Those on the left assure us that the secret to creating more jobs is making it easier for more people to go to college. We have to keep taxing job creators and workers, they say, so that we can pay for more people to get a college indoctrination. I mean education! Well, we have been trying that approach for some time – tax the private sector, make it cheaper for people to go to college. And the result is that we now have a record high number of young adults with college degrees, and a record high number of young adults living in poverty and a record high number of young adults living at home.
The article from Campus Reform tells us where we are now.
An all-time high of 30.3 percent of millennials are living with a parent, according to data released from the U.S. Census Bureau’s study, “Young Adults: Then and Now.”
The study, released Dec., 4, 2014, and tracks the young adult population from the 1980, 1990, and 2000 Censuses and the 2009-2013 American Community Survey, gathering data about salary, education level, transportation habits, and more than 40 other topics.
Millennials are living at home, and more are living in poverty with lower rates of employment than their predecessors.
According to the report, millennials are more likely to live at home than any other generation of young adults. In 1980, 22.9 percent of young adults lived with a parent, while in 1990 the percentage increased to 24.2 percent. In 2000, the percentage decreased to 23.2 percent, but by 2013 it hit a record-level by jumping more than 7 percentage points.
Millennials are living at home, and more are living in poverty with lower rates of employment than their predecessors. According to the study, one in five young adults live in poverty, up from one in seven in 1980. Currently, the study claims 65 percent of millennials are employed compared to the 1980 number of 69 percent.
Yet, 22 percent of young adults have a college degree, compared to only 16 percent in 1980.
The troubling thing about this for me is how much millenials keep voting, again and again, for higher taxes and more regulations. On the one hand, they want to vote against evil corporations. Tax them more! Regulate them, to save the planet! Then, a split-second later, they go and ask these corporations that they’ve been taught to bash for work. There is work for them, all right – in other countries with lower taxes and less regulation.
Anyway, we want to be positive, so again, I’m going to provide people with useful information.
First, study STEM programs:
- Petroleum Engineering – Starting Salary: $103,000 / Mid-Career Salary: $160,000
- Actuarial Mathematics – Starting Salary: $58,700 / Mid-Career Salary: $120,000
- Nuclear Engineering – Starting Salary: $67,600 / Mid-Career Salary: $117,000
- Chemical Engineering – Starting Salary: $68,200 / Mid-Career Salary: $115,000
- Aerospace Engineering – Starting Salary: $62,800 / Mid-Career Salary: $109,000
- Electrical Engineering – Starting Salary: $64,300 / Mid-Career Salary: $106,000
- Computer Engineering – Starting Salary: $65,300 / Mid-Career Salary: $106,000
- Computer Science – Starting Salary: $59,800 / Mid-Career Salary: $102,000
- Physics – Starting Salary: $53,100 / Mid-Career Salary: $101,000
- Mechanical Engineering – Starting Salary: $60,900 / Mid-Career Salary: $99,700
And you should also start investing early, and keep investing:
The good news is there are now more millionaires than ever. But when it comes to retirement, is a million dollars enough?
“If they want to be financially independent, retire at 65 and be able to have an income of $40,000 a year in retirement for 30 years, then it’s likely that they’re going to need a million dollars to retire to generate that lifestyle,” said Bruce Allen, an independent wealth advisor.
Living comfortably on $40,000 a year in retirement, which would require a $1 million nest egg by the time you reach the retirement age, will depend on your expenses, investment returns and health-care costs.
[…]Many retirees make it work with less. According to Census data, the median household income for those 65 and older is $34,000, but that’s almost half the $66,000 for ages 55 to 64. In order to preserve that preretirement standard of living, financial experts say you’ll need more than a million dollars.
And the last piece of advice I would be this – if you are a young person, you should be looking into understanding how to save and invest, and you should be reading unbiased financial news. It’s not enough to hope that the government is going to bail you out. In all likelihood, the government will be coming to you in 15 years, looking for you to bail them out of their obligations to pay the pensions and health care costs of retirees. You should not take pride in being ignorant of economics and politics. This is your problem. Wishing and hoping that things will be OK will not make these challenges go away. Just because your friends, your favorite musicians, your favorite authors, your co-workers, etc. are not talking about these issues to you, it does not mean that these challenges don’t apply to you. They do apply to you. And just getting good grades now is NOT a guarantee that you will be OK later. You’re going to be expected to do more with less in a way that your parents never had to do. They are leaving you a worse financial world than they received.