The Year America Gets a Raise

The savings rate among Millennials is at negative 2 percent, partly due to stagnant wages coupled with increases in fixed costs. A bad labor market—lots of low-wage work available, but not enough ones with decent pay—have caused many young people to work multiple jobs. As Carl E. Van Horn, director of the John J. Heldrich Center for Workforce Development at Rutgers, told the Times: “The only cure for young people in this position is an economic recovery of robust proportions.”