The Part-Time Economy and Part Time Recovery
The Huffington Post recently reported that one fifth of all new jobs created since the recession ended were temporary jobs.
It’s tough being under 30 today. For the baby boomers growing up in the 1950’s and ’60’s being under 30 was like getting a lottery ticket – at least until the Vietnam War draft. Boomers had unprecedented employment opportunities.
Today “Millenials” have very limited employment opportunities. Many of the people accepting part time employment out of necessity are “millennials”. Not only is the work not full time but often doesn’t require a college education. In addition, part time employees are generally not on the same career path as full time employees so while future job prospects for millennials are uncertain, significant student loan debt loads are.
Tomorrow morning millennials will wake up to more bad news – student loan rates will double. The doubling of rates will ensure that the student loan default rate will rise even higher.
The lack of job prospects for millennials and their large student debt loads are hampering a real economic recovery and if higher interest rates don’t crush the real estate market first, the lack of a pipeline of new young first time home buyers will eventually.
The only thing that will end the incessant touting of “recovery” based on rising stock and real estate prices will be the crashing of those markets. Then we will see what the underlying economy really looks like.
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