The Great Recession that hit the United States from 2007 to 2010 was something we, as members of Generation Y, lived through, but it didn’t hurt our pockets the way it hit Gen X.
Dubbed “The Gen X Recession,” the average Gen X-er saw his or her net worth depleted to half of what it was.
This doesn’t mean Millenials aren’t hurting, as according to The Inquisitr, those between the ages of 18 and 29 have the highest unemployment rate, as it is still over 13 percent while the overall population’s unemployment is under 8 percent.
The reason Millenials didn’t see the loss in net worth Gen X-ers did is because Millenials didn’t have the savings Gen X-ers did when the recession hit.
Those between the ages of 38 and 47 lost an average of about $33,000 during the recession, and members of Generation X suffered higher levels of debt than any other generation during the recession, between credit card debt and student loans.
The effects of this recession are still looming over the heads of these Gen X-ers, as they were the majority of those who lost their homes to foreclosure once the housing bubble burst, and are now often living well below their comfort level.
Gen X is supposed to usher us into prosperity, but instead, we are being handed a plate of fecal matter some consider the economic state of this country.
As Joss Whedon recently said during a commencement speech at Wesleyan University, “I don’t know if your parents have explained this to you about the world but… we broke it. I’m sorry… it’s a bit of a mess. It’s a hard time to go out there. And it’s a weird time in our country.”
Evolve or dissolve! Adapt to the conditions presented to you, and don’t pout or complain, as that will get you in a worse position than our predecessors.
Image via Gawker