Millennials renters not home owners for good reasons, High unemployment, Lower wages, Dropping out of labor force, Living with family, High student debt, White American jobs decimated by Obama economy

Millennials renters not home owners for good reasons, High unemployment, Lower wages, Dropping out of labor force, Living with family, High student debt, White American jobs decimated by Obama economy

“In today’s labor market, there are nearly 1 million “missing” young workers—potential workers who are neither employed nor actively seeking work (and are thus not counted in the unemployment rate) because job opportunities remain so scarce. If these missing workers were in the labor market looking for work, the unemployment rate of workers under age 25 would be 18.1 percent instead of 14.5 percent.”…Economic Policy Institute May 1, 2014

“For now, the absence of young adults from the housing market continues to put a dent in the homeownership rate, which dropped to 64.8% in the first quarter, compared with 65.2% in the fourth quarter of 2013, according to U.S. Census statistics. The rate was as high as 69.2% in the fourth quarter of 2004. For those younger than 35, the rate has fallen noticeably faster. It slipped to 36.2% in the first quarter, from 36.8% in the fourth. The homeownership rate for this group was as high as 43.6% in the second quarter of 2004.”…Market Watch May 12, 2014

“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells

 

 

Janet Yellen was mystified by millennials’ behaviour.

Apparently so is the media.

From Market Watch May 28, 2015.

“Why ‘Generation Rent’ is reluctant to buy houses”

“The fact that “Generation Rent” — 25- to 34-year-olds in the U.S. — isn’t getting off the fence when it comes to buying homes has been well documented. Even with near record-low interest rates, just 38% of this cohort — also known as millennials — owned homes in 2012, according to CoreLogic, compared with nearly 52% of the same age group in 1980, when mortgage rates were in the double digits.”

“Carrington Mortgage Services, a Santa Ana, Calif.-based mortgage lender and servicer, surveyed millennials about home ownership and then did something unique: it sorted the responses by category, and then broke them out by region in the United States.

What they discovered should make real estate agents and loan officers pay attention, because what’s keeping millennials from buying a home in one part of the country isn’t true in another.”

““Student loan debt is universal,” he said. “What does vary is how significant that becomes to the overall equation.””

Read more:

http://www.marketwatch.com/story/millennials-in-texas-and-in-california-reject-home-ownership-for-vastly-different-reasons-2015-05-28

How about these reasons:

From Citizen Wells March 1, 2015.

“At least 9 million native born Americans being added to the labor force and immigrants taking native born American jobs.

There was an increase of over 12 million not in the labor force since Obama took office.

The youngest members of the workforce, 16 and above will be hit the hardest by immigrant workers.

And all of those jobs that Obama bragged about and Janet Yellen and others referred to….

Of the approx. 6 million new employments since Obama took office in January 2009, 4,511,000 were Hispanic/Latino!

We have barely, if at all,  recovered all of the jobs lost during the recession and 75% of the job growth went to Hispanic/Latinos!!””

https://citizenwells.com/2015/03/01/hispanics-already-getting-75-percent-of-jobs-and-obama-giving-them-more-history-trumps-ihs-projections-white-population-millennials-getting-decimated-citizen-wells-reveals-year-by-year-of-obama-ame/

From Citizen Wells February 25, 2015.

“Janet Yellen: Millennials are a mystery”

“Millennials are a bit of a mystery to Janet Yellen.

The head of the U.S. Federal Reserve said Tuesday that the behavior of millennials — which typically refers to a generation of people born in the 80s and 90s — has top economists scratching their heads.

“I think we’re just beginning to understand how the millennials are behaving,” Yellen said before the Senate Banking Committee. “They’re certainly waiting longer to buy houses; to get married. They have a lot of student debt. They seem quite worried about housing as an investment. They’ve had a tough time in the job market.”

As the economy continues to gain strength, Yellen said she expects more millennials to buy homes and start families. “But,” she quipped, “we’ve yet to really see how this is going to affect that generation.””

“Census Bureau: 30.3% Millennials Still Living With Their Parents”

“From the Economic Policy Institute May 1, 2014.

“This paper’s title, The Class of 2014, is admittedly something of a misnomer, as we do not yet know the labor market outcomes of these soon-to-be graduates. However, the outcomes of recent high school and college graduates provide a good sense of the labor market conditions the young men and women graduating this spring will face. This briefing paper examines the labor market that confronts young graduates who are not enrolled in further schooling—specifically, high school graduates age 17–20 and college graduates age 21–24. We look at young graduates who are not enrolled in further schooling in an attempt to focus as closely as possible on the labor market outcomes of those who are starting their careers. ”

“Key findings include:”

  • “In today’s labor market, there are nearly 1 million “missing” young workers—potential workers who are neither employed nor actively seeking work (and are thus not counted in the unemployment rate) because job opportunities remain so scarce. If these missing workers were in the labor market looking for work, the unemployment rate of workers under age 25 would be 18.1 percent instead of 14.5 percent.
  • Unemployment and underemployment rates among young graduates are improving but remain substantially higher than before the recession began.
    • For young college graduates, the unemployment rate is currently 8.5 percent (compared with 5.5 percent in 2007), and the underemployment rate is 16.8 percent (compared with 9.6 percent in 2007).
    • For young high school graduates, the unemployment rate is 22.9 percent (compared with 15.9 percent in 2007), and the underemployment rate is 41.5 percent (compared with 26.8 percent in 2007).
  • Overall unemployment rates of young graduates mask substantial disparities in unemployment by race and ethnicity. The unemployment rates of blacks and Hispanics are substantially higher than the unemployment rates of white non-Hispanics, for both young high school graduates and young college graduates.
  • The large increases since 2007 in the unemployment and underemployment rates of young college graduates, and in the share of employed young college graduates working in jobs that do not require a college degree, underscore that the current unemployment crisis among young workers did not arise because today’s young adults lack the right education or skills. Rather, it stems from weak demand for goods and services, which makes it unnecessary for employers to significantly ramp up hiring.
  • The long-run wage trends for young graduates are bleak, with wages substantially lower today than in 2000. Since 2000, the real (inflation-adjusted) wages of young high school graduates have dropped 10.8 percent, and those of young college graduates have dropped 7.7 percent.
  • The erosion of job quality for young graduates is also evident in their declining likelihood of receiving employer-provided health insurance or pensions.
  • Graduating in a bad economy has long-lasting economic consequences. For the next 10 to 15 years, those in the Class of 2014 will likely earn less than if they had graduated when job opportunities were plentiful.”

Read more:

http://www.epi.org/publication/class-of-2014/

 From Market Watch February 18, 2015.

“HIGH STUDENT DEBT EQUALS FEWER HOME BUYERS”

“Going to college usually leads to better jobs and better pay, but it’s also left many people dangerously in debt and unable to buy a house years after they leave school.

A pair of reports in the past two days illustrate the point. The percentage of student loans at least 90 days overdue rose to 11.3% from 11.1% in the final three months of 2014, the New York Federal Reserve said Tuesday.

While delinquencies have fallen from a record 11.8% in 2013, they are still almost twice as high as they were 10 years earlier.

Then on Wednesday the government reported that construction of new homes fell slightly to a 1.06 million annual pace in January. While sales have been rising gradually, they still aren’t increasing nearly as fast as expected almost six years into an recovery. And the percentage of buyers purchasing their first home is still unusually low.

In a fully functioning economy, housing starts should be running around 1.4 million to 1.8 million a year, analysts estimate.

Clearly the weight of student loans is too heavy for many young people to buy a single-family home. Many can’t qualify for a loan in an era of tougher lending standards or afford the monthly cost of a mortgage.””

https://citizenwells.com/2015/02/25/janet-yellen-millenials-a-mystery-citizen-wells-schools-yellen-student-debt-and-jobs-influx-of-illegals-impacting-job-market-75-percent-of-obama-jobs-went-to-hispanics-latinos-high-unemployment-r/

How about these charts?

ParticipatioRate25DegreeFredgraph10year

StudentLoansFredgraph

 

 

 

 

 

 

 

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17 responses to “Millennials renters not home owners for good reasons, High unemployment, Lower wages, Dropping out of labor force, Living with family, High student debt, White American jobs decimated by Obama economy

  1. citizenwells

    “Still, the U.S. labor market still hasn’t recovered all its prerecession vigor. Some 17 million Americans who want full-time jobs can’t find one, an unusually high number so long after a recession. And the percentage of able-bodied Americans 16 or older in the workforce is at the lowest level since the late 1970s.”

    http://www.marketwatch.com/story/layoffs-are-rare-jobless-claims-data-suggest-2015-05-28

  2. citizenwells

    “This Is What Happens When A Millennial Tries To Get A Job”

    ““If you look at the numbers starting in 2009, we’ve been in the longest sustained period of unemployment since the Bureau of Labor Statistics began collecting their data following World War II. This misconception that we don’t want jobs or that we’re lazy and entitled is nonsense,” a spokesman added, in a statement to Newsweek.

    According to the OECD, one of the reasons recent graduates have so much trouble finding jobs is that their degrees aren’t preparing them for life in the workplace with 10% of new graduates displaying poor literacy skills and 14% exhibiting subpar numeracy skills.

    But it’s not just the skills gap. College degrees (even graduate degrees) have become so commonplace (thanks in part to the proliferation of student loans) that they are no longer sufficient in and of themselves to guarantee their holders will find good jobs. One 25-year old who lives in the nation’s capital told Newsweek that even with her master’s degree, she has found waitressing is the better option in today’s job market:

    Millennials face higher university tuitions and student loan debt than ever before, as well as stiffer competition when they enter the workforce. A 25-year-old who recently earned a master’s and is living with a friend in Washington, D.C., tells Newsweek she is waitressing while looking for a job better suited to her qualifications.“It’s hard,” she says. “They don’t want to pay you extra for your master’s. There are enough people with master’s degrees that they can require them.””

    http://www.zerohedge.com/news/2015-05-28/what-happens-when-millennial-tries-get-job

  3. citizenwells

    “Welcome To The Recovery 2015: JP Morgan To Fire 5000”

    http://www.zerohedge.com/news/2015-05-28/welcome-recovery-2015-jp-morgan-fire-5000

  4. bob strauss

    CW,
    It’s all by design, stifle America’s economy, overwhelm it with debt, rob the treasury, weaken America’s military, reduce America’s footprint on the world, destroy Christianity, and white influence, and run the country into the ground so it resembles Detroit.

    I think it’s time for a reality check!

  5. bob strauss

  6. bob strauss

    Destroy Capitalism, Save the Climate?
    Robert Ellison
    It’s what the climate modelers would have us think. But there’s a little more to it than that. More

    http://www.americanthinker.com/articles/2015/05/destroy_capitalism_save_the_climate.html

  7. oldsailor82

    Bob Strauss………
    ……..does any of the erratic notions,and ideas of Soetoro tell you anything about the magnitude of the PERNICIOUS INSANITY now prevailing at the WHACKEY HOUSE. Sadly only a few of us are able to see through it all. Most Americans either DON’T GIVE A DAMN,or are so DUMBED DOWN it is doubtful that they can even SEE THEIR OWN SHOELACES………that is if they even own a pair of shoes.

  8. oldsailor82

    Bob Strauss……..
    ………..in many municipalities,and states WATER RETENTION PONDS are a part of the agreement that is forced upon business landowners. So now they will without a doubt be forced to pay a federal tax for complying with a STATE mandate……….and the STORM WATER RETENTION POND WILL BE SEEN AS A WATERWAY DAM…….and will probably be regulated by the Army Corps of Engineers……….FOR A FEE,and/or HEAVY FINES. Al Capone was a kindergartener compared to the BASTARDS who are now holding America HOSTAGE……….BUT NOBODY HAS the GONADS to do anything….. so to them I say “ENJOY YOUR HARVEST, YOU REAP WHAT YOU SOW.

  9. oldsailor82

    AND NOW……..
    ……our rivers,lakes,and streams will probably be allowed to return to their natural state, clogged with fallen trees, and filled with debris. Without any maintenance America’s waterways will GO TO HELL IN A HANDBASKET! It is only a matter of time until dams are looked upon as a man made restriction to a free flowing waterway,and will end up being ordered DESTROYED so that the affected stream,or waterway can return to it’s natural state. There will go many killowatts of power generation. But the TWISTED MENTALITIES which now occupy positions of power in the fed will not ever come to their senses. The ENTIRE Federal Government is affected by their now PERNICIOUS INSANITY, COMPOUNDED BY GREED. The sooner people shut it down, the sooner the BULLSHI# WILL CEASE.

  10. oldsailor82

    G’NITE ALL……………Have a great day tomorrow!

  11. Bikers plan protest rally at Arizona terrorist Mosque Friday 29 May 15. Wonder what our Muslim pResident is going to do? Think this will make the news? Probably Not!

    http://www.thegatewaypundit.com/2015/05/bikers-plan-armed-anti-islamist-protest-outside-terrorist-mosque-in-az/

  12. oldsailor82

    hapnHal………
    ………on the contrary I believe that the Muhammed cartoon display will get maximum exposure by the MEDIA. BUT their coverage will display their HATE of Geller and verbally rebuke her,with EVERY WORD they utter,and it will go on forever if the media has their way. She will be literally VERBALLY TORN TO SHREDS by every invective,and every expletive they can shout. If the bikers show up the likelihood of a confrontation is compounded by a huge factor. Geller has the Constitutional Right to do and say whatever she pleases, and if the GOAT COPULATORS don’t like it let them RETURN TO THEIR own country of origin, and live their INSANE 4th century life style. I personally stand with her,and even CHEER HER ON. GO GET EM PAM, SIC EM. if I WAS 20 YEARS YOUNGER …..I would be nearby and WELL ARMED. If the GOATLOVERS try anything against her I pray that the BIKERS will respond appropriately.

  13. oldsailor82

    hapnHal……….
    ……….Pam Geller lives in America, and her group are doing this to show the TRUE COLORS of ISLAM. She does not have to bow or kowtow to some ISLAMIC A$$HOLES from the middle east..She and ALL Americans have a Constitutional right to DISLIKE, DRAW PICTURES OF, CURSE AT,AND USE ANY FORM OF LANGUAGE AGAINST,THE TWISTED INSANITY OF THE GOAT COPULATORS………..ESPECIALLY IN AMERICA! WE DO NOT HAVE SHARIA LAW,AND THE LIKLIHOOD OF THAT HAPPENING IS SLIM TO NONE………AT LEAST AS LONG AS THE CONSTITUTION REMAINS THE LAW OF OUR LAND. ONCE AGAIN……….SIC EM PAM!

  14. oldsailor82

    Have a great day all…..bye bye

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