new lawyers against their schools...

“It’s hard to look at the information the schools were putting out and say it’s not misleading,” says Derek Tokaz, research director of the nonprofit Law School Transparency initiative. It published research showing that the chance of recent graduates getting permanent full-time work in law was far lower than the 80-95 percent total employment rates the schools typically boasted.

But for some - a new different life is peeking through...

“As it is, all of my possessions still fit in the back of my truck,” she says. “I can pack it in a couple hours, pick up the trailer and horses and move anywhere the gas tank will take me at the drop of a hat. What can the system take away from you when you have that kind of freedom?

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Gene Parmesan's picture

The so called "greatest generation" begat the worst.

redpill's picture

Hope ya'll like the taste of Dinki-Di.


CH1's picture

I'm waiting to see what they come up with next to keep the young guys in a permanent trance.

Video games and Facebook and iGadgets have already reached saturation and the novelty factor will wear off.

What's next, Soma?

Zap Powerz's picture

Fonz nailed it.  It will be war.

What do you do with a large population of unemployable young males?  You send them off to war to die "for their country".  War is good for banks because they get to finance it, ususally both sides of it.  Banks run the country so what is good for banks (war) is good for the country.

Oh, BTW, its not your country anymore.  You just exist on this space owned by the banks.  If you still operate under the asumption you are a "Citizen" with "rights" then you arent paying attention.

War with Iran in the near future.  This one will be big though.  Not little wars with few American deaths like in Iraq and Afganistan.

Bicycle Repairman's picture

LOL.  Phony "blame game" to keep the population at each others throats.  Quick question: which generation got a $16 trillion bailout?  Answer: the bankers of every generation.

Manthong's picture

What can the system take away from you when you have that kind of freedom?

Heh heh..

Just wait until they declare your horses and truck to be systemically and strategically essential assets of the state.

francis_sawyer's picture

We need more jewish bankers for the system finally to become honest & trustworthy...

~~~

Edit: I get junked for that comment...

Fine... But I pose a question... Banking has existed for thousands of years... IT HAS A HORRIBLE TRACK RECORD... It has almost a 100% track record of the bankers themselves ending up being hung on lampposts (or WORSE)... I seriously doubt that by the time this latest version runs its complete course, that narrative will have changed...

The only thing that changes is the RHETORIC [applied to a new generation that has casually forgotton the lessons of past generations]... IOW ~ What's 'DIFFERENT' this time isn't banking [or the thieves that consistently involve themselves in that profession]... Instead, it's the PR [the 'public relations']... Cans are successfully kicked based on how long the 'suspension of disbelief' can be maintained... To understand that [at its roots], one need only look to see who [or what subset] is unnaturally attracted to the professions of [or, more importantly, the 'button pushing positions within]:

- Main Stream Media

- political lobbying activities

- legal profession

- &, of course, the bankers themselves

The ANSWERS you need to find [laying aside ALL prejudices or knee-jerk attempts at being 'anti-prejudice'] lie within that search... In my observation, I've discovered that the identity of the primary candidates for culpability it IS NOT a 'null set'...

CH1's picture

Rockefeller was a Jew?

And Morgan too?

Who knew?

mjcOH1's picture

"A 2009 law school graduate sums it up rather succinctly: "I had a lot of faith in the system, the mythology that if you work really hard you can achieve anything, and the stock market always goes up. It was pretty naïve on my part.""

Then I decided to go to law shool and put all of that crazy talk behind me.

francis_sawyer's picture

Both Rockefeller & Morgan made their fortunes [*mostly after] they sold out & bought into the jew system [which ~ to summarize ~ basically offered a way to exponentially LEVERAGE their positions by way of extortion, bribery, & paper transactions ~ which enriched FEW and harmed MANY]... It's the PHILOSOPHY that matters (& there will be those, along the way, who decide to sell their souls into it)...

~~~

&, of course, there will be those, like yourself, who are incapable of seeing the innate damage that is done to mankind in the process because you are overly compelled to ruminate about the delicate surface of the facade...

Life is a trip, ain't it?

*I'm talking about REAL fortune... Though it's funny because Morgan himself didn't really have a pot to piss in... Rockefeller [by nature of the "non-paper" characteristic of his interests, escaped that to a degree]...

Ahmeexnal's picture

The Rothschilds are jesuits who pretend to be jews.
Jesuits are part of the Vatican's Ecclesia Militans.
You know jackshit bout philosophy or economy.

francis_sawyer's picture

Jesuits are jews who pretend to be part of the Vatican... [Which makes for, like, a DOUBLE WHAMMY of evil]..

~~~

Edit: Yeah whatever... Junk away... The MK Ultra program loves it some Jesuits... It's their source for all their best potential recruits...

Fucking sick world bitchez... [but people, by all means listen to CH1 & fat Jim Morrison ~ they'll keep you on the rails to righteous living]...

Future Jim's picture

The REAL power. The power behind both the Jesuits AND the Jews

... is ...

Oprah!

Guy Fawkes Mulder's picture

I have so many theories about conspiracies (and about mistaken construction of knowledge) that I actually could argue that.

No one ever asks though.

(I mean explain it in person, with a lot of give-and-take question-and-answer from the listener(s); I haven't got things together well enough to argue it here in text today.)

There are just too many plausible conspiracies at play in the world right now for me to ever try to pin one of them down and "prove" it in text for enough of the skeptics. And calling out Oprah or an African Master Race ancient conspiracy in general without enough proof would be a bad and hurtful thing. Especially when the average black or African is already the low man on the pyramid of so many other conspiracies.

Just researching Reinhard Gehlen in full (not a black supremacist, to say the least) is one projects of many on my plate, and it opens up a huge Rabbit Hole.

francis_sawyer's picture

Harpo [Oprah in reverse] is just a dumb twit who used to report about garbage collection on WJZ-TV in Baltimore... NOBODY is important until they, by pre-planning, or sheer dumb luck start tickling the stratosphere of the BIG TIME...

at that point... MOST... are consulted & recruited...

Do you want to sell out & attain a kind of IMMORTALITY (which ~ in the end, is TOTALLY mortal, but enticing nonetheless)... or do you want to just be another dipshit...

Majpr "bootlickers" in Ameican culture include:

- Sinatra

- Presley

- Monroe

- Martin [Dean]

- Hope

- Davis Jr.

~~~

& more recently

- Madonna

- Winfrey

& for that matter, you might as well toss in Bush, Clinton, & Obama

~~~

Then, there are the poor 'victims' like Spears, Aguilera, & Timberlake...

It's pretty fucked up out there peeps...

Guy Fawkes Mulder's picture

I'd love to pick your brain some time.

For now, let's leave this line of thought alone.

I ask this because of the multi-versial nature of the internet. I never really know if what appears to me as real is real.

It's the problem of "Is reality a Matrix? a multi-verse?" but it's even more obvious and provable. The internet is a damn multi-verse of the corporate-financial world order.

I've only just begun to see this. And I want to take the power out of the hands of the elite, before they put Generation Y and younger (globally) into an electric grid Matrix run by the banksters.

And (coming round to the point, went off on a tangent) when I find something that seems new and theoretically consistent on the internet, I prefer to verify it in person before I go further into believing it. "Seeing is believing" ha ha.

Imminent Crucible's picture

@Sawyer: by all means listen to CH1 & fat Jim Morrison

Fat Jim Morrison? Put your glasses on--I would think you'd know Carl Wilson when you see him. If you can't see any better than that, there's no way I'm following you into Wal-Mart, let alone Aryan Nation.

francis_sawyer's picture

God only knows what I'd be without you[r comment]...

~~~

PS... I wouldn't bother going to Wal-Mart either... They're prolly sold out of ammo...

francis_sawyer's picture

Education [last 20 years style ~ & probably more] = get kids IN DEBT to 'the system'...

~~~

I've already identified my feelings towards what that 'SYSTEM' is... [the 'indoctrination' aspect of the, so-called, 'EDUCATIONAL SYSTEM' product is simply a bonus ~ as is evidenced by my detractors]...

francis_sawyer's picture

Holy Moses I double posted!...

cynicalskeptic's picture

The 'best and brightest' will always do well enough and for them a college education usually pays off (with the caveat that some majors like 18th century French Lit and Women's Studies have limited potential for employment and are best left to trust fund kids).  Whie an edus=cation for education's sake is a noble idea the reality is that unless you are brilliant or already wealthy you cannot study any subject and hope to find employment.  A philosophy major from Princeton may find employment at some investment bank owned by a family friend but the future for some first gen college grad from State U getting B's are none too bright.   

College ahs been 'dumbed down' for the masses - though those at the top (the brightest at the best schools) have accccess to an amazingly good education.  However many if not most 'college graduates' are not getting any more REAL education than a HS grad would have had 50 years back.   My mother )(having a high end secretarial school education after HS was far better educated and more knowledgeable than most 20 somethings I meet today).  I'm appalled at the resumes and cover letters ostensibly written by graduates of four year colleges.  These people have no writing skills and when tested, no math ability.  Their claims of computer literacy are more appropriately limited to skill at game playing.   A college degree is - for too many - simply a prolonged adolescence financed by debt.

Add to that the factg that we are now offshoring white collar jobs-  basic accounting and administrative jobs (like A/P. A/R and purchasing) to join D/P and manufacturing and you have an economy with no jobs left for ANYONE.   Add to that the immigration that fills low level jobs (keeping wages down for hard grunt work) and the future prospects are nil for those lacking any real skills and work ethic (sorry but way too many young people are simply lazy - thinking they 'deserve' better).

Note: with more and more online education avaiable (like MIT classes) you can get a great education on your own now.  You always could but it is even easier now but that option is limited to the very few bright motivated people - think 'Good WIll Hunting'.  But most don't even benefit from the spoon fed pablum that's fed up at most schools now.  Those going to for-profit places are really wasting their time unless pursuing a specialized tech degree.

francis_sawyer's picture

 

"The 'best and brightest' will always do well enough and for them a college education usually pays off"

~~~

Yeah ~ Daddy will always have a place for them in his company...

~~~

"with more and more online education available (like MIT classes) you can get a great education on your own now"

what's more ~ you can do it in your pajamas &/or become a master of beer pong in the process

~~~

think 'Good WIll Hunting'

WILL HUNTING thought school was bullshit [he was right]... Why would you want to drop $100k [non-inflation adjusted] on an education that you could get for $1.25 plus late charges at the public library?

~~~

 My mother )(having a high end secretarial school education after HS was far better educated and more knowledgeable than most 20 somethings I meet today).

My FRIEND"S Mom makes $88 an hour on the computer... [probably because she's a MILF & has her own 'Live Hot Cam']...

knowless's picture

I would like to show you a video of me fitting parts when i still believed that i would get a raise some day, extremely quick with my hands, exquisite precision.

be careful who you call lazy.

But You're right, my generation is filled with fatass entitled dumbasses for the most part,

Management doesn't have the money to recognize or retain talent though, so let's call it even eh?

mkkby's picture

"Hallock is the named plaintiff in one of 14 lawsuits against some of the nation’s best-known law schools, including her alma mater, the University of San Francisco School of Law. The civil complaints, filed in 2011 and 2012, accuse the institutions of overstating graduates’ job-placement results and incomes"

Hilarious.  The entitlement generation is suing because the college marketers couldn't foresee the future, and they expected a guaranteed job.  Classic.

mjcOH1's picture

"What do you do with a large population of unemployable young males?  You send them off to war to die "for their country".  War is good for banks because they get to finance it, ususally both sides of it.  Banks run the country so what is good for banks (war) is good for the country."

Well, China put them to work making iShit for consumers in countries that were already bankrupt.

Never mind...... there's the 'work' word.

Permanent disability and Obamaphones.....what could go wrong.

knowless's picture

Some regions might start taking the intent of the constitution more meaningfully.

DCFusor's picture

They are all just like the ferengi (star trek) and we should treat them the same or worse.

Urban Redneck's picture

Whether the handouts come from the FED or the Depatment of Treasury is basically irrelevant- for the last four years the Treasury has been handing out over 3.5T per year.  Even in they cut spending growth to 0 that would be $28T in 8 years.  Free lunches aren't free, someone always pays, the problem is most people are a manifestation of that unknowing idiot who winds up paying.

MagicHandPuppet's picture

Perhaps these disappointed vampires-in-waiting should have chosen an honest career path.

goldfish1's picture

Like "banker" or "politician'? Twat.

 

In other news, Rumsfeld and the pharmaceuticals nail another victory...

Tamiflu use approved for younger babies

The U.S. Food and Drug Administration has approved the use of Tamiflu for children as young as two weeks old.

Guy Fawkes Mulder's picture

From my screen, it seems that you need more +1's

(I see +1 and -3 at ~17:50).

Silver Bully's picture

"and the material success of their older peers, Generation X..."

Wait, material success of Generation X?

A-HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAhahahahaha . . . .

[sniff] That's a good one, it really was. Hee-hee.

SilverDOG's picture

Silver Bully,

 

Only for those of us who chose to see the storm coming, and prepared. 

.01% of Generation X, and 90% of those will lose all... all the paper.

 

Kiwi Pete's picture

LOL. I suppose 2 unfunded wars didn't make up any of that $16T.

knowless's picture

If that's gross outstanding the proportion is minimal in comparison to savings on shipping and energy, but you are right, payments come due, especially those written in blood en lieu of contract.

DaveyJones's picture

It's like the term "Boxing Day." I always thought it referred to the fights my brothers and I got into by now. This stuff is innevitable. But in some sick human natured way, maybe a "real" war with "real" deaths with wake this place up. On the other hand, maybe it will make the mice eat the very last constitutional crumb. God I'm optimistic  

flattrader's picture

A real war with real deaths won't happen without a draft.

Went to an anti-war protest on a college campus a few years ago.  It was all people 40-70+ yrs. old.

One woman asked, "Where are the students?"  Another answered, "No Draft."

My response was, "Yeah.  Looks likes it's just us.  Same people.  Different war."

A War with a Universal Draft (no deferments) will get their attention.

When Bankster's babies have to bleed out on foreign soil, it may make a difference.

First There Is A Mountain's picture

Bankster babies will NEVER bleed out on foreign soil. That's what you and I are for.....

flattrader's picture

Bankster babies got drafted during WWII.

That was a close call for many.  Prescott Bush had to send young GHW Bush off to World War II.

Prescott's Union Bank in NY help fund the Nazi Party.  It was seized under the Trading with the Enemy Act.

That generation was willing to risk their own young to make a buck.

Weapons are differnt now and death is assured in a no holds barred regional war.

Will see if this generation of Banksters is willing to kill theirs.

Guy Fawkes Mulder's picture

My research suggests to me that Prescott had his scion placed into military intelligence at age 18 (before getting the fast-track in and out of Yale and its Illuminist secret society) so that he would start building his CIA credentials early.

flattrader's picture

GHW Bush was a Navy flyboy.  He saw some action.  Took some flak.  Wound up in the drink and was rescued.

Guy Fawkes Mulder's picture

A flyboy taking pictures for the Joint Intelligence Center for the Pacific Ocean Areas (JICPOA).

Not bad for his age then.

http://www.anonmgur.com/up/2c7fad9088b19ffe3e897938be8231c9.png

That image is from Google, from Russ Baker's book Family of Secrets.

The legality of me using it is... quite debatable.

I highly recommend buying or at least reading that book.

flattrader's picture

My point was that bankster babies were at risk. GHW Bush could have died.

Being in "Intelligence" in this instance was assurance of safety.

MrPalladium's picture

WWII was fought to make the world safe for communism and to defeat a potentially autarchic empire directed by a state that began issuing new money directly rather than through a privately owned central bank.

It has taken a few decades to see the consequence, but it is now clear that Western Europe and the U.S. were the ultimate losers in WWII.

SilverDOG's picture

First There Is ...

 

 

That's ok, blood does not care upon which soil it falls.