Consider the bleak prospects of young people entering the workforce
today: the portion of people aged twenty to twenty-four who have jobs
has fallen from 72.2 percent in 2000 to just 61.5 percent. Meanwhile, if
we adjust for inflation, the median earnings of men between the ages of
sixteen and twenty-four working full-time has fallen by nearly 30
percent since 1973. For women, the median has fallen by 17 percent. As
Andy Sum, an economist at Northeastern University who has studied youth
unemployment for many years, has shown,
if you are out of work or underemployed during those initial years of
adulthood, chances are far higher you will be unemployed, poor, or
dependent on welfare later on.
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