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The Far-Reaching Effects of the Generational Wealth Gap

Young Americans are struggling to build wealth following the Great Recession

April 6, 2012 RSS Feed Print

"Its easy to play up the Portlandia stereotype, but the reality is quite grimmer than that," de Place says. "Most folks would like to find a decent job, but it's not the environment that they came out of college into."

Eric Hess was one of these people. He graduated from a liberal arts college in 2007 and moved back to his hometown of Portland. It took him years to find steady work. "Looking around in Portland was tough," he says. "It was surprising. I was looking for environmental nonprofit work and it was limited despite there being a big market for that kind of work in the Portland area."

Hess eventually got a job at a local mall, working for a sustainable environmental company. That company folded in 2008. Hess then moved to Seattle, where he worked as a temp for the Sightline Institute. He was finally offered a full-time job in 2008, and is now a senior communication associate at Sightline.

Hess says his experience in the new job market has altered the way he views employment. For him, security is the key. "I had a lot of friends that went to places and got laid off," Hess says. "There was a round of layoffs [at Sightline] a year ago. Had I graduated a few years earlier, I would have been more willing to take a risk. But I'm very happy with this job right now."

Tags:
wealth,
senior citizens,
money,
income

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For every four salaried people working 50 hours per week or more... There is one person without a job... One person not paying into the Social Security system.

It is far less expensive to hire four part time workers and let the government subsidize their food and healthcare, than it is to own just one slave.

Ivan T of CO 2:39AM May 02, 2013

Take social security, for example.... if you live for 4 years or so while collecting, you get back everything you Ever put into the social security system.... and all the rest is gravy after that. The boomers put up with the formula ok in the past because there weren't too many retired and draining us of earned income. Now, there are way too many boomers reaching ss age and the younger workers can't sustain the transfer of wealth from young to old. Simple as that. Yet, none of the politicians Except Ron Paul will even mention the problem because the AARP will destroy any politician who proposes to fix or adjust the formula for fairness.

Older folks, boomers like me, will do well to show fairness rather than greed.

This is what is meant by "entitlements" keeping us from balancing the budget.. this sort of overspending arrangement we have in the social security system.

Ron Paul for President 2012~

John of NY 8:52AM April 08, 2012

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