Born in 1988? Sorry.
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Being born 20 years before an economic boom means you're more likely to have higher wages for years. Based on a Bloomberg View article by Peter Orszag.
Born in 1988? Sorry.
- 1. BORN IN 1988? SORRY. By Peter Orszag SORRY. 1988? BORN IN Based on a Peter Orszag Article on BloombergView
- 2. IT¡¯S BAD LUCK TO BE BORN 20YEARS BEFORE ATIME OF HIGH UNEMPLOYMENT
- 3. IT¡¯S BAD LUCK TO BE BORN 20YEARS BEFORE ATIME OF HIGH UNEMPLOYMENT IT CAN¡ affect your income as you enter the workforce (naturally)
- 4. IT¡¯S BAD LUCK TO BE BORN 20YEARS BEFORE ATIME OF HIGH UNEMPLOYMENT IT CAN¡ affect your income as you enter the workforce (naturally) keep earnings relatively low
- 5. IT CAN¡ affect your income as you enter the workforce (naturally) keep earnings relatively low chip away at health & happiness ¡for a lifetime IT¡¯S BAD LUCK TO BE BORN 20YEARS BEFORE ATIME OF HIGH UNEMPLOYMENT
- 6. WHENYOU ENTER THE WORKFORCE A 1% RISE INTHE UNEMPLOYMENT RATE¡ ¡REDUCESYOUR WAGES BY 6% - 7%
- 7. ANDTHE REDUCTION PERSISTS (THOUGH IT DIMINISHES SOMEWHAT OVERTIME) A 1% RISE INTHE UNEMPLOYMENT RATE AT GRADUATION¡ ¡REDUCESYOUR WAGES BY 2.5% 15 YEARS LATER
- 8. THIS CAN MAKE A BIG DIFFERENCE FOR MEMBERS OFTHE SAME GENERATION BORN JUST A FEW YEARS APART
- 9. THIS CAN MAKE A BIG DIFFERENCE FOR MEMBERS OFTHE SAME GENERATION BORN JUST A FEW YEARS APART Consider a person born in 1988 !
- 10. THIS CAN MAKE A BIG DIFFERENCE FOR MEMBERS OFTHE SAME GENERATION BORN JUST A FEW YEARS APART Consider a person born in 1988 who graduated in 2010 when there was 9.6% unemployment¡
- 11. THIS CAN MAKE A BIG DIFFERENCE FOR MEMBERS OFTHE SAME GENERATION BORN JUST A FEW YEARS APART Consider a person born in 1988 who graduated in 2010 when there was 9.6% unemployment¡ ¡with someone born in 1984 !
- 12. THIS CAN MAKE A BIG DIFFERENCE FOR MEMBERS OFTHE SAME GENERATION BORN JUST A FEW YEARS APART Consider a person born in 1988 who graduated in 2010 when there was 9.6% unemployment¡ ¡with someone born in 1984 who graduated in 2006 when there was 4.5% unemployment
- 13. THIS CAN MAKE A BIG DIFFERENCE FOR MEMBERS OFTHE SAME GENERATION BORN JUST A FEW YEARS APART The person born in 1988 is unlucky with 30% - 35% lower wage at graduation
- 14. THIS CAN MAKE A BIG DIFFERENCE FOR MEMBERS OFTHE SAME GENERATION BORN JUST A FEW YEARS APART The person born in 1988 is unlucky with 30% - 35% lower wage at graduation After 15 years the person born in 1984 is expected to earn roughly 13% more
- 15. Similarly, the class of 1982 (a peak unemployment year) earned $100k less over 20 years THIS CAN MAKE A BIG DIFFERENCE FOR MEMBERS OFTHE SAME GENERATION BORN JUST A FEW YEARS APART
- 16. THIS CAN MAKE A BIG DIFFERENCE FOR MEMBERS OFTHE SAME GENERATION BORN JUST A FEW YEARS APART Similarly, the class of 1982 (a peak unemployment year) earned $100k less over 20 years ¡than did similar students in the class of 1988, (a peak employment year)
- 17. SINCETHE BUSINESS CYCLE WILL NEVER BE ELIMINATED WHAT CAN YOU DO TO PROTECTYOURSELVES ANDYOUR CHILDREN?
- 18. SINCETHE BUSINESS CYCLE WILL NEVER BE ELIMINATED WHAT CAN YOU DO TO PROTECTYOURSELVES ANDYOUR CHILDREN? BE LUCKY: Be born 20 years before an economic boom (rather than a bust)
- 19. SINCETHE BUSINESS CYCLE WILL NEVER BE ELIMINATED WHAT CAN YOU DO TO PROTECTYOURSELVES ANDYOUR CHILDREN? BE LUCKY: Be born 20 years before an economic boom (rather than a bust)
- 20. SINCETHE BUSINESS CYCLE WILL NEVER BE ELIMINATED WHAT CAN YOU DO TO PROTECTYOURSELVES ANDYOUR CHILDREN? PURSUE EDUCATION: It tends to protects you from the lasting effects of elevated unemployment
- 21. SORRY. Based on a Peter Orszag Article on BloombergView 1988? BORN IN