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"For millennials, the situation is even more grim. Compared to their parents at their age, the under-30 set is worth only half as much. And while this is a sobering reminder of the scale of the Great Recession's impact on younger generations, it's not the whole story. These households were actually falling behind even before the stock market and housing crash, researchers found.
Young people not only saw their wages stagnate or drop but also suffered a rise in fixed costs. They leave college with an average $27,000 debt load and have a harder time finding jobs that pay well, while facing more expensive health care and housing costs.
"If these generations cannot accumulate wealth, they will be less able to support themselves when unexpected emergencies arise or when they eventually retire," the study authors said. "This financial uncertainty could reverberate throughout the economy, since entrepreneurial activity, saving, and investment tend to build on a base of confidence and growing wealth."("AMERICA IN DECLINE: Young People Are Much Worse Off Than Their Parents Were At That Age", Business Insider)
Our new poll is bad news for the government. Voters do not expect to benefit from the recovery next year, do not expect their wages to keep up with living costs, and do not trust the government to spread the benefits of recovery fairly," TUC General Secretary Frances O'Grady said.Moreover, "by more than two to one, they want to see services restored when the economy grows, not permanently cut," she added.
Comment: Also see: Retirement unlikely for 78 million blue-collar Americans