With the headlines splashed across the media, the record high gas prices, and the shockingly small amount of summer jobs available, it is impossible not to have noticed that the economy is in a recession. Adults take the bulk of the burden, spawning from the economy’s decline, but that does not necessarily mean that teens have not felt the tightening of the proverbial belt as well.
As the U.S. economy’s next crash dawns, popular stores such as Abercrombie & Fitch and American Eagle have been feeling the heat from the recession like everyone else. Last March, Abercrombie reported sluggish sales with a 10% sales drop. While back to school shopping is one of the busiest times of the year, sales in late August and early September mirrored the sales of March. Yet, not all hope is lost for stores like Aeropostale, whose jeans are 30% cheaper than those at Hollister. Instead, they remain one of the few stores whose sales are steadily increasing. But the economy has not just affected the chiming of the cash register or the number of people wearing a moose on their shirt, as this was proven to those whose search for some extra cash this summer ended in utter failure.
Even the Neuqua Valley student parking lot will be influenced by the economic catastrophe. As the economy drops lower and lower, the number of teens buying a used vehicle over a brand new one rises higher and higher. The extra money that would be spent on purchasing a brand new car now goes toward gas. Finically savvy students would much rather have the liberty to drive wherever they please, instead of having the latest gas-guzzling vehicle.
Getting a summer job is a right of passage to many, but this summer, it proved to be a passage that most were unable to take. This is not a new problem though; it is just a problem that has escalated to new heights this year. In 2000, 45% of teens were working part time jobs, but in eight years, the numbers have managed to fall to 35%. These results may not sound so staggering, but when considering that the job market of teens has not been this low since right after World War II, the problem is crystal clear. The question is how much worse can it get?
The truth is it can get much worse. Yet, for some reason, teens just don’t care. When the media brings up terms like “the bail out bill” or “recession,” the majority of Generation Y turns the page or changes the channel. Despite the fact that this generation will be the ones to deal with the financial crisis, a very small number of young adults actually know what the problem is and the consequences of the crisis. Very few understand that the recession brings more than just a lagging teenage job market and less visits to the mall, it also means problems for the future. Problems like the disaster that is the U.S economy become the unavoidable reality after high school.
By Molly Leger, staff writer
