Gotham Gazette | by Kevin Stump
In a time when more and more training and credentialing is necessary to enter the labor market, Governor Cuomo’s workforce development proposal included as part of his 2018 State of the State symbolizes an important recognition that our economy depends on having a skilled and qualified workforce to meet the demands of tomorrow.
The sense of urgency can be found in the realities that today’s young adults are facing in entering the labor market. Seventeen percent of, or 136,000, 18-to-24 year olds in New York City are out of school and out of work. As the economy continues to redefine itself, young adults are increasingly turning to part-time, gig-like employment opportunities to string together income. Many young adults were pushed to earn a college degree—as part of the American rite of passage—only to graduate with tens of thousands of dollars in student debt and entering a labor market with historically low-wages. Consequently, today’s young adults have significantly less income and wealth accumulation than what their parents were making when they were young adults.