Idle Youth Raises "Lost Generation" Fear

(CBS)  Waiting tables in New York City used to be a way station for aspiring actors and actresses, not career-stalled college graduates.

Twenty-four-year-old Elena Escalona has been looking for a job for a year, 75 cover letters, no offers later.

"How frustrated are you?" CBS News Correspondent Kelly Wallace asked Escalona.

"Extremely frustrated," Escalona said.

Since graduation, she's waitressed, interned, tutored, worried she'll never get on track.

"I mean it's almost an identity crisis; people ask, 'Oh what do you do?'" Escalona told Wallace. "I don't have an answer."

Only 44.3 percent of 16- to 24-year-olds - 16.7 million - had jobs in October. That's the lowest percentage since the government began keeping track in 1948.

BusinessWeek magazine says "The Lost Generation" may be damaged long term.

"The evidence is that people who enter into the workforce during a recession have lower incomes even as long as 15 years later," BusinessWeek's Peter Coy told Wallace.

A recent study found that 1982 grads, who faced a 9.7 percent unemployment rate, earned $120,000 less in the first 17 years of their career compared to grads in a period of low unemployment.

"The unfortunate reality is this generation is probably going to be worse off than their parents' generation," Tamara Draut, who wrote "Strapped: Why America's 20-and 30-Somethings Can't Get Ahead," told Wallace.

That's a problem for all of us because young people making less means lower tax revenues and less money for Social Security and Medicare.

For Escalona, unemployment doesn't just threaten her career aspirations. For months, she put her wedding plans on hold.

"I cannot get married without having my career," Escalona told Wallace. "I mean it's just something that is so important to me."

One of the "lost" generation is growing anxious about losing more time.

[ElenaME]

Pardon the repeated comments. I thought they were being blocked.

Thank you for CBS for displaying them.

[ElenaME]

This is Elena, the woman that was interviewed for this article. I want to say that I am somewhat disappointed at how CBS edited the piece. When I remind myself this 'popular media', I suppose I understand. Drama=ratings.

I spoke extensively on how the recession will have a POSITIVE impact on our generation in the end. It is forcing us to re-evaluate our careers and where we fit in this world. I'm am proud to say that after a year of looking for work, I have decided I am going to become a teacher. If this recession would have never happened, I would have never found my passion for teaching. I believe the same goes for many young adults in my generation. The recession has forced us to reconstruct our futures, and in doing so, we will raise above the clouds bigger and stronger then those before us.

To the generation that has left us a mess to clean up: THANK YOU. Not only will we clean up after you, more importantly, we will work harder then you ever did to make this world a better place.

P.S: I am getting married June 12, 2010. I was wrong for putting my 'career/title-seeking obsession' over the love of my life. He is my everything.

[ElenaME]

This is Elena, the woman that was interviewed for this article. I want to say that I am somewhat disappointed at how CBS edited the piece. When I remind myself this 'popular media', I suppose I understand. Drama=ratings.

I spoke extensively on how the recession will have a POSITIVE impact on our generation in the end. It is forcing us to re-evaluate our careers and where we fit in this world. I'm am proud to say that after a year of looking for work, I have decided I am going to become a teacher. If this recession would have never happened, I would have never found my passion for teaching. I believe the same goes for many young adults in my generation. The recession has forced us to reconstruct our futures, and in doing so, we will raise above the clouds bigger and stronger then those before us.

To the generation that has left us a mess to clean up: THANK YOU. Not only will we clean up after you, more importantly, we will work harder then you ever did to make this world a better place.

P.S: I am getting married June 12, 2010. I was wrong for putting my 'career/title-seeking obsession' over the love of my life. He is my everything.