Unleashing the Economic Power of the 35 Percent

Gotham Gazette | by Louis Miceli

 

For many New Yorkers, the Great Recession is an increasingly distant memory. Employment in the city has surpassed pre-recession levels, bolstered by more than 312,000 jobs added between 2010 and 2013. Wall Street is enjoying a bull market stretching into its sixth year, and home values across the five boroughs have rebounded sharply. One group of New Yorkers has not shared in the recovery, however: low-skilled young adults. Indeed, their economic struggles predated the downturn, and absent drastic policy changes they will continue indefinitely.

Approximately 305,000 young adult New Yorkers – approximately 35 percent of the city’s total 18- to 24-year old population – are either out of school and not working, or employed in low-wage jobs with limited advancement opportunities. Without targeted support, the large majority of them will struggle to achieve steady employment and financial independence, and many could face homelessness, incarceration and serious health problems. At the same time, New York City employers will miss out on the energy, technological sophistication and creativity of these young adults.

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