How are our young people doing these days. Are they still stuck in low-paying jobs that require side hustles to make ends meet? Let's take a look.
For the entire past decade, the wages of young people have been going up, the ratio of part-time workers has been steadily decreasing, and the number with multiple jobs has been basically steady aside from the pandemic years.
Now, on the multiple jobs front, yes, it's possible that some young folks have really minuscule side hustles that don't get counted in the official statistics. But this isn't IRS data. It's survey data. The Census Bureau just calls up people and asks (among other things) if they have multiple jobs. There's no reason to think there's been any particular change in the way people respond to this question.
So: not only are young people doing fine, on average, but it appears that the whole gig economy meme was never true. Always beware of alleged trends that are based either on minimal data or no data at all.
That certainly isn't what the chart shows. Median wages declined early in 2020 and have remained more or less unchanged ever since.
Good thing the cost of housing hasn't gone up during this same time or anything ha ha right? And who doesn't love working two+ jobs?
The values are adjusted for inflation ( cost of housing and everything else).
What values? Which chart? The number of jobs people are working? What're you trying to even say?
Not really.
The temporary covid shutdown caused an odd spike in early 2020 followed by a reversion as the economy opened up....but absent that brief period, wages appear to be up pretty consistently. '21 is higher than '19, '22 is higher than '21.....'23 is only partially complete in this chart.
The main way for young people to accumulate wealth hasn't changed: Buying real estate and living in it. Currently, that's out of reach, regardless of the statistics we might cite showing improvements for young people. As a result, I have property that I moved out of to relocate for a job that I currently rent at a discount to my young relatives, in hopes that mortgate rates will go down and they will be able put aside enough money for a down payment on a house of their own. I'm not optimistic.
When was that time when the main way for people 20 to 24 to accumulate wealth was to buy real estate and live in it?
Never, I would say. A tiny sliver at best buy property in that demo. Most are living on campus, or with roomies, or with mom & dad, or renting.
ETA:
In 2022, the average age of first-time homebuyers was 36, according to the National Association of Realtors (NAR).
your graph on gas prices got a lot of attention on Reddit. Interesting responses.
https://www.reddit.com/r/inflation/s/5nRXA0JhPO
Kevin starts his graph at the beginning of the current expansion cycle (ignoring the artificial covid recession), but looking further back this age group has not made much progress. Real wages have improved only about 10% since 2000.
https://fred.stlouisfed.org/graph/?g=1e8kW
There will be another serious recession sooner or later and wage-earners will lose ground again. Wage-earners in general and the youngest fractions are not facing some kind of new crisis now, but are they doing "just fine"? Shouldn't they get more than a small fraction of GDP growth or productivity increase? Through US history - not just since WW II - wages had kept pace with GDP/capita, but this ended about 1973. Real wages declined through the 70's and 80's and while there has been some growth since then real wages have not caught up to the 1973 level (using CPI prices).
I would bet good money that loads of "smart" republicans concern troll young people (and environmentalists) feeding doom and gloom. That is their best hope to having TFG back and holding all of Congress.
I can't even read the comments or my social media any more - so many people are entirely negative about everything. In these comments, too.
"Liberals for Trump."