In This Together: The Hidden Cost of Young Adult Unemployment

Author(s): 
Rory O’Sullivan, Konrad Mugglestone, and Tom Allison
Organization/Affiliation(s): 
Young Invincibles
Resource Type: 
Publication Date: 
Jan, 2014

In this report released by Young Invincibles, In this Together: The Hidden Cost of Young Adult Unemployment, examines the real and hidden costs of young adult unemployment to America’s taxpayers and its devastating impact on the economy. According to the report, crisis-level young adult unemployment not only reduces the economic security of a generation, but also drains desperately needed resources from state and federal governments to the tune of $8.9 billion annually.

The report, for the first time, puts a price tag on the cost of youth unemployment to each individual taxpayer. The report’s authors found that high youth unemployment effectively adds an additional $53 to each taxpayer’s federal tax bill. The costs are even higher when including lost state income tax revenue. These costs result primarily from lost tax revenue.

Young Invincibles is a national organization committed to amplifying the voices of young adults, ages 18 to 34, and expanding economic opportunity for our generation. Young Invincibles ensures that young adults are represented in today’s most pressing societal debates through cutting-edge policy research and analysis, and innovative campaigns designed to educate, inform and mobilize our generation to change the status quo.
 

Topic: 
Workforce Development
Tags: 
Economic Empowerment
Youth