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A nasty, historic recession is looming, and Americans of all ages will feel it. But young people will get whacked particularly hard.
Today, we’re focusing on two vulnerable demographics: Millennials, those 30-ish-somethings who still haven’t fully recovered from 2008, and Generation C, the young people about to enter the workforce amid, or just after, an international catastrophe.
They disproportionately hold the kinds of jobs that are being gutted: One astonishing new report found that 52 percent of people under 45 have lost a job, been put on leave, or had their hours reduced because of the outbreak.
And don’t forget: This is their second once-in-a-lifetime downturn. Millennials already make less money and have smaller savings than prior generations. As my colleague Annie Lowrey put it: “Hello, lost generation.”
The C stands for the coronavirus. It’s what we’re calling the generation that’ll be shaped by this pandemic (including newborns, kids, college students, and the people currently holding down their first job). They may end up aging into a historically bad recession.