Two good charts from Planet Money:
If you know a lot of young people, your social reality is of an economy in crisis. If you know a lot of older people, things look better.
Again, if everyone you know has a BA, then your social reality is of an economy that’s not necessarily in crisis. This is especially true when we combine the charts. There are a lot of members of the classes of 2008, 2009, 2010, and 2011 who are feeling intense economic pain. But if you’re a middle aged college graduate, the vast majority of your friends are outside of the key crisis demographics. As I said before, I simply don’t believe the Federal Reserve would be doing what it’s doing if nine percent of Charles Plosser’s friends were unemployed. Something has to be done to make the jobs and income crisis real to the people who matter.