jeudi 2 avril 2015
Brainard: Coming of Age in the Great Recession
Posted on 13:51 by nice news
I am pleased to join you for the ninth biennial Federal Reserve System Community Development Research Conference. This conference has established itself as an important venue for sharing research and exchanging ideas on how best to support the advancement of low- and moderate-income communities.
The many economic decisions an individual makes early in his or her working life--their first job, how much and what kind of an educational investment to make, how to finance that investment, whether to strike out on their own, and whether to rent or buy a home--can have a lasting effect on their subsequent financial security and the economic foundation they provide for their children. There are times, however, when larger forces materially interrupt or impede the individual efforts of young people to build a better economic life. The Great Depression left an indelible imprint on the generation that came of age in that era, influencing their subsequent job trajectories and attitudes toward risk and investment. The question we face today is whether the Great Recession may similarly leave a lasting mark on the many Americans who came of age in its shadow.
It is important to understand the headwinds encountered by the Great Recession generation as they navigated a daunting job market, and the lessons they have taken from the crisis, particularly with respect to investments in education and housing. And it is important to identify what actions can be taken to improve economic outcomes for the Great Recession generation, as their experiences will powerfully influence not just growth today, but also the contours of opportunity faced by their children.
Employment and Participation in the Labor Force
Let's start by considering what it was like to graduate from high school or college in June 2009. The overall unemployment rate stood at 9.5 percent, and employers slashed 500,000 jobs that month, the 18th month in a row of
The many economic decisions an individual makes early in his or her working life--their first job, how much and what kind of an educational investment to make, how to finance that investment, whether to strike out on their own, and whether to rent or buy a home--can have a lasting effect on their subsequent financial security and the economic foundation they provide for their children. There are times, however, when larger forces materially interrupt or impede the individual efforts of young people to build a better economic life. The Great Depression left an indelible imprint on the generation that came of age in that era, influencing their subsequent job trajectories and attitudes toward risk and investment. The question we face today is whether the Great Recession may similarly leave a lasting mark on the many Americans who came of age in its shadow.
It is important to understand the headwinds encountered by the Great Recession generation as they navigated a daunting job market, and the lessons they have taken from the crisis, particularly with respect to investments in education and housing. And it is important to identify what actions can be taken to improve economic outcomes for the Great Recession generation, as their experiences will powerfully influence not just growth today, but also the contours of opportunity faced by their children.
Employment and Participation in the Labor Force
Let's start by considering what it was like to graduate from high school or college in June 2009. The overall unemployment rate stood at 9.5 percent, and employers slashed 500,000 jobs that month, the 18th month in a row of
Brainard: Coming of Age in the Great Recession
Categories: Brainard: Coming of Age in the Great Recession
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