THE HIGH COST OF YOUNG PhDs ON FOOD STAMPS

They’re called the “invincibles” and the “lost generation.” Today’s young American adults have had to endure one of the worst recessions in 70 years and then watch as their futures seemingly evaporate before them. Many are educated, stuck in dead-end jobs or unemployed, living with their parents and seeking government assistance.

“If these persons are not quickly reconnected with the economy and the workforce, we are truly looking at a lost generation in terms of upward mobility and productivity,” said Joe Minarik, director of research for the Committee for Economic Development, a nonprofit, public policy research group.

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Related:  Millennials’ Joblessness Costs Gov’t $89B a Year

A recent report by the Federal Reserve Bank of New York sheds some light on just how severe the jobs crisis is for young adults. Using Census data, the researchers found that the percentage of unemployed young adults – currently about twice the national average – and those who are underemployed or working in jobs that don’t require the degrees they hold, has risen steadily since the 2001 recession.