School of hard knocks

Bloomberg:

Generation Y professionals entering the workforce are finding careers that once were gateways to high pay and upwardly mobile lives turning into detours and dead ends. Average incomes for individuals ages 25 to 34 have fallen 8 percent, double the adult population’s total drop, since the recession began in December 2007. Their unemployment rate remains stuck one-half to 1 percentage point above the national figure…

Only one-fifth of those who graduated college since 2006 expect greater success than their parents, a Rutgers survey found earlier this year. Little more than half were working full time. Just one in five said their job put them on a career path. Those who finish only high school or drop out fare worse. Almost four out of five jobs destroyed by the recession were held by workers with a high school diploma or less…

the number of hours logged by first-year and mid-level legal associates — a productivity measure of young lawyers — fell 12 percent from 2007 at some of New York’s largest law firms, says Jeff Grossman, national managing director of Wells Fargo Private Bank’s Legal Specialty Group in Charlotte, North Carolina. Yet profits per partner climbed $50,697 to $1.5 million on revenue of $66 billion last year

Maybe the young will learn. We certainly hope so.

One Response to “School of hard knocks”

  1. gs Says:

    Maybe the young will learn. We certainly hope so.

    I hope so too, but they’re being told that the corrective for a destructive economic policy is an even more destructive economic policy.

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