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187

‘It’s never enough’: young Americans struggle to build financial independence as cost of living spikes (www.theguardian.com)

submitted 14 hours ago by MicroWave@lemmy.world to c/news@lemmy.world

13 comments fedilink hide all child comments

A difficult job market and rising costs are making it harder for young adults to enter adulthood

Young people are already facing the worst entry-level job market since the start of the pandemic and significant economic instability.

But overall economic conditions are making it more challenging for those just entering adulthood. More than eight in 10 young adults rate the economy as “bad” or “terrible”, according to a recent survey conducted with more than 1,000 18- to 34-year-olds around the US by Generation Lab, a research firm studying young people. While young adulthood is known as a time for establishing independence and responsibility, many are attempting to do so amid cuts to social safety net programs and the ever-increasing costs of basic needs like gas and groceries.

“It’s been rough for a long time,” said Nia West-Bey, executive director of the National Collaborative for Transformative Youth Policy. “But I think we particularly have a confluence of long-term economic challenges on the income side and support side, now coupled with an increase in expenses on everything.”

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[–] ramble81@lemmy.zip 30 points 10 hours ago* (last edited 8 hours ago) (1 children)

The better metric is number of hours to purchase a house. At that ratio it’d take 11,000 hours, or just over 5.2 years (2080 hours per year is full time).

Currently the average house price in the US is $368,198, and minimum wage is $7.25. At that ratio it’d take 50,785 hours or 24.5 years. That’s almost 5x more. Something is seriously broken, and it’s not just inflation.

Edit: to keep the same 5.2 year timeline, minimum wage would have to be $33/hr. Fairly certain I’ve seen $25-30/hr thrown out for what minimum wage should be, and that tracks with this.

[–] applebusch@lemmy.blahaj.zone 2 points 3 hours ago (1 children)

yeah the problem is capitalism. line must go up, forever.

[–] partofthevoice@lemmy.zip 1 points 3 hours ago (1 children)

Capitalism is a vehicle. It’s only really a problem when you have aggressive (or drunk) drivers. Would do us wonders if corporations were co’ops, even under capitalism. Because the people driving direction are the same people employed by the company — I.e., the only group that is de-facto simultaneously concerned with both the company’s success and the workers success.

[–] applebusch@lemmy.blahaj.zone 1 points 3 hours ago

there being money and commer