“A sizable minority of America's youth aren't in school or attached to the labor force. And it's costing taxpayers big.” (Berman, 2012) Unemployment of youth and young adults has been challenging for society as a whole, families, and individuals alike.
According to an article in the Huffington Post, “each one of these 6.7 million young people is costing taxpayers $13,900 per year and it doesn't stop there. After 25 years old, they'll cost taxpayers $170,740 over their lifetime, the report found.” (Berman, 2012) The employment opportunities typically saved for young adults are given to older, more experienced workers, leaving a small pool of jobs for younger adults to develop their experience and skill.
According to Hutchinson, transitioning to the employment world is an important transitional marker for young adults. (2011) An individual’s human capital community assets are also important factors for young adults transitioning to the world of work. In the current economy, young adults are finding less and less opportunities to transition into the world of work and therefore perhaps delaying their transition into full adulthood. Unemployed young adults are more likely to rely on their family, or transformative assets, in order to move forward in their own lives due to lack of income. Even with a college education, young adults are facing difficulties finding a job and therefore finding it difficult to pay off the college loans that they have accrued in order to achieve a higher education.
The recession that we have faced in this economy has uniquely affected the young adults in this country in that the demographic is finding it difficult to achieve gainful employment. It will be interesting to observe how the country comes out of the recession and how the young adult demographic expresses its resiliency.
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