New census data released Thursday casts a shadow over the long-term impact of the recession on America’s youth. During the last decade, the unemployment rate for young people spiked to the highest levels since World War II–only 55 percent of Americans aged 16 to 29 have jobs, a 12 percent drop from the employment rate in 2000. Faced with a grim outlook, many young people aren’t leaving home until their 30s–the number of Americans aged 25 to 34 living with their parents jumped 25 percent during the recession. Last month, The New York Times called the collective youth "Generation Limbo," but after seeing the new census data, Harvard economist Richard Freeman takes it a stage further. "These people will be scarred, and they will be called the ‘lost generation’–in that their careers would not be the same way if we had avoided this economic disaster," Freeman told The Associated Press.
The world has seen a number of lost generations in the past century. Gertrude Stein first coined the term in Twenties in reference to the Europeans who grew up during World War I, but it’s most recently referred to Japanese youth who grew up during that country’s recession in the 1990s. In Japan, the lost youth are referred to as the hikikomori, and the decade of widespread unemployment meant that many of them never had the chance to start careers.
Read the rest of the story: More Signs That American Youth Are a Lost Generation.