Washington, D.C. — The Biden administration’s actions to strengthen the economy are creating more opportunities for young people and building a path to the middle class. A new Center for American Progress column explores how Bidenomics’ mission of growing the economy by growing the middle class is delivering for young people.
Despite the oldest members of Gen Z entering the labor market amid the COVID-19 crisis, which could have led to years of labor market uncertainty, the Biden administration’s actions helped strengthen the youth labor market and set up young workers early for future economic success. This column examines how these policies are delivering for young people across six areas: jobs, wages, worker power, junk fees, rental housing support, and climate change. Some key takeaways from how Bidenomics is delivering for young people in this column include:
- The unemployment rate for 16- to 24-year-olds fell to a 70-year low earlier this year.
- Young workers are experiencing higher-than-average wage growth compared with past recessions, even when accounting for inflation. Young workers’ wage growth surged and passed workers that are 25 and older just three years after the peak of the recession.
- Gen Z is the most pro-union generation alive, and the Biden administration’s actions are creating quality jobs that allow workers the free and fair choice to form or join a union.
- President Joe Biden pushing for a crackdown on junk fees is helping more young people join the middle class by keeping more of what they earn when paying credit card bills to buying concert tickets, for example.
- The Biden administration’s introduction of the Renters Bill of Rights to protect renters helps young people pay lower rental costs and have the rights they deserve to organize and engage with housing providers.
- The Biden administration’s efforts to meet its pollution reduction goals and combat the climate crisis include creating the American Climate Corps, which will help more than 20,000 young people prepare for jobs in climate resilience and clean energy through paid job training and service opportunities, driving economic growth..
“Bidenomics and its ‘bottom-up and middle-out’ strategy is working for young people. It has opened the door for more Gen Zers to reach economic security faster, have ample job opportunities, and keep more of their paychecks in their pockets, all while making the path to the middle class an attainable goal for young people, ” said Jessica Vela, research associate for Inclusive Economy at CAP and co-author of the column.
“President Biden’s policies are delivering an actionable path forward to help young people thrive. The Biden administration is addressing some of young people’s biggest concerns head-on, and these actions, from cracking down on junk fees to investing in a clean energy future, will help both today’s young people and future generations,” said Crystal Weise, research associate for Inclusive Economy at CAP and co-author of the column.
Read the column: “6 Ways Bidenomics Is Delivering for Young People” by Jessica Vela and Crystal Weise
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