the millenial generation: labor market and young adult
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The Millenial Generation: Labor Market and Young Adult. TTA. Changes over past 35 years. labor -saving technological changes two-thirds of the increased earnings inequality to technological innovation that favored skilled over unskilled workers. increased globalization - PowerPoint PPT PresentationTRANSCRIPT
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The Millenial Generation:Labor Market and Young AdultTTA
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Changes over past 35 years labor-saving technological changes
two-thirds of the increased earnings inequality to technological innovation that favored skilled over unskilled workers.
increased globalization declining unionization failure of the minimum wage to keep up
with inflation
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GROUPS MILLENIAL (AFTER 1980)
18-33 YRS, 57% NON-HISPANIC WHITE
GENERATION X 34-49,61% NON-HISPANIC WHITE
BABY BOOM 50-68, 72% NON-HISPANIC WHITE
SILENT 69-86, 79% NON-HISPANIC WHITE
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MARRIAGE
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FACEBOOK FRIENDS
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TRUSTING OF OTHERS
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LIVE LIFE THEY WANT?
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VIEWS THEMSLEVES
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DIFFERENT VIEWS
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ENVIRONMENTALIST
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PARTY DIFFERENCE?
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BELIEVE IN GOD?
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Post WWII Labor Market “Golden Age”-steady economic growth, rising real wage rates, and improved living standards Ended by mid-1970 inequality in earnings and family incomes
grew some government safety net programs
eroded.
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Mid 1970’s labor changes computerization and other forms of labor-
saving technology declines in the inflation-adjusted
minimum wage declining shares of workers covered by
union contracts Increased globalization Especially hard on men with no more than
high school degree.
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Most benefits to educated
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Worst is yet to come.. The severe recession that started in
December 2007 and Large declines in the value of homes
and the net worth of famiies parents’ declining net worth will require
many to rely more on their own earnings and less on parental support.
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Two major trends in past 30 years declining economic status of those with at most a high school degree relative to those with a college degree or more
increasing economic status of women relative to men.
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25-34 year olds-earnings by race and gender
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Earnings by education
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Earning less than $9 an hour
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Employment rate of High School Grads
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One reason for inequality dramatic rise in incarceration rates for
black men over the past three decades negative effect of a criminal record on
an employer’s willingness to hire. accounts for an employment decline
among black men of from 4 to 9 percentage points.
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William Julius Wilson… young black males’ lower educational
attainment (a “skills mismatch”), their residential concentration in the inner
city during an era when jobs were moving to the suburbs (a “spatial mismatch”),
Persisting employer racial discrimination, often reflected in how firms advertise for and recruit entry-level workers.
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Increased Churning Movements from employment to
unemployment (involuntary job changes)
movements from one job to another (voluntary job changes), especially among younger workers.
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Results of churning shorter job tenure and job instability for young workers reduce wage growth employment opportunities in later adulthood Postpone childbearing can reduce the likelihood of independent
living makes purchasing a home or having a
child a riskier decision Churning more common among males and y
oung people
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Gender and Educational Attainment Women’s gains attributable in part to
their increased access to jobs, particularly managerial and professional positions
Increased educational attainment Went from being 7% less likely to grad in
1970’s to 7% more likely now
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Quiet Revolution In 1970’s women were secondary earners who worked if their families needed extra money Now employment defines their
“fundamental identity and societal worth.”
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Changes higher divorce rates easier access to
contraception have shortened the portion of their adulthood that women spend as wives
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Changes Wage gap between high school and
college graduates in their first seven years after entering the labor force has substantially widened.
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Why Haven’t the Growing Returns to College Led More Men to Complete College?
Rising tuition costs and reductions in grants
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---------- Forwarded message ---------- From: President's Office <[email protected]> Date: Fri, Mar 16, 2012 at 4:12 PM Subject: Amherst's Comprehensive Fee for 2012-2013 To: [email protected]
Dear Amherst Students and Families, I write to inform you that the Board of Trustees has established $55,510 as
Amherst College’s comprehensive fee for 2012-2013. This figure represents a four percent increase over the current comprehensive fee.
The current annual cost of providing an Amherst education for each student is about $81,000, which means that the College must provide a substantial subsidy even to those students who do not receive financial aid. For its revenue, Amherst relies on: income from the endowment; annual giving by alumni, parents, and friends; and the comprehensive fee.
An Amherst education is expensive and requires significant sacrifice. It is hard to imagine a better investment for our students, and for the world that will benefit from their talents, contributions on many fronts, and their leadership in the years to come.
Yours, Biddy MartinPresident
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And yet a $1,000 increase in college costs leads
to about a 5 % decline in college enrollment.
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Why women are delaying marriage higher educational attainment and
declining gender discrimination in the labor market
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Living arrangements 1960-present the share living with parents has grown 3
percentage points (from 15.1 to 18.2 percent),
The share living without a parent or spouse grew 26.3 points (from 13.6 to 39.6 percent).
The decline in the share of men who were married (from 71.3 to 42.3 percent) resulted in a greater share cohabiting, living with roommates, or living on their own.
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Policies to improve Increase federal minimum wage
falling real value of the minimum wage set the minimum wage at 45 percent of
the median wage of production workers The Earned Income Tax Credit (EITC) Reduce labor market discriminiation Support Unions
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Policies Expanding Employment for Less-
Educated Workers . A transitional jobs-of-last-resort
program could reduce their employment instability
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Policies Investing over the Life Course to IncreaseSkills for Future Young Adults promote lifelong participation in educational programs
More effective early childhood and K–12 educational policies would result in fewer high school dropouts and more college graduates in the next generation.
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policies raise high school graduation rates and skills a
ensure that more earn community college degrees and certificates and four-year college degrees