Recovery? What recovery?

Tyler nails it in today’s NYT’s column. Young people are taking it on the chin. Here’s the relevant blogpost and chart from Marginal Revolution.

For those of us involved in higher education, these data are really disturbing. Tyler talks about some young folks “breaking out of the trap” through entrepreneurship (i.e. startups). Unfortunately, on a population basis, that doesn’t build a middle class. Harvard Business School’s Shikhar Gosh points out that 3 out 4 startups that take on venture capital fail (and those are the lucky ones that actually get funded). And with student debt at astronomical levels, new graduates can’t exactly max out their credit cards to get a business going.