American Dream Fades for Generation Y Professionals
“This generation will be permanently depressed and will be on a lower path of income for probably all of their life”
-Barack Obama on new ‘vacation:’ 20 days, $4,000,000.00
“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. Michael Greenstone, who was chief economist at the White House Council of Economic Advisers in 2009 and 2010, says the shift to a downwardly mobile society may be lasting. “Children are not earning as much as their parents, and I think we’re laying the seeds for that to continue into the future,” he 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. Disappearing Jobs Those who finish only high school or drop out fare worse. Almost four out of five jobs destroyed by the recession were held by workers with a high school diploma or less, according to Georgetown University’s Center on Education and the Workforce. Middle-income jobs are disappearing for a wide range of young professionals. The number of financial counselors and loan officers ages 25 to 34 has dropped 40 percent since 2007, outpacing the 30 percent drop in total jobs for the profession, according to the federal Bureau of Labor Statistics.