American society is constructed around the myth of opportunity and social mobility. Through hard work and determination anyone can make it in America. That has been the story for past generations and a legacy of improving prospects for every preceding generation of Americans seemingly displayed that the nation really was the land of opportunity.

Some disturbing figures on the youngest generation of Americans seemed to indicate that the idea of one generation living better than the last seems to be a part of American history. According to statistics from the Bureau of Labor Statistics unemployment for Americans ages 18 to 24 sits at almost 25 percent. For those 20 to 24, the number slightly improves to 15 percent. These figures are conservative estimates and do not reflect the number of young people who were discouraged and dropped out of the workforce. The figures also do not display the number of people who are underemployed.

The underemployment figures are enormous since it is reported that only 50 percent of job seekers with at least a bachelor’s degree are able to find work that requires a degree. The brunt of the recent financial collapse seems to have been shifted to the youngest portion of the work force. Americans 18 to 30 make up only about 13 percent of the workforce, but they also bear 26 percent of the unemployment. While this generation faces a terrible job market, they also enter with the additional burden of heavy debt.

The class of 2008 entered the job market with an average of $23,200 in student loan debt. Given these numbers it is not surprising that student loan defaults are at an all-time high and expected to increase. Past generations might have started out with nothing, but the current generation would happily engage in stock trading with the past rather than enter the workforce in the red and with little hope of landing a lucrative position.