Progressive Economics Archives - Generation Progress https://genprogress.org/category/issues/progressive-economics/ Young people working for progressive change. Wed, 10 Nov 2021 18:01:59 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.1 LGBTQI+ Members of Generation Z Face Unique Social and Economic Concerns https://genprogress.org/lgbtqi-members-of-generation-z-face-unique-social-and-economic-concerns/ Wed, 10 Nov 2021 14:14:05 +0000 https://genprogress.org/?p=50876 Data from a nationally representative 2020 survey by the Center for American Progress and NORC at the University of Chicago* reveal that LGBTQI+ youth face high levels of discrimination in school, work, and housing, which leads to large-scale financial struggles and poor mental health.

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Young people are extremely passionate about issues facing the United States, and they have become the face of movements aiming to create real change. As of 2020, young people between the ages of 18 and 24, also known as Generation Z, comprise around 20 percent of the U.S. adult population. The issues that they care deeply about are some of the most pressing problems facing society, including climate change, the gun violence epidemic, racial injustice, and the student debt crisis. They are digital natives who grew up under the first Black president of the United States, witnessed marriage equality become the law of the land, and were galvanized by the atrocities committed by the Trump administration. Generation Z is now entering adulthood and the job market against the backdrop of the Great Recession and COVID-19 pandemic, which has left many disillusioned with capitalism and frustrated by burgeoning economic inequality.

Young Americans are more racially and ethnically diverse than previous generations, and they are also more likely to be openly LGBTQI+. For these individuals, concerns over crises such as shrinking housing availability and climate change are compounded by ongoing and significant rates of discrimination against LGBTQI+ individuals. The LGBTQI+ youth of today face heightened rates of bullying in educational spaces, rejection from family members, and homelessness, among other concerns. Although the internet has created new opportunities for positive connection and affirmation, online harassment has also fueled mental health problems. Data from a nationally representative 2020 survey by the Center for American Progress and NORC at the University of Chicago* reveal that LGBTQI+ youth face high levels of discrimination in school, work, and housing, which leads to large-scale financial struggles and poor mental health. Overall, 57 percent of Generation Z** respondents reported experiencing some form of discrimination in the year prior to the survey, compared with 42 percent of Millennials, 30 percent of Gen X respondents, and 19 percent of Baby Boomers.

Mental health disparities

Compared with older generations, LGBTQI+ Gen Z individuals experience much higher rates of mental health issues, including symptoms of depression, anxiety, and suicidal ideation. These general feelings of hopelessness, nervousness, or unwillingness to live stem from an array of factors, including financial and housing instability, lack of access to mental health services, employment uncertainties, and unaccepting families, all of which were exacerbated by the COVID-19 pandemic. Data from CAP"™s 2020 survey capture some of these disparities:

  • 82 percent of Gen Z respondents reported feeling so sad that nothing could cheer them up to some degree in January 2020, compared with 64 percent of Millennials, 46 percent of Gen X, and 30 percent of Baby Boomers.
    • 95 percent of Gen Z respondents reported that poor mental health interfered with their daily life or activities to some degree in January 2020, compared with 88 percent of Millennials, 76 percent of Gen X, and 75 percent of Baby Boomers.
  • 86 percent of Gen Z respondents reported that their psychological well-being was negatively affected to some degree by discrimination in the year prior to the survey.
  • 67 percent of Gen Z respondents reported that their physical well-being was negatively affected to some degree by discrimination in the year prior to the survey.

Figure 1

Education

The majority of Gen Z individuals are college age or younger, meaning that much of the discrimination faced by LGBTQI+ youth takes place in school environments. Compared with their cisgender heterosexual counterparts, LGBTQI+ students–particularly transgender students–face disproportionate rates of bullying. The frequency of harassment and discrimination in schools has led to significant mental health concerns, including suicidal thoughts or attempts, among this population. Additionally, such victimization also results in LGBTQI+ students being more likely to struggle academically and less likely to pursue postsecondary education. Patterns of discrimination can also be found in higher education. For example, religious exemption allows colleges to discriminate against LBGTQI+ students on the basis of their beliefs, despite Title IX anti-discrimination protections. CAP"™s survey data outline these patterns of discrimination:

  • 46 percent of Gen Z respondents who reported experiencing discrimination in the year prior to the survey suffered bullying, harassment, or discrimination in school.
  • 80 percent of Gen Z respondents who reported discrimination in the year prior to the survey said that it has negatively affected their school environment to some degree.
  • 35 percent of Gen Z respondents reported making specific decisions about where to go to school to avoid experiencing discrimination.

Figure 2

Financial disparities

While 45 million Americans are currently saddled with student loan debt, it is more concentrated among young adults–and Black, Brown, and low-income people are disproportionately affected. Gen Z is on track to become the most educated generation in history, but it is also seeing the largest increases in student loan debt year after year. In 2020, young people"™s average debt increased by 39 percent, which was a greater increase than for any other generation. Significant student debt affects many big life decisions, preventing young people from buying homes, moving to new places, getting married, starting families, reaching financial stability, and more. Young Americans, who have borne thebrunt of multiple economic recessions in the past decade, also have a high reliance on minimum wage jobs and have long struggled to find success in an increasingly polarized economy. Meanwhile, LGBTQI+ Americans face unique economic struggles due to hiring discrimination, lack of access to generational wealth, and overrepresentation inservice industry jobs, leading this population to face poverty at higher rates than their cisgender heterosexual counterparts.

  • 28 percent of Gen Z respondents reported receiving some assistance from unemployment in the year prior to the survey, compared with 23 percent of Millennials, 23 percent of Gen X, and 12 percent of Baby Boomers.
  • 63 percent of Gen Z respondents who reported discrimination in the year prior to the survey said that it negatively affected their ability to be hired to some degree, compared with 57 percent of Millennials, 60 percent of Gen X, and 43 percent of Baby Boomers.
  • 47 percent of Gen Z respondents who reported discrimination in the year prior to the survey said that it has negatively affected their financial well-being to some degree.

Figure 3

Housing disparities

Because most young Americans still live with a parent or guardian, particularly in the wake of the COVID-19 pandemic, they face unique pressures in maintaining positive relationships with biological or legal family members. These concerns compound for LGBTQI+ individuals, who often experience rejection from family because of their sexual orientation or gender identity. Staggeringly, LGBTQ youth and young adults are 120 percent more likely to experience homelessness than their straight and cisgender peers, in part because of high rates of family rejection.

Additionally, LGBTQI+ youth living on their own face the strains of an unstable housing market, low wages, and historically little access to wealth, contributing to low rates of homeownership. These factors, combined with widespread housing discrimination against LGBTQI+ Americans writ large, all contribute to the high rates of housinginsecurity among LGBTQI+ individuals.

  • 34 percent of Gen Z respondents reported that their ability to rent or buy a home was moderately or significantly affected by discrimination, compared with 29 percent of Millennials, 28 percent of Gen X, and 10 percent of Baby Boomers.
  • 23 percent of Gen Z respondents who reported experiencing discrimination in the year prior to the survey said they experienced it in an apartment community, compared with 22 percent of Millennials, 16 percent of Gen X, and 10 percent of Baby Boomers.
  • 27 percent of Gen Z respondents report having moved away from a rural area to avoid experiencing discrimination, compared with 24 percent of Millennials, 21 percent of Gen X, and 17 percent of Baby Boomers.

Avoidance behaviors

One result of the high levels of discrimination faced by Gen Z LGBTQI+ individuals is that this generation is more likely to go out of its way to avoid further discriminatory experiences. Although U.S. support for LGBTQI+ rights has increased, a significant portion of these individuals remain in the closet out of fear of experiencing discrimination or retaliation. Gen Z individuals are also the most likely to identify as transgender and nonbinary–groups that facedisproportionately high levels of discrimination in housing and health care and in public spaces.

  • 45 percent of Gen Z respondents reported avoiding law enforcement in order to avoid experiencing discrimination, compared with 36 percent of Millennials, 24 percent of Gen X, and 16 percent of Baby Boomers.
  • 42 percent of Gen Z respondents reported avoiding public places such as stores or restaurants in order to avoid experiencing discrimination, compared with 37 percent of Millennials, 31 percent of Gen X, and 23 percent of Baby Boomers.
  • 35 percent of Gen Z respondents reported avoiding doctor"™s offices in order to avoid experiencing discrimination, compared with 23 percent of Millennials, 14 percent of Gen X, and 9 percent of Baby Boomers.

Figure 4

Conclusion

LGBTQI+ individuals who are part of Generation Z reported some of the highest levels of discrimination across CAP"™s 2020 survey. These concerns were most prominent in housing, education, and economic advancement and had a marked impact on respondents"™ mental health and behavior. As more and more young LGBTQI+ individuals feel safe living as their authentic selves, it is all the more imperative that lawmakers address the myriad disparities LGBTQI+ youth face and ensure they are protected from discrimination under federal law.

*Data throughout this column are from a nationally representative survey of 1,528 LGBTQI+-identifying individuals, jointly conducted in June 2020 by the Center for American Progress and NORC at the University of Chicago, which has been weighted to account for both U.S. population characteristics and survey nonresponse. Unless otherwise indicated, all comparisons between white respondents and respondents of color are significant at the 0.05 level.

**Generation Z respondents include all those from ages 18 to 22. Millennials include respondents ages 23 to 38; Generation X includes respondents ages 39 to 54; and Baby Boomers include respondents ages 55 and older.

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The Administration Should Prioritize Women and Other Frontline Communities in a Green Jobs Recovery https://genprogress.org/the-administration-should-prioritize-frontline-communities-in-a-green-jobs-recovery/ Thu, 25 Mar 2021 22:35:56 +0000 https://genprogress.org/?p=50205 Creating high-quality, well-paid, unionized jobs in the clean energy sector, particularly in frontline communities, would go a long way towards addressing the economic, gender equality, and climate crises facing today's generations.

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You can take action on this issue with our tool here: Demand an Economic Recovery Package That Prioritizes Communities Hit by Climate Change.

This Women"™s History Month marks one year since the COVID-19 pandemic upended the lives of people across the globe. The impacts that climate change, COVID-19, and the economy have on women and girls are interconnected, and to ignore these connections would be a disservice to some of the most vulnerable people in our society. Women and girls are already in a precarious place in society–globally, women often earn and are able to save significantly less than their male counterparts, lack access to adequate healthcare, and are frequently the victims of gender-based violence. Nearly 3 million women left the workforce over the course of the past year, many as a result of increased caregiving responsibilities at home due to the pandemic. Understanding that there exists a spectrum of gender identities beyond the binary, a recent report found that "most LGBT adults say that they or a household member lost a job or income due to the pandemic (56 percent), which compares to 44 percent of non-LGBT adults." The problem is significantly worse for many women of color–in December 2020, Black, Asian, and Hispanic women accounted for all of women"™s job losses, and 154,000 Black women dropped out of the labor force entirely. Among young Millennials and Generation Z, the economic impacts of the pandemic are also being felt to a higher degree–19.5 percent have "reported they or their spouse or partner experienced layoffs since the pandemic began." Finally, when considering the impacts of climate change, women account for 80 percent of those displaced as a result of this issue. 

As the Biden administration works to rebuild our economy, it is imperative that these recovery efforts center women and girls. The pandemic has worsened women"™s overall social and economic security, which means women"™s equity must be at the forefront of any legislation intended to address the COVID-19 pandemic. Recognizing this, on International Women"™s Day, President Biden issued an executive order establishing the White House Gender Policy Council. This council will oversee the administration"™s all-of-government approach to gender equity and equality–a significant step in the right direction. 

Despite the fact that climate change impacts people of all genders, its effects are felt much differently by men and women. Due to the same vulnerabilities outlined above, women are less well equipped to handle the devastating effects of climate change. The linkages that exist between women"™s overall outcomes and a changing climate cannot be ignored, especially when creating policies to address the climate crisis. For example: after natural disasters strike, women are less able to access critical healthcare, particularly reproductive care, and are at increased risk of experiencing gender-based violence and sexual assault. According to the Intergovernmental Panel on Climate Change, we have about 30 years to transition to a carbon-neutral society to avoid climate catastrophe, and as the climate crisis worsens, we need gender equity to be at the core of any policies designed to address this crisis to ensure that women and girls don"™t bear the brunt of its negative impacts. 

One way the administration and Congress can prioritize women while building a robust, inclusive, and climate-resilient economy is through a green recovery. Creating high-quality, well-paid, unionized jobs in the clean energy sector, particularly in frontline communities, would go a long way towards addressing the economic, gender equality, and climate crises facing today"™s generations. Tribal, low-income, and communities of color have long borne the brunt of the climate crisis, facing toxic pollution, unsustainable development, and systemic disinvestment. Prioritizing these communities in a green jobs recovery would not only help to reduce the harms of past racism and racist policies, but can also create a jobs boon that will put these communities, and the women that are a part of them, on the path to a more just, sustainable future.

A just transition to a 100% clean energy future that rebuilds our economy and uplifts the status of women and girls is not only possible, but necessary. COVID-19 has laid bare and exacerbated the systemic inequalities that women faced even before the pandemic, and demonstrated that solving one crisis can be the path to solving others simultaneously. Now is the time for a bold, green economic recovery strategy that centers women, especially as they have faced significant losses over the past year.

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Four Ways Debt-Free College and Canceling Student Debt Would Be Good for Women https://genprogress.org/what-you-need-to-know-about-student-debt-on-equal-pay-day/ Wed, 24 Mar 2021 21:49:06 +0000 https://genprogress.org/?p=50183 The gender wage gap and the student debt crisis are inextricably linked. Addressing the student loan crisis through debt-free college and broad-based student loan cancellation would help alleviate some of the economic burden that women, particularly women of color, face in our society. 

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Warning: the following column contains facts that may induce rage-fueled forehead-smacking and/or keyboard smashing. Happy Women"™s History Month!

The gender wage gap and the student debt crisis are inextricably linked: undervaluing women"™s work forces women to bear a bigger share of the student debt crisis. Addressing the student loan crisis through debt-free college and broad-based student loan cancellation would help alleviate some of the economic burden that women, particularly women of color, face in our society. 

FACT: Women must work far into the next year to match what men earn the previous year alone. This gap is disproportionately and historically felt by women of color. 

Let"™s break it down. In 1996, the National Committee launched the first Equal Pay Day to raise awareness about the gender pay gap. Originally, it only captured the wage gap for women overall, but, over the years, the advocates behind the effort recognized the need to highlight racial disparities. The conversation now increasingly includes the much larger wage gaps for many women of color. Based on the latest available data, the largest gender wage gap is experienced by Latina women. Women, altogether, earn just $0.82 to every one dollar earned by men. 

Now, we have multiple Equal Pay Days each year to recognize the racial disparities within gender pay gaps. First up this year was Asian American and Pacific Islander (AAPI) women"™s equal pay day on March 9, since AAPI women are paid $0.85 for every one dollar earned by a white man, on average. However, this number hides the reality that the wage gap is much wider for many women belonging to different AAPI communities. The earnings ratios range from Taiwanese, Indian, and Malaysian women earning $1.21 compared to the white man"™s $1.00 to Burmese women earning just $0.52, with dozens of other communities in between.

Black women won"™t reach pay parity with the 2020 earnings of white men until August 3, 2021 because Black women earn $0.63 to the white man"™s dollar. 

Native women"™s Equal Pay Day won"™t come until September 8 of this year, due to their earning approximately $0.60 on the white man"™s dollar. 

Finally, Latina women typically earn a measly $0.55 on the white man"™s dollar, and have to work until October 21, 2021 to reach pay parity with white men"™s 2020 earnings. This means that Latinas "must work nearly 23 months to earn what white men earn in 12 months."

The pandemic has made economic stability even harder for women

This Equal Pay Day, the coronavirus pandemic brings additional challenges to the table. Not only are women–particularly women of color–on the frontlines as the majority of essential workers, but women have continued to bear the brunt of caregiving responsibilities during this extremely trying time. COVID-19 has also led to a massive economic fallout in the last year, with women losing nearly 1 million more jobs than men between February and December 2020. This fallout has disproportionately impacted women of color, particularly Black women and Latinas, who continue to experience some of the highest unemployment rates. 

In December 2020, Black, Asian, and Hispanic women accounted for all of women"™s job losses, and 154,000 Black women dropped out of the labor force entirely. Both major job losses combined with the pull of increased caregiving at home has created a recession in which more women have been affected. In addition, members of the LGBTQ community also face significant wage disparities, very likely exacerbated by the current pandemic. Members of the transgender community are four times more likely to have an income of less than $10,000 per year. These outcomes are the result of systemic inequities rooted at the intersection of racism, sexism, heterosexism, and transphobia. 

These disparities didn"™t appear out of thin air. The same systems of oppression that brought about gender wage gaps and job loss also manifest the conditions that created the current student debt crisis, which also harms women of color. 

How student debt disproportionately impacts women 

Forty-five million Americans have $1.6 trillion in student debt, two-thirds of it held by women. 

A major racial equity concern regarding the student loan crisis is the disproportionate effect of student loans on Black women. Black borrowers take on more student loan debt, have a harder time repaying their loans, and are four times more likely to end up in default than their white counterparts. Layering on top of that pay disparities for women, including a motherhood penalty, the student debt crisis worsens the economic situation for Black women and Latina borrowers, who face larger wage gaps than white women, making loan repayment even more difficult. In 2017, approximately 34 percent of all women and 57 percent of African American women who were repaying student loans reported that they had been unable to meet essential expenses within the past year. 

In summary, these systemic inequities result in women–particularly women of color–being more likely to be underpaid, under-employed, and carry student debt.

Addressing the student loan crisis through debt-free college and broad-based student debt cancellation would be good for women, helping to:

1. Close the racial wealth gap: When a system exists in which Black students are more likely to need a loan to pay for college, need to borrow more than white students, and will take longer to pay off those loans, cancelling those loans and building a system that does not require debt to begin with is necessary. The former can lift Black and Latina borrowers, who have much less wealth than their white counterparts, out of debt. The latter can importantly prevent future generations from amassing new debt.

2. Close the gender wealth gap: Already, women take out more student debt than men. And it takes them longer to pay off those loans (*cough,* wage gap). Cancel the debt!

3. Facilitate an equitable economic recovery: This doesn"™t just mean the stock market"™s performance. This means building a system that addresses the needs of working women and people of color–not policies that benefit those who are already well-off. Student debt is preventing generations of borrowers from making the financial decisions they would like to, including starting their own businesses, buying homes, purchasing cars, and more. With women more likely to borrow and borrow more, a debt-free college system would mean women could put their earnings into the economy for future generations to come. And cancelling existing student debt today would stimulate the economy by allowing women to spend their monthly loan payment on things they wouldn"™t have otherwise purchased.

4. Improve the lives of young women: One in three young people have student debt, two-thirds of all student debt is held by women, and student debt may shape young women"™s decisions to have children, particularly among those with high debt levels. This means that cancelling student debt and making college debt-free is reproductive justice. Free college and debt cancellation must go hand in hand to create options around major life decisions and grant women more freedom to live with dignity and choice. Addressing the student loan crisis could impact women"™s ability to choose a job, travel, have independence, decide if or when to start a family, and take care of family without worrying about the financial implications. It could fundamentally change how women shape their lives.

Let"™s take the next chapter of our history into our own hands. Take action to cancel student debt to get us all one step closer to gender and racial equity. 

This is one massive step in the right direction, but we also have to abolish the barriers that led to these oppressive and discriminatory systems in the first place. Stay tuned for more action items from Generation Progress on debt-free college.

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FACT SHEET: Ten Ways the New Congress Can Act for Young People https://genprogress.org/fact-sheet-ten-ways-the-new-congress-can-act-for-young-people/ Fri, 22 Mar 2019 16:28:50 +0000 https://genprogress.org/?p=48476 As the 116th Congress works to frame their priorities for the next two years, members must center young people in their policy proposals and legislation. This fact sheet is based on Generation Progress’ 2019 report, which you can read in

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As the 116th Congress works to frame their priorities for the next two years, members must center young people in their policy proposals and legislation. This fact sheet is based on Generation Progress’ 2019 report, which you can read in its entirety here.

1. PROTECT THE RIGHT TO VOTE

Click to view PDF.

Ensure fair access to the democratic process through Automatic Voter Registration (AVR), pre-registration, and Election Day registration.

2. IMPLEMENT COMMON-SENSE GUN LAWS

Address the U.S. gun violence epidemic by investing in research and passing legislation that enforces universal background checks, increases funding for nationwide gun violence prevention and intervention programs, bans assault weapons and high capacity magazines, enables the Centers for Disease Control to research gun violence as a public health issue, disarms all domestic abusers, and makes ERPOs available in every state.

3. ENACT BOLD CRIMINAL JUSTICE REFORMS TO CURB MASS INCARCERATION

Rethink national policies that exacerbate the mass incarceration problem in the U.S. by making sure marijuana legislation includes strong provisions that clear marijuana criminal records and ensure meaningful reinvestment in communities of color, reforming the pretrial system including the removal of barriers to bail payments, improving the timeliness and quality of national data collection, and passing legislation to automatically expunge certain federal offenses from criminal records.

4. PROTECT DACA RECIPIENTS AND TPS HOLDERS

Provide permanent protections to young immigrants by passing legislation that puts Dreamers and TPS holders on a pathway to citizenship.

5. TACKLE CLIMATE CHANGE THROUGH CLEAN ENERGY PROPOSALS AND INFRASTRUCTURE INVESTMENT

Heed the warnings from climate scientists on the dangers of inaction on climate by passing bold legislation that takes on carbon emissions and invests in clean energy and infrastructure.

6. SHORE UP PROTECTIONS AND ACCESS TO REPRODUCTIVE HEALTH AND FAMILY SERVICES

Center the needs of young people and their reproductive health by protecting and expanding the ACA and Medicaid, investing in pregnancy prevention programs, and stopping the Trump administration"™s proposed domestic gag rule.

7. ADDRESS THE STUDENT DEBT CRISIS

To curb the mounting student debt crisis, Congress must pass legislation that ensures young people have access to free or debt-free college, implement solutions to help borrowers, tackle bad actors profiting off of borrowers, and hold for-profit colleges accountable for cheating student borrowers.

8. PROVIDE COMPREHENSIVE FEDERAL PROTECTIONS FOR THE LGBTQ COMMUNITY

Congress should fight anti-LGBTQ bullying, discrimination, and mistreatment, by passing explicit protections to end discrimination in all areas of life, increase and improve assistance for runaway and homeless youth and survivors of violence, and end conversion therapy.

9. REMOVE STRUCTURAL BARRIERS FACED BY YOUNG PEOPLE WITH DISABILITIES

In order to remove barriers faced by disabled youth, Congress must provide access to comprehensive care that does not discriminate against people with pre-existing conditions and provides the right to access long-term supports and services, ends subminimum wage and segregated employment, and eradicate asset limits for people with disabilities.

10. DISMANTLE BARRIERS TO OPPORTUNITY FOR YOUNG PEOPLE OF COLOR AND YOUNG PEOPLE OF ALL FAITHS

The 116th Congress should invest in young people of color by creating racial and economic opportunities and providing civil rights protections. They should similarly invest in young people of faith with welcoming attitudes toward religious diversity and rejecting any attempts to restrict or manipulate constitutional protections of religious freedom.

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REPORT: Ten Ways the New Congress Can Act for Young People https://genprogress.org/report-ten-ways-the-new-congress-can-act-for-young-people/ Wed, 27 Feb 2019 16:31:56 +0000 http://genprogress.org/?p=48411 As the 116th Congress works to frame their priorities for the next two years, members of Congress must center young people in their policy proposals and legislation.

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In the 2018 midterm elections, young people ran for office, canvassed neighborhoods, rallied their communities, and organized online–all in hopes of electing a governing body that was more representative of themselves and their values. In the months preceding the historic election, media outlets were fixated on the perception that young people were apathetic and incompetent, not engaged enough to turn out, and unable to comprehend the postal system needed to cast a mail-in ballot.

Click to view PDF.

The narrative turned out to be false; during the 2018 cycle, young people campaigned around the issues they cared about and voted in historic numbers. In fact, 31 percent of young people turned out to vote, an increase of 10 points compared to the 2014 midterm elections. With Millennials projected to be the largest voting bloc by 2020, young people are poised to change the politics of their communities, and the nation.

By seizing their power, young people showed America that they have what it takes to tip the scales on many of today"™s most critical issues, including democracy, gun violence prevention, criminal justice reform, immigration, climate change, women"™s health, student debt, and diversity and inclusion.

Now is the time for accountability. As the 116th Congress works to frame their priorities for the next two years, members must center young people in their policy proposals and legislation. Generation Progress and the Center for American Progress have identified policy areas that are important to young people and can drive youth civic engagement and voter participation.

View our fact sheet which summarizes our findings in this report.

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Young Money: Pre-September 2018 Jobs Day Release https://genprogress.org/young-money-pre-september-2018-jobs-day-release/ Tue, 09 Oct 2018 20:23:51 +0000 https://genprogress.org/?p=46754 Though the number of unemployed youth has inched down to below prerecession rates, many other indicators suggest that the employment situation for American youth is not so rosy. Though they're the most educated compared with previous generations, 1 in 5 American adults ages 18 through 34 has student loan debt.

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Though the number of unemployed youth has inched down to below prerecession rates, many other indicators suggest that the employment situation for American youth is not so rosy. Though they"™re the most educated compared with previous generations, 1 in 5 American adults ages 18 through 34 has student loan debt. Furthermore, many of these folks are defaulting–and across race and ethnicity lines, black or African American and Hispanic or Latino people are disproportionately more likely to default on their loans. Though more youth are educated and pursuing higher education, giving them a leg up in the labor market, the cost of education has skyrocketed: Textbooks, for example, are about 90 times more expensive than they were in 2006.

Millennials, who today are 18 to 34 years old, make 43 percent less than what Gen Xers made in 1995–when they were under 35 years old–suggesting that labor market conditions still have some slack, despite low unemployment and gross domestic product growth. For those who aren"™t college-educated, the situation worsens. According to a Pew Research Center study, the earnings disparity is rising among young adults based on their level of educational attainment–specifically, between high school graduates who attend institutions of higher education and those who do not. The study finds that noncollege-educated high school graduates make less than they have in the past: This age group today makes about 15 percent less than early Baby Boomers made. It also finds that the poverty rate for high school graduates was more than three times the rate for those with a bachelor"™s degree.

Click here to read the full analysis from the Center for American Progress.

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Young Money: At Midyear, Youth Unemployment and Labor Participation Rise https://genprogress.org/young-money-youth-unemployment-labor-participation-rise-midyear/ Tue, 10 Jul 2018 20:51:11 +0000 https://genprogress.org/?p=46531 Amidst an escalating trade war with China, presidential threats to American companies, and doubt from the international community of America's economic commitment to our European partners, the economy added 213,000 jobs in the month of June, with the unemployment rate

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Amidst an escalating trade war with China, presidential threats to American companies, and doubt from the international community of America"™s economic commitment to our European partners, the economy added 213,000 jobs in the month of June, with the unemployment rate ticking up to 4 percent. Following the overall unemployment rate, the youth unemployment rate for ages 16-24 rose by 0.2 percentage points to 8.9 percent, while the rate for ages 25-34 rose by 0.1 percentage points to 3.9 percent. The overall labor force participation rate (LFPR), which track the share of adults working or looking for a job, moved up 0.2 percentage points and now sits at 62.9 percent. The LFPR for workers ages 18-24 moved up by 0.3 percent and is now at 55.4 percent. The LFPR still lags behind pre-recession rates and together with a slow wage growth of 2.7 percent over the past year, indicates that the economy still has significant challenges to overcome.

June youth unemployment rate

Disaggregated by race and ethnicity, certain groups still experience unemployment at much higher rates. In the month of June, the black youth unemployment rate rose sharply by 2.9 percentage points and is now at 15.9 percent. The Latino youth unemployment rate rose by 1.2 percentage points and is now at 10.1. The Asian youth unemployment rate continues to experience volatility due to its small sample size, rising by 3.8 percent and now sits at 10.7 percent. The white youth unemployment rate also rose in the month of June by 1.4 percentage point and is now 8.9 percent. With the economy midway through the year, it"™s important to take a look at the average unemployment rate from last year to compare with the average rate so far this year. The Black youth unemployment rate is 0.1 percent lower than the 2017 average and currently averages 14.5 percent. The rate for white youth is 0.2 percent lower than last year, sitting at 7.9 percent. For Latino youth, the unemployment rate is 0.1 percent lower and averages 9.4 percent. The rate for Asian youth is 1.2 percent lower than last year and is now at 7 percent.

June youth unemployment POC

While the LFPR for young people rose by 0.3 percent and 0.2 percent for all adults, the rate for ages 25-34 rose by only 0.1 percent and is now at 82.4 percent. The rate for this group hasn"™t changed significantly through 2018 as it has hovered between 81.9 and 82.4 percent.

 

June 18 Youth LFPR

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Young Money: Unemployment Reaches Historic Low, Youth Rate Edges Up https://genprogress.org/young-money-unemployment-reaches-historic-low-youth-rate-edges/ Tue, 12 Jun 2018 20:23:17 +0000 https://genprogress.org/?p=46429 As the American economy gears into the summer months, the unemployment rate continued its downward trend, while the youth unemployment rate for 16 to 24-year-olds edged up slightly. In the month of May the overall unemployment rate fell to 3.8

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As the American economy gears into the summer months, the unemployment rate continued its downward trend, while the youth unemployment rate for 16 to 24-year-olds edged up slightly. In the month of May the overall unemployment rate fell to 3.8 percent, the lowest since 2000. While the youth unemployment rate experienced an 0.3 percent increase, the rate is still 0.1 percent lower than at this time last year, and 1.8 percent lower compared to May 2016. The unemployment rate for ages 25 to 34 mirrors the national rate at 3.8 percent. Overall, these numbers are strong, but young Americans are still struggling to get by, with paychecks increasing at a sluggish rate. Any economic gains seen in the May jobs report is with a backdrop of an Administration at odds with the needs of young people. This Administration is still working to gut the Affordable Care Act, restrict access to safe and affordable contraception, and eliminate avenues for college students to afford a college education and easily repay their student loans.

unemployment rate may 2018

When the unemployment rate is broken down into different groups, we see persistent trends. The unemployment rate for white youth ages 16 to 24 rose from 6.7 percent in April to 7.5 in May, a sharp increase but in line with the year average of 7.6 percent and lower than last year"™s average of 8.1 percent. The unemployment rate for black youth now sits at 13 percent, a slight increase from 12.7 percent last month. This rate is still lower than the 14.6 average rate for the 2016 year. The Latino youth unemployment rate experienced a one point increase and is now at 8.9 percent. This number is 0.6 percent lower than the average rate from last year. The Asian-American unemployment rate, a number that experiences heavy fluctuations due to the sample size, is now at 6.9 percent, 1.3 percent lower than the average for last year. These numbers make it clear that while the unemployment rate for young people has increased across racial groups compared to last month, the numbers are stronger than last year, but racial differences continue to persist.

unemployment rate youth of color may 2018

While the overall jobs numbers paint a good picture of the economy, the labor force participation rate paints a slightly different image. The youth labor force participation rate fell by 0.2 percent and now sits at 55.1 percent. For the 25 to 34 age bracket, that rate is now at 82.3, falling by 0.2 percent. The LFPR for all workers took a small hit and decreased by 0.1 percent, now sitting at 62.7 percent.

LFPR may 2018

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Young Money: Overall Unemployment Rate Falls Below 4%, Youth Unemployment Dips https://genprogress.org/young-money-overall-unemployment-rate-falls-4-youth-unemployment-dips/ Fri, 04 May 2018 20:03:35 +0000 https://genprogress.org/?p=46371 For the first time in nearly two decades, the unemployment rate dipped under 4 percent, with the unemployment rate for 18- to 24-year-olds falling to 8.4 percent. This major milestone marks a strong jobs report which shows 164,000 jobs being added to the economy in the month of April. These numbers, however, do not translate to strong increases in wages for workers, with the report showing a 2.6 percent year-over-year increase.

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For the first time in nearly two decades, the unemployment rate dipped under 4 percent, with the unemployment rate for 18- to 24-year-olds falling to 8.4 percent.

This major milestone marks a strong jobs report which shows 164,000 jobs being added to the economy in the month of April. These numbers, however, do not translate to strong increases in wages for workers, with the report showing a 2.6 percent year-over-year increase.

Republicans in Congress continue to campaign on their landmark tax legislation that holds a historically low approval rating. Some of the legislators that drafted and voted for the bill have backtracked on the bold claims made last year that the legislation would not be a big giveaway to corporations, but would instead result in increased wages. While the full effects of the legislation have yet to materialize, we do know that the tax legislation–like Sen. Rubio said–made corporations happy, with no evidence that their savings were passed down to American workers.

April youth unemployment rate

The youth unemployment rate for Americans 18 to 26 has dropped steadily for the last three months and now sits at 8.4 percent. When segmented by race, we see drops in every group. The white youth unemployment rate decreased from 7 percent to 6.7 percent, the black rate decreased from 13.3 percent to 12.7 percent, the Latino rate decreased from 9.3 to 7.9 percent, and the Asian rate, which is volatile due to the small sample size, decreased from 8.3 to 5.5 percent. At this point last year the black youth unemployment rate was 1.2 percent higher. This number experienced the largest decrease, while the Latino youth unemployment rate increased by 0.1 percent since April 2017. While President Trump holds rallies across the country touting the decrease in the black unemployment rate, the numbers show that young black people experience nearly double the unemployment rate than their white counterparts. When 12.7 percent of young black Americans are unemployed, celebrating a decreasing trend without acknowledging the serious inequalities is deceitful and dishonest.

April youth unemployment POC

The labor force participation rate (LFPR) measures the number of people employed out of the entire population. For the month of April, the LFPR for all workers 16 and older decreased slightly to 62.8 percent and the rate for ages 16 to 24 increased by 0.3 percent. These numbers are weak compared to pre-Recession LFPR numbers show that while the economy improves, some people are pausing their search for work. The LFPR for Americans 25 to 34 is stronger than the LFPR for Americans 16 to 24 but has remained unchanged from March, now sitting at 82.5 percent.

April 18 Youth LFPR

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Young Money: Youth Unemployment Falls, Overall Job Growth Remains Stagnant https://genprogress.org/young-money-youth-unemployment-falls-overall-job-growth-remains-stagnant/ Fri, 06 Apr 2018 18:25:46 +0000 https://genprogress.org/?p=46306 103,000 jobs were added to the economy in the month of March, well under expectations and amidst volatility in the financial markets and unachieved promises from the tax law passed by President Trump and congressional Republicans. While overall employment gains

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103,000 jobs were added to the economy in the month of March, well under expectations and amidst volatility in the financial markets and unachieved promises from the tax law passed by President Trump and congressional Republicans. While overall employment gains are slow, and the national unemployment rate remains unchanged at 4.1 percent, the youth unemployment rate for ages 16 to 24 experienced a sharp drop down to 8.5 percent. The unemployment rate for ages 25 to 34 experienced a slight drop to 4.2 percent, closely mirroring the national unemployment rate. The youth labor participation rate for ages 16 to 24 remained stagnant at 56 percent, while the rate for ages 25 to 34 increased by 0.1 percentage points to 82.5 percent.

March 18 Youth Unemployment

The unemployment rate for ages 16 to 24 fell across all races except for Asian youth where it increased heavily, rising from 3.9 to 8.3 percent. While alarming, this rate is subject to large swings because of its small sample size. In the same age bracket, the white unemployment rate saw a sharp decrease from 8.6 percent to 7 percent. The black unemployment rate experienced a decrease to 13.3 percent but continues to be troublingly high. Three months into the year the average black youth unemployment rate remains higher than the average rate for 2017. Similarly, the Latino youth unemployment rate ticked down to 9.3 percent, while the year average still remains higher than the average for the previous year. While still too early in the year to draw conclusions, these numbers are troubling and should be watched closely.
March 18 Youth Unemployment POC

The labor force participation rate (LFPR) measures the amount of people employed out of the entire population, giving us another glimpse into the strength of the economy. As the graph below shows, the LFPR experienced swings up and down throughout 2017. That does not seem to be the case in the first quarter of 2018, with the LFPR for ages 16 to 24 having risen by only 0.2 percent since the start of the year and remaining unchanged for the last two months. The LFPR rose slightly across all racial groups in the 16 to 24 age bracket, with the exception of the white LFPR which fell slightly from 56.5 to 56.2. The LFPR for ages 24 to 35 ticked up by a margin of 0.1 percentage points, now sitting at 82.5 percent. The white LFPR for this age bracket is unchanged at 83.2 percent, the black rate went down to 82.3, the Latino rate rose slightly to 80.1 percent, and the Asian rate rose to 76 percent.
March 18 Youth LFPR

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