The recession officially ended nearly two and a half years ago, in June 2009, but for the generation of young adults who’ve been trying to take their first steps into adulthood, its effects could shape the future for decades to come.
Why is this recession different from other sharp downturns? The standard economic indicators fail to tell the whole story. Yes, unemployment rates for young people remain at the record-high levels they hit at the Great Recession’s peak in 2007, but this is typical for young workers, who tend to be the last group that recovers after a recession—and tend to feel its effects far after the economy has rebounded. The young baby boomers who bore the brunt of the 1981-1982 recession had lower earnings even 15 years after the economy recovered, and during that downturn the economy only lost half as many jobs as during the Great Recession. For youth entering the workforce today, not has the sour economy delayed their careers; they are entering a workforce that offers historically low wages and, unlike their parents, they're coming in with massive amounts of student-loan debt.