Here are 3 reasons why millennials are being hit especially hard economically by the coronavirus

The reason why the crisis has been even more difficult for millennials comes down to three issues, according to St. Louis Fed policy analyst Ana H. Kent: lasting fallout from the financial crisis, small financial cushions to absorb this type of emergency, and disproportionate job reductions compared to other demographics. The nonfarm payrolls report for April indicated that of the 20.5 million jobs lost during the month, 7.

"Young adult Americans are facing very serious economic upheaval," Kent wrote in a research paper. "Millennials' financial fragility hurts not only these individuals, their families and others who rely on them but also the economy as a whole." Despite a personal savings rate that mostly stayed above pre-crisis levels throughout the 11-year recovery, many American families found themselves in precarious financial standing at the start of the coroanvirus shutdown. For millennials, it was even worse.

Recent surveys have shown that 1 in 4 millennial families have debts that outweigh their assets, a condition known as negative net worth. One in six say they wouldn't be able to raise enough cash"For those experiencing job loss, these emergencies can prove catastrophic without sufficient financial cushion," Kent wrote..

Looking at job losses as a percentage of the workforce, Hispanics, women and those without a college degree suffered the most, especially in the initial March layoffs. The situation breaks down similarly for those who say they can't handle a short-term emergency, with 32% of black millennials and 20% of Hispanic millenials in that situation."The good news, though, is that while not as young as they were during the Great Recession, millennials still have time to recover," she said.

abdel_labib

Yea Moscow Mitch let’s screw all the people on unemployment

I hope they will show up in mass to vote in November.

Thanks to trump

They're doing better than the 'Greatest Generation' and the Korean War generation, that's for sure.

Because they vote Democrat. They vote for failure.

You introduce your guests as “ billionaire Tilman Fertita”. I have no idea who he is but why “billionaire”. Does that make him more worthwhile or wise or decent?

It's hard to save much money when they're saddled with 10 years of student loan debt.

Millennial are being hit especially hard by GOVERNMENT ACTION. They are not being hit hard by the virus. The majority of them will still vote Democrat because they are so woke.

Cuz they deserve it for being so dumb

A FEW OLD PEOPLE DIE OF COVID 19.! MILLIONS AND MILLIONS AND MILLIONS OF US WILL SURELY DIE OF POVERTY!!!!

1. Democrats 2. Democrats 3. Democrats

4. Greedy boomers gathering assets instead of relinquishing control.

California legislators announced it will pay illegal immigrants a stimulus, while also planning to layoff firefighters and police due to low state funds. Democrats once protected public safety unions. This party has drastically changed and it’s up to millennials to fix it!

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Coronavirus cases in the nation's capital reveal a tale of two citiesIn Washington, D.C., African Americans make up 46% of population but nearly 80% of COVID-19 deaths. “So many people that have been affected by infection and death are doing essential work,” Mayor Muriel Bowser says, and it’s “largely African Americans.” FakeNewsMedia What’s the point? WHENEVER THE DEMOCRATS DONT CONTROL POWER, ITS TIME FOR THE RACIAL DIVIDE, ALWAYS, EVERY GOP PRESIDENT HAS HAD TO DEAL WITH THE DEMOCRATS SCREAMING RACIST, WHEN THEY ARE IN OFFICE RACISM IS OVER !!!! CROOKED ASS DEMS !!!!!!!!
Source: ABC - 🏆 471. / 51 Read more »

Coronavirus outbreaks hits Farmer John, 8 other plants in VernonCoronavirus outbreaks hits Farmer John and other food processing plants in Vernon. What is it with these meat plants? The type person working here has little hygiene and doesn’t adhere to social distancing or something else? Yuck. Sit back and spend a pandemic with us...
Source: latimes - 🏆 11. / 82 Read more »

Uzbekistan may hand over state airline to foreign firmUzbekistan is considering letting a reputable foreign company manage Uzbekistan Airways, its flagship carrier which has been hit hard by the coronavirus lockdown, President Shavkat Mirziyoyev's office said on Monday. What foreign company Ananida Ver Babanda Yabanci Olsun Uzbekistan BilalEksiTHY TK_TR why not?
Source: Reuters - 🏆 2. / 97 Read more »

Easing Europe confident of avoiding coronavirus lockdown sequelArmed with mass testing and tracing capabilities, a growing number of European countries are expressing confidence that they can avoid a return to economically-devastating coronavirus lockdowns. Good, let’s hope that this disproportionate treachery and economic destruction. Isn’t allowed to happen again. Not gonna lie, the way Twitter cut the bottom inch of the photo had me thinking this dude was showing off his backyard dollhouses. my God that man is enormous!!
Source: Reuters - 🏆 2. / 97 Read more »

The Trendy TikTok Food Guide: Dalgona Coffee, Pancake Cereal and MoreTikTok has become a source of emerging food trends such as Dalgona coffee and pancake cereal, especially amid the coronavirus pandemic — see photos of these popular foods
Source: usweekly - 🏆 390. / 55 Read more »

Just as Covid-19 cases keep rising in 18 states, holiday revelers crammed together without masks▪︎ The number of new coronavirus cases keeps rising in 18 states — including Georgia, Arkansas, California and Alabama. ▪︎ In 22 states, the numbers appear to be holding steady. ▪︎ Only 10 states are seeing declines in the numbers of new cases. I love how no one is ever happy with reports. Lol always something to cry about with some people. Of course its going up you morons, were testing more than we wver have. The only number you should be concerned with js infected vs. death. As the testing goes up, the positives will increase and the mortality rate will drop. The numbers of cases that don't want to hear your BS is on the rise. States are opening back up and hospitalization will not rise. And that scares the living shit out of you guys. Because then there is no way to keep the scare tactic going.
Source: CNN - 🏆 4. / 95 Read more »