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Economic Challenges for Millennials: Why Young Americans Are Falling Behind

In her insightful book "Strapped," Tamara Draut details the economic hurdles facing America's 20- and 30-somethings. Drawing on data from 1975 to 2005, Draut reveals a stark decline in typical earnings, particularly for young workers with only a high school diploma. Job quality has eroded, with fewer young adults accessing health insurance and pensions compared to previous generations. Moreover, two-thirds of young Americans are burdened by credit card debt, often relying on it to meet basic living expenses. Discover the realities of Generation Debt and the urgent need for policy changes.

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Economic Challenges for Millennials: Why Young Americans Are Falling Behind

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  1. The Economic Challenges Confronting a New Generation Falling Behind: Tamara Draut, Vice President of Policy and Programs, Demos Author, Strapped: Why America’s 20- and 30-Somethings Can’t Get Ahead demos.org strappedthebook.com

  2. Typical earnings for all men age 25-34 in 1975 Typical earnings for all men age 25-34 in 2005 $43,416 $35,100

  3. Typical earnings for all women age 25-34 in 1975 Typical earnings for all women age 25-34 in 2005 $29,184 $30,300

  4. Median Earnings of Young Workers (25-34 yrs old) with High School Diploma 1975-2005 (2004 dollars) Source: US Department of Commerce, Bureau of the Census, Current Population Survey, March Supplement, 1975-2005.

  5. Median Earnings of Young Workers (25-34 yrs old) with Some College1975-2005 (2004 dollars) Source: US Department of Commerce, Bureau of the Census, Current Population Survey, March Supplement, 1975-2005.

  6. Median Earnings of Young Workers (25-34 yrs old) with Bachelor’s Degree or Higher1975-2005 (2004 dollars) Source: US Department of Commerce, Bureau of the Census, Current Population Survey, March Supplement, 1975-2005.

  7. Declining Job Quality Health Insurance Recent High School Grads 1979 63% 2006 32% Recent College Grads 1979 77% 2006 64% The State of Working America 2008/2009

  8. 18 Million Number of Uninsured Young People (18-34 yrs old)

  9. Declining Job Quality Pension Coverage Recent High School Grads 1979 36% 2006 18% Recent College Grads 1979 51% 2006 46% The State of Working America 2008/2009

  10. Two-thirds of 18-34 year olds have credit card debt Average debt among low- to middle-income households is just over $8,000 Top reasons for debt: car repairs, job loss and home repairs 45% reported using credit cards in the last year to pay for basic living expenses such as rent, mortgage payments, groceries and utilities GenerationDebt

  11. For more information, visitdemos.orgor strappedthebook.com

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