Verizon is shutting down customer service centers. AT&T has reduced its workforce by 22 percent in the last seven years. Microsoft just announced the deepest cuts in the firm's 39-year history.

Meanwhile, corporations continue to cut jobs, with the computer industry among the worst offenders at the start of 2014. has stopped producing people with the skills we need.' Apple, one of the buyback leaders, and the nation's biggest tax avoider, defended its outsourcing, saying 'We shouldn't be criticized for using Chinese workers. So they're using taxpayer money to protect the assets that they're avoiding taxes on.Ĭorporations are also spending trillions of dollars on stock buybacks, which use potential research and development money to pump up the prices of executive stock options. And here's a bigger insult: According to the Wall Street Journal, for some of our largest corporations over 75 percent of the cash owned by foreign subsidiaries is kept 'at U.S. David Cay Johnston estimated that in 2013 American businesses held almost $7.9 trillion of liquid assets worldwide. What have they been doing with all that money? Hoarding it, mostly. Corporations are Hoarding Money that Could Pay for Your JobsĬorporations more than doubled their profits and halved their taxes from 2000 to 2012. And more disturbingly, student homelessness increased by 10 percent in just one year.ģ. In just one generation, the percentage of stay-at-home young adults has risen from 11 percent to almost 24 percent.

The number of college grads working for minimum wage doubled in just five years.Īs a result, many of you are forced to live with your parents. You're Being Cheated out of the Opportunity to Begin Your Own HouseholdsĪs you were entering the working world after the recession, almost 60 percent of the new jobs were low-income ($7.69 to $13.83 per hour). And they have only one-seventh the net worth of college-educated adults who have no student debt obligations.Ģ. Based on Pew research, college-educated student debtors have twice as much debt as income. Median income, according to the Bureau of Labor Statistics, is only about $35,000 for 25- to 34-year-olds, and just $25,000 for 20- to 24-year-olds.ĭebt is apparently the difference, and the unrelenting burden, for college-educated young people. Other evidence shows that about 90% of us lost wealth in the past five years, while the richest - and generally older - 5% made millions. A report from the Russell Sage Foundation concludes that all American households have lost wealth since 2007. You Have Very Little Savings to Pay Your Massive DebtsĪ recent report claims that median net worth for the millennial generation (18 to 35 years old) has risen from $9,000 to $32,000 since 2007, and that their median income is $47,000. Silicon Valley CEOs have placated you with overpriced technological toys that are the result of decades of American productivity, but which have mainly profited the elite members of their industries.ġ. Those of you currently entering the working world are faced with shrinking opportunties. Today's younger generation is missing out on almost all the new wealth since the recession.

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