Silicon Valley is tossing millennials aside like yesterday’s laptop.
The commonly held belief is that with hard work and a good education, a young person in America can get a good job. But despite falling unemployment, college grads age 22 to 27 are stuck in low-paying jobs that don’t even require a college degree. The percentage of young people languishing in low-skill, low-paying jobs is 44%, a 20-year high.
Only 36% of college grads have jobs that pay at least $45,000, a sharp decline from the 1990s, after adjusting for inflation. Perhaps most depressingly, the percentage of young people making below $25,000 has topped 20%, worse than in 1990. In other words, those with a bachelor’s diploma were better off before the digital revolution.