(NNPA)—One of the most interesting findings of the data recently released by the Census Bureau is that so many recent college graduates live with their parents. Described as “boomerang” graduates, a third of them occupy a basement, a spare room, their old room, a floor or couch. Blessedly, they have parents with whom to live. And if they are 26 or younger, they have health insurance, thanks to the Affordable Care Act.
On the other hand, these boomerang graduates will postpone many adult decisions that affect economic markets. They won’t rent apartments or buy furniture or homes. If they don’t have credit cards from college (and they shouldn’t), they are unlikely to get them as residents of their parents’ homes. They will delay marriage and other decisions that also have an impact on consumer spending. They are missing out on the low interest that would make the purchase of a car or a home much cheaper. Their inability to fully participate in the economy hurts them, and it hurts the economy, too.
African American graduates experience less of a boom because they have much less to boom back to. Their parents and grandparents will make room for them, but instead of staying in a basement room, they are staying on the same floor. Not only is there pressure to find a job, but their failure to do so affects younger siblings and neighbors who think: Why should I go to college? Big brother went and can’t find a job. Or, big brother is working at a fast food restaurant. I could do that without a degree.
About Post Author
