Young people, burdened with debt, are now facing an economic crisis
The last time a serious economic downturn hit in 2008, Evan Schade was in high school and the crisis seemed like a news event that happened to other people. This time, as the coronavirus has brought the economy to its knees, it has become a personal affair.
Their position looks doubly precarious when measured against older generations today and relative to those generations when they were the same age, from 23 to 35 years old. “Even going into this situation, young adults were in a very precarious situation,” said Reid Cramer, who led the Millennials Initiative at New America, a left-of-center think tank. “A sudden shock is really going to have a pretty big impact on this generation.”
Dan Gamez, 22, who lives with his parents near Boston, has been selling his video game consoles on eBay to make his upcoming car payment after losing his job at an AT&T store. These disadvantages are already shaping the long-term prospects of young Americans. They are much less likely to be married, have children or own a house than Americans of a similar age in decades past.
That means that young households have not enjoyed the market gains that came over the past decade. Today, the average member of Generation X has 10 times more wealth from the stock market then millennials.
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