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The Long Term Damage of Economic Downturns


Yves here. This short but important Angry Bear post focuses on the fact that many people take serious hits in economic downdrafts and never come close to recovering. One group is those just starting their careers, particularly if as happens so often now, they borrowed to pay for their degree. Our UserFriendly, who got a STEM degree, had the bad fortune to graduate in 2008. After the financial crisis, unemployment was greater among new college graduates than recent high school grads. To make matters even worse, in 2009, when the slow economic recovery was taking hold, employers tended to favor 2009 graduates over 2008 one who’d been un/underemployed or forced to take work that didn’t make use of their college training. ....

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