Washington’s Blog | May 24 2016
More Young Adults Are Living With Their Parents Than At Any Time Since the Great Depression
More young adults in the U.S. are living with their parents than at any time since around 1940, according to a new Pew Research Center analysis of census data.
Across the European Union’s 28 member nations, nearly half (48.1%) of 18- to 34-year-olds were living with their parents in 2014 ….
Similar long-term trends have been observed elsewhere. Canada’s most recent census, in 2011, found that 42.3% of adults ages 20 to 29 lived in their parents’ homes, up from 32.1% in 1991 and 26.9% in 1981. In Australia, about 29% of 18- to 34-year-olds were living with one or both of their parents (but without a partner or child) in 2011, up from 21% in 1976. And in Japan, the share of 20- to 34-year-olds living with their parents grew from 29.5% in 1980 to 48.9% in 2012.
There are many other measurements which are the worst since the Great Depression …
For example, we noted in 2009 that more Americans will be unemployed than during the Great Depression.
We noted in 2010:
The following experts have – at some point during the last 2 years – said that the economic crisis could be worse than the Great Depression:
- Fed Chairman Ben Bernanke (and see this)
- Former Fed Chairman Alan Greenspan (and see this and this)
- Former Fed Chairman Paul Volcker
- Economics scholar and former Federal Reserve Governor Frederic Mishkin
- The head of the Bank of England Mervyn King
- Nobel prize winning economist Joseph Stiglitz
- Nobel prize winning economist Paul Krugman
- Former Goldman Sachs chairman John Whitehead
- Economics professors Barry Eichengreen and and Kevin H. O’Rourke (updated here)
- Investment advisor, risk expert and “Black Swan” author Nassim Nicholas Taleb
- Well-known PhD economist Marc Faber
- Morgan Stanley’s UK equity strategist Graham Secker
- Former chief credit officer at Fannie Mae Edward J. Pinto
- Billionaire investor George Soros
- Senior British minister Ed Balls
We explained in 2011 that many economists agree we’re in a depression … and they only argue about whether we’re facing the “Great” depression of the 1930s or the “Long” depression of the 1870s. We also noted that housing prices fell farther than during the Great Depression.