[HM2Viking]

My 22-year-old daughter graduated from college in May, and I'm worried about her as she enters the workforce--actually I'm worried about her whole generation as it enters the workforce. Many young people don't realize that they face a far less friendly workplace than when my generation entered the workforce in the 1970s.
To tell the truth, when I began researching my book, The Big Squeeze, Tough Times for the American Worker, I wasn't planning a separate chapter on the nation's young workers--by that I mean, workers under age 35, and especially young Americans who have recently entered the workforce. But as I proceeded with my research, I was surprised and chagrined to learn how tough things have grown for young workers--and that was before the current economic downturn. As a result, I added a chapter, "Starting Out Means a Steeper Climb."
One especially dismaying study found that men in their thirties have a median income 12 percent lower, after factoring in inflation, than their fathers' generation did when they were in their thirties. That study, sponsored by the Pew Charitable Trusts, said, "There has been no progress at all for the younger generation . . . . The up-escalator that has historically ensured that each generation would do better than the last may not be working very well."

at http://tpmcafe.talkingpointsmemo.com...e_it_surprisi/

I am reading his book right now. If nothing else this has cemented my reasons for being a progressive.

[BlueRidgeHomeRN]

As a younger Boomer, this is a load of horsehockey! The only point I will concede is the number of workers supporting SS/Medicare.

Why is it such a stretch that better educated workers do well fianancially, as long as they avoid the credit card trap and buying every toy they see? . As a responsder to the article referred stated, why did anyone think that an 18 year old janitor in a union factory making 80% of what a college graduate was making was a sustainable position? I have had the value of education pounded into my skull since pre-school, a position I passed on to my sons. They are in their mid-twenties, educated (on their own dime) and doing well.

[HM2Viking]

I was also given the education message from a young age. But the phenomenon of declining wages and failure to share in ecoomic growth is real and should concern us all.

One especially dismaying study found that men in their thirties have a median income 12 percent lower, after factoring in inflation, than their fathers' generation did when they were in their thirties. That study, sponsored by the Pew Charitable Trusts, said, "There has been no progress at all for the younger generation . . . . The up-escalator that has historically ensured that each generation would do better than the last may not be working very well."

I don't disagree with your comments about the credit card trap.

[CHATSDALE]

when i was a kid growing up i don't believe that there was a millionaire in the whole county
now i know several people who are millionaires [almost all of them self made] this wasn't done by being given a fast ride to the top..all of them knew that you could do better for yourself if you educated your self and worked harder than the guy in the next desk and most of these went out on their own, real estate, bought nursing homes, learned how to buy stock with their money,
they kept their debt down and saved on the interest by paying off ahead of time instead of paying the minimum on credit cards
if you have the 'get up and go' the future is yours even in hard times like this..

[BlueRidgeHomeRN]

..and in re-reading the title to this thread, the thought leapt to mind that,

If the up escalator is broken, guess you'll have to break a sweat and TAKE THE STAIRS!!

[Roy Fokker]

Inefficient government interfer... er, I mean "maintenance" broke the escalator.
Solution?

Have the government build us an elevator...

cheers,

[Spidey's mom]

Originally Posted by Roy Fokker

Inefficient government interfer... er, I mean "maintenance" broke the escalator.
Solution?

Have the government build us an elevator...

cheers,

Sarcasm I hope.


I like blueridge's point . . . escalators make you lazy . . break a sweat and build your own staircase.

steph

[HM2Viking]

First, globalization is widening economic inequality and insecurity, for the middle class as well as the poor. The national competitiveness of the United States and the economic security of Americans depend on investment in both financial and human capital. Second, there is increasing recognition that family financial assets play a key role in poverty reduction, social mobility, and securing middle-class status. Income helps you get along; assets help you get ahead. Those without the head start of family assets have a much steeper climb out of poverty. Social policy needs to ensure income sufficiency while simultaneously increasing investments in the assets of the poor, so that they can take advantage of opportunities throughout their life course.
Asset inequality in America has been growing rapidly for 20 years. Nearly two in five families today do not have enough financial assets to survive for three months at the government poverty line if a breadwinner loses employment. African Americans own only 7 cents for every dollar of net worth that white Americans own; for Hispanics, the figure is only slightly higher, 9 cents for every dollar. This is the precarious position of millions of American households, especially those that are not only asset-poor but also income-poor.

at http://www.prospect.org/cs/articles?...tunity_society

The other reason that I think the up escalator may be broken is the combination of declining health insurance benefits for the middle class and the decline of corporate defined benefit pension programs.

[Tweety]

I feel kind of bad for 20-somethings these days. It's a tough job market, wages are lower, entry level jobs are outsourced, they are saddled a tremendous burden of college loan debt, real estate prices are out the roof, insurance companies charge them an arm and a leg.

As a younger boomer myself, I don't think I necessarily had it easy by no means, but I think there are some tougher issues for them.

[ingelein]

Yes, there are definitely more issues for them, the outsourcing of even technical jobs has hit my family, my cousins two grown sons, both college educated, degreed ,electrical/ mechanical engineers employed at Motorola have had their jobs sent to India. Both have young families with big mortgages and no jobs.