Graduated college in 1992 during a mild recession, unemployment over 7%, and I didn't worry about my future. Why? Because I was tough as nails, not like these kids today! LOL. Not really. My total college tuition was less than 10K, I had no debt and Chicago rent was $300 a month
That today's graduates are experiencing these headwinds even in a time of low employment should be screaming that we have a deep structural problem with wages and the debt so may young people start their post-education lives with. If we don't address this, we're all going down.
When I did get a job, my commute was $2.50 a day. Cell phones didn't exist, and I could feed myself on $35 a week. I made about 30k my first year out of college as a paralegal. I could save money for grad school at that wage. Now, I'd be paying my loan debt.
My total core expenses were well under $1000 a month, and I wasn't deprived of anything I wanted or needed. Even in a recession, the world I was entering into as a college graduate was simply more welcoming.
Another example. Two roommates and I rented a 4 bedroom apartment in Chicago's Lincoln Park neighborhood for $1100 a month. Indexed to inflation that place would be about $1900 today. Today it would rent for $4k. At least $1000 a bedroom. We had a spare room!
I just can't bear this "failure to launch" B.S. How well would anyone launch with 50,000 extra pounds of payload?
When the inevitable Trump Recession hits, we're in for a world of hurt that will make 2008 look like nothing. There is no slack, no cushion for the coming generations.
