The vast majority of Americans, including many policymakers at the highest levels of government, are still unaware of one of the most pressing economic issues facing our country. Many may think that everything newsworthy has been covered amidst the media firestorm surrounding foreclosures, banks, bailouts, and the stimulus packages that have consumed news cycle after news cycle in the last several months. Unfortunately, both in both the media and among policy-makers, there is one group that has been unceremoniously overlooked.
The Millennial Generation, those born between 1976 and 1996, the heirs to our economic legacy and ultimately the bearers of our economic destiny, are being disproportionately affected by the crisis, but continue to go unnoticed. This is even though they face unemployment at a rate more than 8% higher than the national average, suffer under a crushing average of $27,000 in student loan, $2000 in credit card debt, and a healthcare crisis that leaves 30% of them without any insurance. In addition, as young people enter the workforce, they are being pitted against individuals with much more experience than they have for the same entry level jobs due to recent layoffs, making finding a job exponentially more difficult.
This perfect economic storm will have untold negative impacts if nothing is done by Congress to address these issues now by truly investing in the Millennial Generation.
The good news is that even as young people are being overlooked by the majority of policymakers, they are stepping up to the plate to take control of their own economic destinies. Millennials are on track to be the most civically and politically engaged generation ever.
To read more of what Russell Simmons has to say, peep the full story over at Global Grind!
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