Well, some people want the US to be more like Europe. So congrats. In Italy for instance it’s perfectly natural for 30 year old Giuseppe to live off of his parents. That’s the expectation in many cases and it is a reflection not only of a culture but of a poorer society and a less dynamic middle class.
That our president has promoted the below kind of post adolescent adolescence isn’t helpful either.
(From Pew Research)
In addition, trends in both employment status and wages have likely contributed to the growing share of young adults who are living in the home of their parent(s), and this is especially true of young men. Employed young men are much less likely to live at home than young men without a job, and employment among young men has fallen significantly in recent decades. The share of young men with jobs peaked around 1960 at 84%. In 2014, only 71% of 18- to 34-year-old men were employed. Similarly with earnings, young men’s wages (after adjusting for inflation) have been on a downward trajectory since 1970 and fell significantly from 2000 to 2010. As wages have fallen, the share of young men living in the home of their parent(s) has risen.
What we see here though is not (just) the export of jobs and the other “reasons” given by official pundits. Primarily, the driver of our societal decline is the decline in the value of our money, it’s detachment from reality when it was detached completely from gold in 1971, and the ensuing financialization of the economy under the current fiat regime. Throw in a destigmatized welfare state and presto – stagnation and worse.
Fix our money. Institute sound and honest money. This is the first step toward getting our act together and getting Junior out of the basement.