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Recession Impacting the Younger Generation?

EconWatch (April 30, 2020)

It’s no secret that COVID-10 has had and will continue to have astronomical economic consequences. But the demographic that is projected to take the hardest hit are actually the young people. Many are unemployed, in education, or in training, and to say the job market right now is deplorable right now would be an understatement.

An Axios-Harris survey conducted through March 30 showed that 31% of respondents ages 18 to 34 had either been laid off or put on temporary leave because of the outbreak, compared with 22% of those 35 to 49 and 15% of those 50 to 64.

The effects of the recession on young people extend past their finances and into their health and wellbeing as well. A recent study of the recession of the early 1980s shows that people who entered the labor market at the time later suffered increased mortality, starting in their late 30s, due to causes that included lung cancer, liver disease and drug abuse.

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