Unfortunately the Young Adults out there from age 18-30 will be looked upon as the Forgotten Generation! Now your probably sitting there saying what is this "Guy" talking about, another "Crazy Guy" "He must be kidding Right?" Well unfortunately I am not. The Next 5-10 years will really draw the fine line between why I feel this Generation will want to be called the Forgotten. Unfortunately for many of us, we were still in Middle School, Some in High school, Some just starting college when all this mess was beginning to unfold. The Backlash to it all this is the fact that the Young ones will have to feel the biggest hardship from the falling Economy, of America, and other Nations.
As time goes on More, and More Americans who have Spent Thousands on college will not reap the benefits, unable to find work, and the ones who do will have to suck it up and take minimum wage paying jobs, making only enough to afford there Loan Payments. As Food, Living Costs continue to climb many Young Americans will be forced to living at home with Parents. Many Young Americans will start to see how the lives they had once had may begin to worsen. Rather being satisfied with what they have, some will become depressed and disappointed in the fact that there whole belief of someday starting there own company or making it to where there parents did will be taken from them on Huge Taxes on the Self Employed and less opportunity/credit availability, and the competition of actually making a dollar in this world when having to compete with big time corporations like WMT, MCD
Entrepreneurship will be hard to come by, and unless you know someone who can front you cash, getting it from a bank just will not happen regardless if you can show two years of profit, they still will not care. Sadly in time we will begin to see the Dollar continue to fall, Credit Rates increase, and in the end just going out to dinner once a month, or taking your girlfriend to a movie will seem ultimately impossible as the burden of money, and wealth become tighter and tighter for each family. Marrages will decline, many waiting till 40's and beyond to tie the knot, as so many broken familes will see what divorce, does especially the ones who witnessed it first hand, and see how many people walk away with allimony, and how much it can cost you.
As the Health Care Crisis continues to unfold, many will be forced to be on Medicaid, or Adults with Low Incomes (LIA). With this happening incomes will be hit even further, with Caps on Income (Avg Single in Connecticut USA is a staggering $562.96 and $760.12 for a married couple (set at 68% of poverty level) Other states I am sure the limits are even less, and we all know you cannot find a place to live on a monthly income of that even with the $150.00 Extra they may not count. Oh did I forget to mention No Assets allowed, better stick to a bicycle there is no way your going to have a car with there being an Asset Cap of which does not allow any Net Assets. This will then again fall back onto parents, where now it seems as though every parent who has a child now is Legally Responsible on Asset Verifications until there child is of 26 years of age. It is sad to be 23, and see how much has changed in my short life. I just hope the Young can have a positive outlook on all this and remain happy and productive even when the storm worsens. As are Parents get older many are unable to afford retirement let alone even think about it.
The once believed Social Security Benefits will be erased, or slashed in half. Immigration will soon become less and less, as they all hear word of the change in the economy. (Many Americans will leave, and Immigrate to other countries for work.) This then in return actually worsens the Slowdown, as much as it may annoy many, the percentage of GDP that Immigrants, and the ones leaving will carry is probably higher than we could even fathom. (With Americans Leaving, this will also burden the GDP in America, as money will be made, and spent elsewhere.) The ones who leave may have a better chance for success but it will still be extremely difficult. Even as many try to cut ties with there credit cards it will be hard, as many families will need to put food on there tables, gas in there cars and there cards being the only way.
As the Home Mortgage Crisis begins to unfold many will resort to trying to sell out just to get the little bit of Equity they have left in it. Unfortunately many will be unable to sell, many forced into Foreclosure. Many families will begin to rent out half there homes to others for rent income just to generate enough cash to continue paying the mortgage. This in return will cause more detrimental sadness as many families will feel as though they have now been stripped of everything.
However Regardless if this happens or not do not forget to Stay Positive, and Do not Give up, Keep your Dreams alive. We may not all make it to where we want to be but just know unless we do something about it we will be "The Forgotten Generation" , and I know that is not how I am going out.