Struggles of Younger US Workers Ripple Through Economy

[marmar]

Washington, DC — Facing faint job prospects and mounting student loans, Courtney Schlottman did what many others her age have done, and moved back in with a parent. She became one more data point contributing to the nation’s stunted rate of household formation.

That’s a fancy way to describe the rate at which grown children leave the nest or depart the world of roommates for their own places. Derived from Census Bureau data, it’s an important economic indicator because, when normal, it portends a healthy housing sector, which in turn bodes well for the wider economy.

Statistics aren’t high on the list of worries for Schlottman, 23, a would-be educator who graduated from Bloomsburg University last year. She’s moved back in with her father in Reading, Pa., while riding out an underperforming economic recovery.

“In order for me to be financially stable, I have to live with my father,” she said. “I’m hoping it’s not much longer, maybe a year or two. But going to interviews and not hearing anything back, it’s not promising. My hope is one or two years from now I can get a full-time job.” ............................(more)

The complete piece is at: http://truth-out.org/news/item/20331-struggles-of-younger-us-workers-ripple-through-economy

[yeoman6987]

1. Education Major

Did she ever consider being a teacher for special needs? I mean that might not be her major but they always need teachers and assistants in school and non-profits. It might be a way to get some experience for the resume too. Hopefully she will be fine and find a job teaching. She may want to teach in an inner city as well. I hear they are always looking for teachers. Some education majors want a job in a good school district, but the problem is only a few vacancies a year occur. Best of luck to her. She needs to hit the pavement hard. I always find it a challenge to get a job. I looked from October 2011 to March 2012 and it was a challenge, sometimes frustrating, but so worthwhile after learning all the lessons. When I look back at my first interview, no wonder I was turned down. lol.

[JCMach1]

12. I find it hard to believe she can't find a teaching position, somewhere...

just perhaps not in the rich cushy suburbs...

[noiretextatique]

2. Lower the retirement age...expand SS

I'd happily leave the workforce to give younger people less competition.

[meaculpa2011]

5. I agree.

More work for me. I'm eligible for SS but I'll keep working until they nail the lid shut.

I have a lot of hobbies, but work gives me the most pleasure.

[noiretextatique]

10. I would glady give up working

For someone else and focus on my own interests, including making money. More power to you! I know some people enjoy working...I used to

[meaculpa2011]

13. I've had jobs that I've loved...

and one job that I hated.

Stuck it out for two and half years and learned enough to move on to a better job with a better company.

Either way, I went out on my own in 1981 and even with all the uncertainty it's better than working for someone else.

There have been good years, great years and a few horrid years.

Still better.

[CrispyQ]

6. My husband would retire from his decent paying IT job if they would do that.

So many common sense solutions that are never considered, as we go deeper into the crapper.

[noiretextatique]

11. Indeed...common sense is not at all common in Washington

I will be 55 in a few weeks. I had 6 months off work five years ago for breast cancer treatment...and that was it. It was barely enough time to deal with my physical recovery, and certainly not enough time to heal emotionally. I have a chronic shoulder/arm/neck problem that I believe is nerve damage from radiation, so I am trying to get SS disability. I am an Accountant, so I am damaging myself even more by working on a computer 8 hours per day. We are a stingy lot when it comes to issues around work and health. The elite just want us to work until we drop dead.

[Swede Atlanta]

8. I am in my mid-50s but have several friends in their late 50s or early 60s...

Several of them have said they would like to quit working and make their jobs available to a younger person.

The biggest reason all of them give for not retiring is their inability to acquire affordable health insurance or the fear that as soon as they retire their employer will change or terminate their current retiree health care plan.

From what I understand of the ACA, qualification for subsidies is based on income (i.e. they check the IRS database to see how much you made). Does anyone know if that is the most recent tax year or several years? Does anyone know if there is a provision if you are planning on retiring or even having a significant reduction in income in the future year you can use an estimated income for purposes of determining subsidy eligibility?

Even with the ACA these friends of mine likely made too much money last year and this year. Even having to purchase a plan under Obamacare for the first year (until their previous year income is recognized as being significantly lower) may make the insurance unaffordable. If you go from making say $50K a year to eking out $23K a year for a husband and wife, any premium above a few hundred dollars a month would likely be deemed unaffordable.

The other reason they don't retire is they say they may as well continue to work if they have to pay income taxes. I have never understood why we treat SS income as taxable income. I realize that many seniors that are living on SS alone or SS with maybe a small private pension end up paying no income taxes. But even for someone with some investment income, a reasonable but still not lavish private pension, why is SS subject to income tax? I could see setting an income threshold that if your gross income is above a certain point then all income is subject to relevant taxation. But if your total gross is below that point, that portion of your income that is from SS should be tax exempt.

[noiretextatique]

9. No way in hell should SS or UI be taxed

I am not sure about ACA provisions regarding retirees, but Medicare for all would take care of that problem. If only we had the political will...

[xchrom]

3. du rec.

[meaculpa2011]

4. My daughter got her own place this week.

Her own, meaning she's renting a house with two friends.

She broke my heart (at the time) and dropped out of high school at 17. School wasn't for her, but she already had a job. Yes, a service job at a local fast-food restaurant, but she liked it better than school. She was diligent about keeping her resume updated and last year landed a job with a growing HVAC company. Now that she's 20 and making good money she's off on her own and I have to look at an empty room every day.

I would have liked for her to continue in school, and she still may. I'm very proud of her nonetheless.

She's only 9/10s of mile away, but...

[Sheri]

7. i worry about my children.

they'll go to college, come out in debt, and then say, "now what?"

now what, indeed. what jobs there are don't pay enough to live on--90% of them, anyway. it's depressing.