Middle-Out for Millennials

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Middle-Out for Millennials

An Economic Agenda for Young Americans

Sarah Ayres October 2013

WWW.AMERICANPROGRESS.O


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Middle-Out for MillennialsAn Economic Agenda for Young Americans

Sarah Ayres October 2013


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1 Introduction and summary

4 Challenge No. 1: Creating jobs for Millennials

7 Challenge No. 2: Promoting good jobs

10 Challenge No. 3: Making college affordable

12 Challenge No. 4: Easing the burdenof student-debt repayment

14 Challenge No. 5: Expanding access to postsecondary

education and training

16 Challenge No. 6: Improving retirement security

18 Conclusion

19 About the author

20 Endnotes

Contents


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1 Center or American Progress | Middle-Out or Millennials

Introduction and summary

Te American economy is no working or Millennials. Te generaion o young

people born beween roughly 1980 and 2000an esimaed 70 million individu-

alsis acing double-digi unemploymen raes, low wages, mouning college

coss, and crippling suden-loan deb. When previous generaions were beween

he ages o 18 and 33, hey knew ha by working hard and playing by he rules

hey could evenually achieve a good middle-class lie, which mean owning a

home, supporing a amily, paying or heir childrens college educaion, saving or

reiremen, and even aking a vacaion now and hen. Bu or he many Millennialsoday who are sruggling o ge by, he dream o a middle-class lie is increasingly

ou o reach. Rebuilding our economy rom he middle ouno rom he op

downis cenral o creaing an American economy ha works or Millennials.

Tis repor oulines six key economic challenges acing Millennials and oers

policies o creae opporuniies or his generaion o young Americans by expand-

ing and srenghening he middle classa middle-ou approach. Tese six key

economic challenges are:

1. Creaing jobs or young people

2. Promoing good jobs

3. Making college aordable

4. Easing he burden o suden-deb repaymen

5. Expanding access o possecondary educaion and raining

6. Improving reiremen securiy

Tis repor does no atemp o ackle every mater o imporance o odays

young people nor does i discuss every policy ha would bene Millennials.

Insead i zeros in on he economic issues ha are cenral o his generaions bo-om line, sandard o living, nancial securiy, and long-erm economic prospecs.

Furhermore, i oers concree policy inervenions ha lawmakers can enac

oday o creae economic opporuniies or young people.


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Why do Millennials need a middle-ou economic agenda? Simply pu, he pas

ew decades experimen in supply-sideor wha has been ermed rickle-down

economicshas ailed he vas majoriy o Americans and especially young

Americans. For oo many years, policymakers in Washingon have approached

economic policy wih he belie ha he governmen should ocus is eors on

he wealhy, he so-called job creaors, and ha by reducing axes and regulaionson he wealhies 1 percen, prosperiy would rickle down o he res o us.

Bu rickle-down economic policies have ailed he Millennial generaion. Te

unemploymen rae or Americans under he age o 25 was 15.6 percen in Augus,

more han double he naional unemploymen rae.1 Young people who have jobs

are sruggling o make ends mee wih low wages, nonexisen benes, and poor

job securiy. A he same ime, coss or middle-class basics such as educaion,

healh care, and gas have skyrockeed. While college has long been viewed as he

icke o a well-paying job and a middle-class lie, he price o a college educaion

or Millennials is more han 1,000 imes wha heir parens paid.2 Consequenly,suden-deb levels have ballooned, and young people, crushed under he weigh

o suden deb, are increasingly orced o move back home wih heir parens,3

orgoing buying cars and houses4 and even puting o marriage and children.5

Faced wih hese immediae economic challenges, young Americans are no

saving or reiremen, which poses a serious hrea o his generaions long-erm

nancial securiy.6

Moreover, i has become increasingly dicul or young Americans o join he

middle class. Bhashkar Mazumder, a senior economis a he Federal Reserve

Bank o Chicago, ound ha saring beween 1980 and 1990, a child who is born

poor is much less likely o rise ino he middle class han a child born beore

1980.7 As a resul, he Unied Saes now has less economic mobiliy han oher

developed counries.8

Tis is because he supply siders had i backwards: A srong middle class is he

reason or economic growh, no a consequence o i. Tis is he deerminaion

o new economic evidence documened by Cener or American Progress econ-

omiss Heaher Boushey and Adam Hersh in heir 2012 repor, Te American

Middle Class, Income Inequaliy, and he Srengh o Our Economy: NewEvidence in Economics.9 Te repor nds ha a srong middle class promoes

good educaion and skill developmen, imbuing workers wih he high levels o

human capial responsible or rising produciviy levels. In addiion, a srong

middle class creaes a sable source o demand or goods and services, oering


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cerainy o business invesors ha here will be a marke or heir producs.

Whas more, mos o Americas enrepreneurs and invenors have come rom

he middle class.10 Finally, a srong middle class demands good governance,

propery righs, invesmens in public goods, and he ransparen and ruswor-

hy legal srucures vial o a hriving, sable economy. In shor, he middle class

is he driver o economic growh.

For hese reasons, any successul economic agenda or Millennials mus grow

our economy rom he middle ou. Tis means invesing in job creaion ha pus

young people o work. I means raising workplace sandards so young people

saring ou a he botom o he career ladder can earn a decen income, end

o he needs o heir amilies wihou ear o being red, and organize or beter

wages and benes. A middle-ou economy or Millennials means improving col-

lege aordabiliy, easing he burden o repaymen or suden-loan borrowers, and

expanding access o successul and cos-eecive models o educaion and rain-

ing, including appreniceships. A middle-ou agenda or Millennials mus includemeasures o boos reiremen securiy or boh Millennials and heir parens,

whose reiremen will creae employmen opporuniies or younger generaions.

Te recommendaions included in his repor are a mix o new policies and

policies previously discussed a CAP. Some o hese policies represen ried and

rue ideas ha are proven o help grow he middle class, while ohers represen

argeed soluions or Millennials in paricular. Many are no ypically considered

youh issues, bu as his repor demonsraes, hey are criical o Millennials suc-

cess. In addiion o he discussion here, each o he six challenges will be explored

in greaer deail in a series o orhcoming repors.


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Challenge No. 1: Creating

jobs for Millennials

Millennials have been hi especially hard by slow hiring and high unemploymen

raes. In Augus he unemploymen rae or Americans under he age o 25 was a

saggering 15.6 percenmore han wice he naional rae o 7.3 percen.11 For a

young person o be couned as unemployed, he or she mus be acively looking

or a job by sending ou resumes, lling ou applicaions, inerviewing or posi-

ions, or engaging in oher job-search aciviies.12 Tis means ha he unemploy-

men rae does no include young people who are no looking or work because

hey are in school or have simply given up. Alhough he youh unemploymen isdown rom an all-ime high o nearly 20 percen in 2010, he unemploymen rae

among young people remains hisorically high.13

High levels o unemploymen hur Millennials economic prospecs in boh he

shor erm and he long erm. In he shor erm, unemployed Millennials may be

orced o move in wih heir parens, many could deaul on heir suden loans,

and mos will have o pospone major purchases. In he long erm, Millennials will

experience reduced wages, greaer scal coss, and slow economic growh.14

Research shows ha workers who experience an exended period o unemploy-

men a a young age earn lower wages once hey do nd a job. Whas more, hey will

coninue o earn lower wages even years laer as a resul o he missed opporuniy o

develop human capial in heir 20s. A young person who is unemployed or jus six

monhs can expec o earn abou $22,000 less over he nex 10 years han hey could

have expeced o earn had hey no experienced a lenghy period o unemploymen.15

Based on his nding, according o our analysis, Millennials will lose more han $20

billion in reduced wages over he nex decade due o high unemploymen oday.16

Tese los wages negaively impac Millennials curren botom line in addiiono reducing uure economic opporuniies. When young people have less money

o spend, hey will pump less money ino he economy hrough he purchase o

houses, cars, various gadges, dinners ou, and oher services. As a resul o his

reduced consumer demand, businesses will sell ewer producs, make lower pros,


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and creae ewer jobs. In his way, unemploymen among Millennials oday will

weaken heir opporuniies or economic growh and prosperiy or years o come.

Finally, high levels o unemploymen among young people end up incurring

scal coss or he naion in he orm o los revenues, he need or governmen-

provided healh care, coss associaed wih increased crime, and addiionalwelare paymens. A recen sudy commissioned by he Whie House Council or

Communiy Soluions pegged he cos o axpayers o odays unemployed youh

a $1.6 rillion over he course o heir lieimes.17

Creaing economic opporuniies or Millennials hinges on invesing in job

creaion oday. Lawmakers can boos jobs or his generaion by expanding

naional service opporuniies, which give workers experience while serving heir

communiies and by implemening a summer jobs program such as he one in

he American Recovery and Reinvesmen Ac ha successully creaed jobs or

hundreds o housands o eens and young aduls in 2009 and 2010.18

Fully implement the Edward M. Kennedy Serve America Act

Naional service programs such as AmeriCorps oer young people valuable oppor-

uniies o develop skills and experience, pursue higher educaion, and explore

careers, all while serving communiies ha have been hi hard by growing povery

raes, a decrease in philanhropic giving, and severe cus o sae and ederal ani-pov-

ery resources. o be sure, AmeriCorps jobs are no designed o be career posiions.

Tey are low wage and shor erm, alhough hey do oer healh care and educaion

benes. Ta said, research shows ha paricipaing in AmeriCorps benes young

aduls in a number o ways, including by improving employmen oucomes and job

skills laer in lie.19 Whas more, Millennials wan o serve. In 2011, AmeriCorps

received a record 582,000 applicaions or only 80,000 posiions.20

Congress should ully implemen he Edward M. Kennedy Serve America Ac,

which auhorized he addiion o 250,000 AmeriCorps posiions by 2017.21

Despie he passage o his biparisan legislaion in 2009, Congress provided und-

ing or only abou 80,000 AmeriCorps slos in 2012.22

Making maters even worse,sequesraion will resul in he eliminaion o more han 4,000 AmeriCorps posi-

ions.23 Expanding he number o AmeriCorps posiions will provide opporuni-

ies or Millennials o develop crucial skills and work experience a a ime when

many privae companies are sill relucan o hire young people.


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Create a Pathways Back to Work Fund

Subsidized employmen programs have successully re-engaged unemployed people

in he workorce, boosed amily income, improved workers uure employmen

prospecs, and suppored he nancial healh o paricipaing businesses.24 Te

American Recovery and Reinvesmen Ac provided $1.2 billion in unding or heWorkorce Invesmen Acs youh jobs programs and successully creaed more han

370,000 summer jobs or young Americans in 2009 and 2010.25 Bu eors o exend

his unding have been hampered by a shorsighed ocus on auseriy by Congress.

Te need or his unding is grea. For his reason, Congress should creae a $12.5

billion Pahways Back o Work Fund, as proposed by he Presiden Barack Obama

in his scal year 2014 budge.26 By subsidizing summer and year-round jobs or hun-

dreds o housands o Millennials, his und would help o reduce youh unemploy-

men raes, boos incomes, and improve Millennials long-erm economic prospecs.


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Challenge No. 2:

Promoting good jobs

Our economy is ailing even he young people who have jobs. Millennials are more

likely han older workers o work a a job ha lacks sucien minimum pay, access

o leave, and eecive collecive bargaining righs. Workers under he age o 25 con-

siue only abou one-fh o hourly paid workers, bu hey make up abou hal o

hose paid he ederal minimum wage or less.27 odays young people are also more

likely o make he ederal minimum wage, which currenly sands a $7.25 per hour.28

Over he pas decade, he share o hourly paid workers under he age 25 who were

paid he minimum wage grew rom 7 percen o 12 percen.29 Furhermore, hal oworkers under he age o 25 are parens, and millions more serve as unpaid caregiv-

ers o ailing amily members.30 Ye younger workers are less likely han older workers

o have access o ime o o care or hemselves and heir amilies.31 And workers

under he age o 25 are he leas likely o all workers o be members o a union, even

hough unions improve wages and benes or workers.32

Failing o provide basic benes and proecions o workers means ha young

people sruggle o pay or basic necessiies, ear losing heir job i hey have a child

or all sick, and are oo ofen unjusly blocked in heir atemps o organize or be-

er working condiions. A young person working ull ime a he ederal minimum

wage earns only $15,000 per year, which is well below he $19,530 ederal povery

level or a amily o hree.33 Women who lack access o parenal leave are less likely

o reurn o work afer having a child and more likely o receive public assisance

and ood samps.34 Bu when Millennials ry o orm a union o improve heir

wages and benes hey are oo ofen symied by a union elecion process ha is

sacked agains workers.35

An economy ha works or Millennials requires high-qualiy jobs ha ensure a

middle-class sandard o living. Tis means raising he minimum wage, expandingaccess o paid leave, and srenghening workers righ o orm a union. Tese poli-

cies also grow he economy by supporing a srong and sable source o consumer

demand and make i possible or Millennials o be posiioned o adequaely raise

he nex generaion o Americansensuring a vibran economy in he uure.


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Raise the minimum wage

Congress should raise he minimum wage and index i o 50 percen o average

wages. Raising he minimum wage would enable he 1.8 million workers under

he age o 25 who are making he minimum wage36 o have a beter qualiy o lie,

increase earnings or workers higher up he income ladder hrough wha is ermedhe spillover eec, and boos economic growh hrough increased produciviy

and consumer demand.37 Furhermore, he research is clear ha raising he mini-

mum wage does no resul in job losses.38

Enact Social Security Cares, a national paid family and medical

leave program

Congress should adop Social Securiy Cares, a naional paid amily and medical

leave program ha would provide up o 12 weeks o parial wage replacemen oallow workers ime o care or a new child, o help a seriously ill amily member, or

o recover rom ones own illness. Social Securiy Cares, deailed in he 2012 CAP

repor Social Securiy Cares: Why America is Ready or Paid Family and Medical

Leave, would make i possible or Millennials o have children, care or ill amily

members, or ge sick wihou he ear o losing heir jobs.39

Guarantee workers the right to paid sick days

Congress should allow workers o earn paid sick days ha can be used o recover

rom illness or care or a sick amily member, as oulined in he Healhy Families

Ac and he CAP repor 300 Million Engines o Growh: A Middle-Ou Plan or

Jobs, Business, and a Growing Economy.40 Access o paid sick days would bene

he many young workers who are currenly orced o choose beween heir job,

heir healh, and he healh o heir amily members.41

Pass comprehensive labor-law reform

Congress should pass comprehensive labor-law reorm ha esablishes a air

process or workers o decide on union represenaion; expands coverage so more

workers are provided he righ o organize; esablishes meaningul penalies and

remedies or workers who are red or discriminaed agains or exercising heir


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righ o organize; and promoes producive collecive bargaining or rs conracs

so ha young workers can negoiae or improved wages and benes.42 More

deails on policies o boos union membership can be ound in he 300 Million

Engines o Growh repor.43


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Challenge No. 3: Making

college affordable

Millennials ace he highes college coss in hisory on op o dwindling govern-

men suppor or possecondary educaion. In he pas hree decades, he cos o

ataining a college degree has increased more han 1,000 percen.44 Tas more

han gasoline prices, which increased 200 percen over he same ime period. Is

also more han healh care, which increased 250 percen, and more han he con-

sumer price index, which increased 100 percen.45 A he same ime, sae govern-

mens have cu unding or colleges and universiies and ederal suden aid has

los much o is buying power.46

Rising uiion coss and declining suden aid leaves sudens saddled wih deb and

may deer many low- and middle-income young people rom seeking possecondary

educaion. One sudy ound ha wo-hirds o prospecive sudens eliminaed cer-

ain colleges rom consideraion due o cosincluding 40 percen who eliminaed

colleges due o cos beore even researching he insiuions.47 oo many sudens

who decided o atend college can only do so afer aking on unsusainable levels o

deb, leading one in our suden borrowers o all behind on heir loan paymens. 48

Making college more aordable is crucial o expanding economic opporuniies

or Millennials. Even hough he price o college has soared in recen decades,

ataining a bachelors degree is sill a smar choice or young Americans. Young

aduls wih a bachelors degree earn more han wice as much as hose wihou

a high school diploma and 50 percen more han hose who compleed high

school.49 Moreover, supporing educaion, especially or hose who canno aord

i, provides he oundaion or our enire economy o grow. Te U.S. economy

needs a highly skilled labor orce o innovae, grow, and compee in he global

markeplace. Making college more aordable or young Americans requires

improving he inormaion available o prospecive sudens and heir amilies,along wih increasing ederal Pell Grans or low-income sudens.


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Improve consumer information

We should expand and improve he U.S. Deparmen o Educaions college score-

card, he ineracive ool ha oulines how schools compare in erms o cos, gradu-

aion raes, and suden-loan deaul raes.50 In addiion, we should require colleges

o use easy-o-undersand sandardized nancial aid award leters and make accred-iaion-agency reviews publicly available. Oering easy-o-nd, easy-o-undersand

inormaion, as we oulined in our 300 Million Engines o Growh repor, 51 will

allow sudens and heir amilies o evaluae he qualiy and cos o colleges and

empower consumers o demand useul degrees a a reasonable price.52

Increase Pell Grants

Congress should provide an addiional $20 billion or Pell Grans beween 2018

and 2022 o boos he maximum value o he grans o $6,990 by 2022. Tisamoun will help ensure ha Pell Grans reain he buying power inended by

Congress when he program was creaed nearly 50 years ago.53 Boosing Pell

Grans o cover more o a sudens college expenses will make i easier or low-

income sudens o say in school and acquire a degree.54


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Challenge No. 4: Easing the burden

of student-debt repayment

Faced wih he skyrockeing cos o college, oo many young people now nd

hemselves saddled wih unmanageable deb in an unriendly labor marke. Te

average suden-loan borrower owes a balance o $25,000,55 and 1 in 10 borrow-

ers now owes more han $54,000 in suden loans.56 In oal, Americans have $1.2

rillion in suden-loan debhe second-larges orm o consumer deb behind

home morgages.57

Tis massive level o suden-loan deb hreaens he economic well-being oMillennials, as one in our suden borrowers are behind on heir suden-loan

paymens,58 which in urn creaes a domino eec o negaive consequences ha

ripple hrough he economy. Te pressure o pay back huge loan balances is leading

Millennials o ake lower-paying jobs jus o save o deb collecors, o delay major

purchases such as cars and houses, o pu o marriage and children, and o ail o

save adequaely or heir uures.59 As a resul, many expers have raised concerns

ha he burden o suden-loan deb is inhibiing growh in he broader economy.60

Easing he burden o repaymen or borrowers can help preven he suden-deb

burden rom wreaking havoc on he U.S. economy. We can accomplish his by

allowing borrowers o renance heir suden loans, by making income-based

repaymen he deaul opion or borrowers, and by esablishing a sysem o

Qualied Suden Loans.

Allow borrowers to refinance their student loans

Everyone rom homeowners o corporaions o sae and local governmens is

aking advanage o odays hisorically low ineres raes o renance heir debs;everyone, ha is, excep suden-loan borrowers. Young Americans who ook ou

unsubsidized ederal suden loans are locked ino an ineres rae o 6.8 percen

more han double he ineres rae on he 10-year reasury bond, which currenly

sands a 2.72 percen.61 Congress should allow suden borrowers o renance


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heir suden loans, as discussed in he recen CAP repor Is Our Ineres: Te

Need o Reduce Suden Loan Ineres Raes.62 Lowering ineres raes will allow

sruggling borrowers o lower heir monhly paymens, reeing up income and

boosing he overall economy.63

Make income-based repayment the default repayment option

Federal suden-loan borrowers have he opion o income-based repaymen ha

caps heir suden-loan paymens o no more han 10 percen o heir discreion-

ary income.64 Bu enrollmen in he program is low in par because many bor-

rowers are unaware o is exisence, leading hem o deaul on heir suden-loan

deb unnecessarily.65 Congress should make income-based repaymen he deaul

opion or ederal suden-loan borrowers, making i easier or more borrowers o

say curren on heir paymens.66

Establish Qualified Student Loans that cannot be discharged

in bankruptcy

Suden loans, unlike mos oher debs such as credi card deb, are generally no

dischargeable in bankrupcy. As a resul, suden deb can ollow borrowers o he

grave, and hose who ail o make paymens see heir wages garnished, heir ax

reunds aken, and heir Social Securiy checks seized. Congress should esablish

Qualied Suden Loansclear and public sandards or loans ha canno be

easily discharged in bankrupcy. Qualied Suden Loans should have reasonable

repaymen opions and evidence ha he educaional insiuion and program

gives borrowers a reasonable chance o repay he loan. Loans ha do no mee

hose sandards should be eligible or discharge in bankrupcy, similar o credi

card debs. Esablishing a sysem o Qualied Suden Loans, as discussed in a

recen CAP repor, would expand opions or roubled borrowers, improve rans-

parency in higher educaion, and encourage more pruden suden lending.67


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Challenge No. 5: Expanding

access to postsecondary

education and training

According o a recen Georgeown Universiy sudy, oo many Millennials are

ailing o develop he skills ha will be needed or uure jobsabou a hird

o which will require some college or an associaes degree. An analysis by

Georgeown Universiys Cener on Educaion and he Workorce nds ha by

2020 he Unied Saes will be shor 5 million workers wih possecondary educa-

ion.68 According o he analysis, a leas 30 percen o jobs in 2020 will require

some college educaion or an associaes degree, bu only 27 percen o odaysaduls have ha level o possecondary educaion.69 Millennials who don gain he

skills and credenials hey need o qualiy or good jobs in high-growh indusries

will ace dwindling job prospecs, lower wages, and ewer opporuniies o join he

middle class. Moreover, ailing o develop a well-educaed and skilled workorce

will hold back Americas produciviy, innovaion, and enrepreneurshipham-

pering long-erm economic growh and compeiiveness.

Appreniceships, which combine classroom educaion and on-he-job learn-

ing, are a paricularly successul raining model ha can close he skilled-worker

gap and improve wages and job opporuniies or Millennials. An apprenice is a

paid employee who is also enrolled in a wo- o our-year raining program ha

includes boh ormal on-he-job raining and classroom insrucion. Research

shows ha workers who complee appreniceship programs earn an average sar-

ing salary o $50,000 and make as much as $225,000 more han comparable job

seekers in heir lieimes.70 Bu appreniceships are a relaively underused model

in he Unied Saes, wih ewer han 400,000 regisered apprenices naionwide.71

By way o comparison, Germany has 1.8 million apprenices despie having only

one-hird o he populaion o he Unied Saes.72


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Expand apprenticeships

In he upcoming reauhorizaion o he Workorce Invesmen Ac, Congress

should creae a new $2 billion program o suppor an addiional 1 million appren-

iceships annually. Expanding appreniceships in high-growh elds such as healh

care, inormaion echnology, and advanced manuacuring will creae opporu-niies or Millennials who wan o ge paid o work while also earning a degree

or credenial ha is porable anywhere in he counry.73 A proposal o expand

appreniceships will be discussed in deail in a orhcoming CAP repor.


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Challenge No. 6: Improving

retirement security

Te privae reiremen sysem is no working or Americans o all ages, bu i is

especially ailing Millennials. Previous generaions relied largely on dened-bene

pensions o provide reiremen income securiy, bu Millennials and heir parens

depend primarily on less-secure 401(k) planswhich aren working. Te ypi-

cal near-reiremen worker has accumulaed enough money o provide a monhly

reiremen paymen o only abou $575.74 As or Millennials, no only are hey no

saving or reiremen, bu mos also do no even have a reiremen accoun available

hrough heir jobs. Widespread undersaving or reiremen hreaens Millennialslong-erm economic securiy and limis heir job opporuniies in he shor erm as

older workers are orced o say in he workorce longer insead o reiring.

Mos Americans are undersaving or reiremen, and Millennials are in he mos

precarious siuaion. Te number o workers who have access o a reiremen plan

a work has declined over he pas several decades o he poin ha oday jus 40

percen o workers under he age o 35 have a reiremen plan a work compared

o 53 percen o workers over he age o 35.75 More worrying, he median reire-

men accoun balance or Millennials ages 25 o 34 is $0.76 In oher words, hal

o all people under he age o 35 have saved nohing or reiremen. Saving early

is imporan or a secure reiremen, as early invesmens have he mos ime o

experience he power o compounding ineres and maximizing savings.

A he same ime, making i easier or older generaions o save or reiremen

will also bene Millennials in he orm o expanded job opporuniies. In 2013,

22 percen o all workers decided o pospone heir reiremen, wih mos ciing

nancial insecuriy as he reason or doing so.77 Making i economically easible

or older workers o reire will open up jobs or Millennials. Moreover, ensuring

ha older generaions are able o reire securely rees Millennials rom he nan-cial burden o supporing heir aging parens.

An economy ha works or Millennials is one in which all Americans will be able o

achieve he middle-class goal o reiring wih securiy and digniy. Tis means guar-


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aneeing ha all workers have access o a qualiy reiremen plan and ha savings

incenives in he ax code are easy o use and help he people who need i mos.

Create a SAFE Retirement Plan

We should give workers access o a Secure, Accessible, Flexible, and Ecien,

or SAFE, Reiremen Plan, as we discuss in our repor Making Saving or

Reiremen Easier, Cheaper, and More Secure.78 A SAFE Reiremen Plan is a

hybrid beween dened-conribuion plans such as 401(k)s and dened-bene

plans such as pension plans ha oers workers he bes aspecs o boh reiremen

plans, such as consisen monhly paymens, porabiliy, and consan cos o

employers.79 A new analysis by CAP nds ha insiuing a SAFE Reiremen Plan

would provide Americans wih a more secure reiremen a a ar lower cos.80

Open up the federal Thrift Savings Plan to the public

All workers should be able o inves in he Trif Savings Plan, he 401(k)-syle

plan currenly available o ederal employees. Tis would provide all workers wih

access o a model 401(k) plan ha has very low ees, srong oversigh, smar and

limied invesmen opions, and an annuiy eaure.81 Tis proposal is also dis-

cussed in more deail in he Making Saving or Reiremen Easier, Cheaper, and

More Secure repor.82

Create a Universal Savings Credit

Congress should creae a Universal Savings Credi ha replaces all curren

employer and employee deducions o reiremen, healh, and educaion savings

accouns and correcs he upside-down naure o curren incenives. A Universal

Savings Credi, as explained in a recen CAP repor, would vasly simpliy he

exising savings incenives and make i easier or people o undersand how o

conribue, inves, and wihdraw money rom heir savings. I would also ensure

ha he lower-income households who need he mos help in saving garner hemos benes rom savings ax incenives.83


21/26


Conclusion

As his repor deails, odays economy is no working or Millennials. Tis genera-

ion o young people aces bleak employmen prospecs, economic insecuriy, and

dwindling opporuniies o ener he middle class. Tere are, however, eecive

policy soluions ha will creae economic opporuniies or young people by

addressing he challenges hey ace and ensuring ha Millennials will be able o

hrive in a growing American middle class.

Creaing an economy ha works or Millennials requires recognizing ha oureconomy grows rom he middle ouno he op downand enacing policies

ha srenghen he abiliy o his generaion o ener he middle class. Tis means

invesing in job creaion, ensuring ha all jobs are high-qualiy jobs wih good

pay and benes, making i easier or sudens and borrowers o pay or college,

expanding access o proven raining models such as appreniceships, and boosing

reiremen income securiy or all Americans. Tese are he ambiious, orward-

hinking policies ha America needs o ransorm our economy rom one ha is

ailing Millennials o one ha creaes opporuniies or hem.

Lawmakers canno aord o ignore he needs o his generaion. In uure repors

we will expand on each o hese key policy areas in greaer deail. Congress, how-

ever, shouldn wai o ac. Lawmakers should immediaely pass he middle-ou

economic agenda or Millennials oulined here. Like all Americans, Millennials

wan o paricipae producively in he economy and grow our naions prosperiy.

Les make ha possible.


22/26


About the author

Sarah Ayres is a Policy Analys in he Economic Policy Deparmen a American

Progress. Her work ocuses on a range o issues aecing shared economic growh,

including youh paricipaion in he economy, he middle class, employmen,

manuacuring, and possecondary educaion. Her work has been cied byTeWall Street Journal, Te Washington Post, Fortune, and CNBC, among ohers.

Prior o joining American Progress, Sarah handled economic and nancial policy

as legislaive assisan o Congressman Rick Boucher (D-VA), a senior member o

he Energy and Commerce Commitee. She has worked on a number o naional,

sae, and local campaigns in her naive New Hampshire, including managing he

eld campaign or Gov. John Lynch (D) in 2008.

Sarah has a bachelors degree in governmen and sociology rom Darmouh

College. She grew up in Hanover, New Hampshire.


23/26


Endnotes

1 U.S. Bureau o Labor Statistics, Current PopulationSurvey (2013), available at http://www.bls.gov/cps/.

2 Michelle Jamrisko and Ilan Kolet, Cost o College De-gree in U.S. Soars 12 Fold: Chart o the Day, BloombergNews, August 15, 2012, available at http://www.bloom-

berg.com/news/2012-08-15/cost-o-college-degree-in-u-s-soars-12-old-chart-o-the-day.html.

3 Lou Gulino, Boomerang generation: U.S. Census showsmore young adults moving in with parents, SyracusePost-Standard, November 7, 2011, available at http://www.syracuse.com/news/index.ss/2011/11/boomer-ang_generation_us_census.html.

4 Richard Fry, Young Adults Ater the Recession: FewerHomes, Fewer Cars, Less Debt (Washington: PewResearch Center, 2013), available at http://www.pewsocialtrends.org/2013/02/21/young-adults-ater-the-recession-ewer-homes-ewer-cars-less-debt/.

5 Elizabeth Dwoskin, Will You Marry Me (Ater I Pay OMy Student Loans)?, Bloomberg Businessweek, March28, 2012, available at http://www.businessweek.com/articles/2012-03-28/will-you-marry-me-ater-i-pay-o-my-student-loans.

6 Nari Rhee, The Retirement Savings Crisis: Is It WorseThan We Think? (Washington: National Institute onRetirement Security, 2013), available at http://www.nirsonline.org/storage/nirs/documents/Retirement%20Savings%20Crisis/retirementsavingscrisis_nal.pd.

7 Bhashkar Mazumder, Is Intergenerational EconomicMobility Lower Now Than in the Past? (Chicago: Fed-eral Reserve Bank o Chicago, 2012), available at http://www.chicagoed.org/digital_assets/publications/chi-cago_ed_letter/2012/capril2012_297.pd.

8 Heather Boushey and Adam Hersh, The AmericanMiddle Class, Income Inequality, and the Strength oOur Economy (Washington: Center or American Prog-ress, 2012), available at http://www.americanprogress.org/wp-content/uploads/issues/2012/05/pd/middle-class_growth.pd.

9 Ibid.

10 Ibid.

11 U.S. Bureau o Labor Statistics, Current PopulationSurvey.

12 U.S. Bureau o Labor Statist ics, Glossary, available athttp://www.bls.gov/bls/glossary.htm (last accessedAugust 2013).

13 U.S. Bureau o Labor Statistics, Current PopulationSurvey.

14 Sarah Ayres, The High Cost o Youth Unemployment(Washington: Center or American Progress, 2013),available at http://www.americanprogress.org/issues/labor/report/2013/04/05/59428/the-high-cost-o-

youth-unemployment/.

15 Ibid.

16 Ibid.

17 Clive R. Beleld, Henry M. Levin, and Rachel Rosen, TheEconomic Value o Oppor tunity Youth (Washington:Civic Enterprises, 2012), available at http://www.serve.gov/newimages/council/pd/econ_value_opportu-nity_youth.pd.

18 The White House, Fact Sheet: American Jobs Act, Pressrelease, September 8, 2011, available at http://www.whitehouse.gov/the-press-ofce/2011/09/08/act-sheet-american-jobs-act.

19 Corporation or National and Community Service,Still Serving: Measuring the Eight-Year Impact oAmeriCorps on Alumni (2008), available at http://www.nationalservice.gov/sites/deault/les/docu-ments/08_0513_longstudy_report.pd.

20 Michael Brown, No Nearly One Million Times,Hufngton Post, February 15, 2012, available at http://www.hufngtonpost.com/michael-brown/americorps-unding_b_1280200.html.

21 Corporation or National and Community Service,Edward M. Kennedy Serve America Act, available athttp://www.nationalservice.gov/about/legislation/edward-m-kennedy-serve-america-act(last accessedAugust 2013).

22 Corporation or National and Community Service,AmeriCorps, available at http://www.nationalservice.gov/programs/americorps (last accessed August 2013).

23 Zach Murray, Celebratin g AmeriCorps Week, Centeror American Progress, March 14, 2013, availableat http://www.americanprogress.org/issues/labor/news/2013/03/14/56716/celebrating-americorps-week/.

24 LaDonna Pavetti, Liz Schott, and Elizabeth Lower-Basch,Creating Subsidized Employment Opportunities orLow-income Parents: The Legacy o the TANF Emer-gency Fund (Washington: Center on Budget and PolicyPriorities and CLASP, 2011), available at http://www.clasp.org/admin/site/publications/les/Subsidized-Employment-Paper-Final.pd.

25 The White House, Fact Sheet: American Jobs Act.

26 The White House, The Presidents Budget or Fiscal Year2014, available at http://www.whitehouse.gov/omb/budget (last accessed August 2013).

27 U.S. Bureau o Labor Statistics, Characteristics o Mini-mum Wage Workers: 2012, available at http://www.bls.gov/cps/minwage2012.htm (last accessed August2013).

28 U.S. Department o Labor, Wage and Hour Division:Minimum Wage, available at http://www.dol.gov/whd/minimumwage.htm (last accessed August 2013).

29 U.S. Bureau o Labor Statistics, Characteristics o Mini-mum Wage Workers: 2002; Ibid.

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24/26


31 Katherine Ross Phillips, Getting Time O: Access toLeave among Working Parents (Washington: UrbanInstitute, 2004), available at http://www.urban.org/uploadedPDF/310977_B-57.pd.

32 U.S. Bureau o Labor Statistics, Union Members Sum-mary, Press release, January 23, 2013, available athttp://www.bls.gov/news.release/union2.nr0.htm.

33 Centers or Medicare & Medicaid Services, 2013 FederalPoverty Guidelines, available at http://www.medicaid.gov/Medicaid-CHIP-Program-Inormation/By-Topics/Eli-

gibility/Downloads/2013-Federal-Poverty-level-charts.pd(last accessed August 2013).

34 Wen-Jui Han and others, Public Policies and WomensEmployment Ater Childbearing. Working Paper 1 4660(National Bureau o Economic Research, 2009), avail-able at http://www.nber.org/papers/w14660.pd.

35 Jennier Erickson and Michael Ettlinger, 300 MillionEngines o Growth: A Middle-Out Plan or Jobs,Business, and a Growing Economy (Washington:Center or American Progress, 2013), available athttp://www.americanprogress.org/issues/economy/report/2013/06/13/66204/300-million-engines-o-growth/.

36 U.S. Bureau o Labor Statistics, Characteristics o Mini-mum Wage Workers: 2012.

37 Erickson and Ettlinger, 300 Million Engines o Growth.

38 John Schmitt, Why Does the Minimum Wage HaveNo Discernible Eect on Employment? (Washington:Center or Economic and Policy Research, 2013), avail-able at http://www.cepr.net/documents/publications/min-wage-2013-02.pd.

39 Ann OLeary, Matt Chayt, and Eve Weissman, SocialSecurity Cares: Why America is Ready or Paid Familyand Medical Leave (Washington: Center or AmericanProgress, 2012), available at http://www.american-progress.org/issues/labor/report/2012/09/27/39331/social-security-cares/.

40 Healthy Families Act, H. Rept. 1876, 112 Cong; Ericksonand Ettlinger, 300 Million Engines o Growth.


42 Ibid.

43 Ibid.

44 Jamrisko and Kolet, Cost o College Degree in U.S.Soars 12 Fold: Chart o the Day.

45 Brad Thomas, Become a College Landlord with thisCampus Housing REIT, Forbes, August 16, 2012,available at http://www.orbes.com/sites/inves-tor/2012/08/16/become-a-college-landlord-with-this-campus-housing-reit/.

46 Anne Johnson and Tobin Van Ostern, Its Our Interest:The Need to Reduce Student Loan Interest Rates(Washington: Center or American Progress, 2013),available at http://www.americanprogress.org/issues/higher-education/report/2013/02/13/53061/its-our-in-

terest-the-need-to-reduce-student-loan-interest-rates/.

47 Sallie Mae, How America Pays or College 2013 (2013),available at https://www.salliemae.com/assets/Core/how-America-pays/howamericapays2013.pd.

48 Alisa Cunningham and Gregory Kienzl, Delinquency:The Untold Story o Student Loan Borrowing (Wash-ington: Institute or Higher Education Policy, 2011),available at http://www.asa.org/pds/corporate/delin-quency_the_untold_story.pd.

49 U.S. Department o Education National Center orEducation Statistics, Fast Facts, available at http://nces.ed.gov/astacts/display.asp?id=77(last accessedAugust 2013).

50 The White House, College Scorecard, available at

http://www.whitehouse.gov/issues/education/higher-education/college-score-card (last accessed August2013).


52 Ibid.

53 Ibid.

54 Ibid.

55 Federal Reserve Bank o New York, Student Loan Debtby Age Group, available at http://www.newyorked.org/studentloandebt/ (last accessed August 2013).

56 Meta Brown and others, Grading Student Loans, Lib-erty Street Economics blog, March 5, 2012, available at

hp://libertystreeteconomics.newyorkfed.org/2012/03/

grading-student-loans.html.

57 Rohit Chopra, Student debt swells, ederal loans nowtop a trillion, available at http://www.consumernance.gov/speeches/student-debt-swells-ederal-loans-now-top-a-trillion/ (last accessed August 2013).

58 Cunningham and Kienzl, Delinquency.

59 Anne Johnson, Tobin Van Ostern, and Abraham White,The Student Debt Crisis (Washington: Center orAmerican Progress, 2012), available at http://www.americanprogress.org/wp-content/uploads/2012/10/WhiteStudentDebt-5.pd.

60 Consumer Financial Protection Bureau, Student LoanAordability: Analysis o Public Input on Impact onSolutions (2013), available at http://les.consumer-nance.gov//201305_cpb_r-report_student-loans.

pd.

61 U.S. Department o the Treasury, Daily Treasury YieldCurve Rates, available at http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield(last accessed August2013).

62 Johnson and Van Ostern, Its Our Interest.

63 Ibid.

64 U.S. Department o Education, Federal Student Aid: Payas You Earn Plan, available at http://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earn(lastaccessed August 2013).

65 Beckie Supiano, Income-Based Repayment o StudentLoans: I Only Borrows Knew, The Chronicle o Higher

Education, July 2, 2012.

http://www.urban.org/uploadedPDF/310977_B-57.pdfhttp://www.urban.org/uploadedPDF/310977_B-57.pdfhttp://www.bls.gov/news.release/union2.nr0.htmhttp://www.medicaid.gov/Medicaid-CHIP-Program-Information/By-Topics/Eligibility/Downloads/2013-Federal-Poverty-level-charts.pdfhttp://www.medicaid.gov/Medicaid-CHIP-Program-Information/By-Topics/Eligibility/Downloads/2013-Federal-Poverty-level-charts.pdfhttp://www.medicaid.gov/Medicaid-CHIP-Program-Information/By-Topics/Eligibility/Downloads/2013-Federal-Poverty-level-charts.pdfhttp://www.medicaid.gov/Medicaid-CHIP-Program-Information/By-Topics/Eligibility/Downloads/2013-Federal-Poverty-level-charts.pdfhttp://www.nber.org/papers/w14660.pdfhttp://www.americanprogress.org/issues/economy/report/2013/06/13/66204/300-million-engines-of-growth/http://www.americanprogress.org/issues/economy/report/2013/06/13/66204/300-million-engines-of-growth/http://www.americanprogress.org/issues/economy/report/2013/06/13/66204/300-million-engines-of-growth/http://www.cepr.net/documents/publications/min-wage-2013-02.pdfhttp://www.cepr.net/documents/publications/min-wage-2013-02.pdfhttp://www.americanprogress.org/issues/labor/report/2012/09/27/39331/social-security-cares/http://www.americanprogress.org/issues/labor/report/2012/09/27/39331/social-security-cares/http://www.americanprogress.org/issues/labor/report/2012/09/27/39331/social-security-cares/http://www.forbes.com/sites/investor/2012/08/16/become-a-college-landlord-with-this-campus-housing-reit/http://www.forbes.com/sites/investor/2012/08/16/become-a-college-landlord-with-this-campus-housing-reit/http://www.forbes.com/sites/investor/2012/08/16/become-a-college-landlord-with-this-campus-housing-reit/http://www.americanprogress.org/issues/higher-education/report/2013/02/13/53061/its-our-interest-the-need-to-reduce-student-loan-interest-rates/http://www.americanprogress.org/issues/higher-education/report/2013/02/13/53061/its-our-interest-the-need-to-reduce-student-loan-interest-rates/http://www.americanprogress.org/issues/higher-education/report/2013/02/13/53061/its-our-interest-the-need-to-reduce-student-loan-interest-rates/https://www.salliemae.com/assets/Core/how-America-pays/howamericapays2013.pdfhttps://www.salliemae.com/assets/Core/how-America-pays/howamericapays2013.pdfhttp://www.asa.org/pdfs/corporate/delinquency_the_untold_story.pdfhttp://www.asa.org/pdfs/corporate/delinquency_the_untold_story.pdfhttp://nces.ed.gov/fastfacts/display.asp?id=77http://nces.ed.gov/fastfacts/display.asp?id=77http://www.whitehouse.gov/issues/education/higher-education/college-score-cardhttp://www.whitehouse.gov/issues/education/higher-education/college-score-cardhttp://www.newyorkfed.org/studentloandebt/http://www.newyorkfed.org/studentloandebt/http://libertystreeteconomics.newyorkfed.org/2012/03/grading-student-loans.htmlhttp://libertystreeteconomics.newyorkfed.org/2012/03/grading-student-loans.htmlhttp://www.consumerfinance.gov/speeches/student-debt-swells-federal-loans-now-top-a-trillion/http://www.consumerfinance.gov/speeches/student-debt-swells-federal-loans-now-top-a-trillion/http://www.consumerfinance.gov/speeches/student-debt-swells-federal-loans-now-top-a-trillion/http://www.americanprogress.org/wp-content/uploads/2012/10/WhiteStudentDebt-5.pdfhttp://www.americanprogress.org/wp-content/uploads/2012/10/WhiteStudentDebt-5.pdfhttp://www.americanprogress.org/wp-content/uploads/2012/10/WhiteStudentDebt-5.pdfhttp://files.consumerfinance.gov/f/201305_cfpb_rfi-report_student-loans.pdfhttp://files.consumerfinance.gov/f/201305_cfpb_rfi-report_student-loans.pdfhttp://files.consumerfinance.gov/f/201305_cfpb_rfi-report_student-loans.pdfhttp://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldhttp://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldhttp://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldhttp://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earnhttp://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earnhttp://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earnhttp://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earnhttp://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldhttp://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldhttp://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldhttp://files.consumerfinance.gov/f/201305_cfpb_rfi-report_student-loans.pdfhttp://files.consumerfinance.gov/f/201305_cfpb_rfi-report_student-loans.pdfhttp://files.consumerfinance.gov/f/201305_cfpb_rfi-report_student-loans.pdfhttp://www.americanprogress.org/wp-content/uploads/2012/10/WhiteStudentDebt-5.pdfhttp://www.americanprogress.org/wp-content/uploads/2012/10/WhiteStudentDebt-5.pdfhttp://www.americanprogress.org/wp-content/uploads/2012/10/Whit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67 Joe Valenti and David Bergeron, How QualiedStudent Loans Could Protect Borrowers and Taxpayers(Washington: Center or American Progress, 2013),available at http://www.americanprogress.org/issues/higher-education/report/2013/08/20/72508/how-qualied-student-loans-could-protect-borrowers-and-taxpayers/.

68 Anthony Carnevale, Nicole Smith, and Je Strohl,Recovery: Job Growth and Education Requirementsthrough 2020, (Washington: Georgetown UniversityCenter on Education and the Workorce, 2013), avail-

able at http://cew.georgetown.edu/recovery2020/.

69 Ibid.

70 U.S. Department o Labor, FY 2013 CongressionalBudget Justication: Employment and Training Admin-istration (2012), available at http://www.dol.gov/dol/budget/2013/PDF/CBJ-2013-v1-12.pd.

71 U.S. Department o Labor, Registered ApprenticeshipNational Results, available at http://www.doleta.gov/OA/data_statistics.cm (last accessed August 2013).


73 Ibid.

74 Ibid.

75 Ruth Helman and others, The 2013 Retirement Con-dence Survey: Perceived Savings Needs Outpace Real-ity or Many (Washington: Employee Benet ResearchInstitute, 2013), available at http://www.ebri.org/pd/surveys/rcs/2013/EBRI_IB_03-13.No384.RCS.pd.

76 Rhee, The Retirement Savings Crisis.

77 Helman and others, The 2013 Retirement CondenceSurvey.

78 David Madland, Making Saving or RetirementEasier, Cheaper, and More Secure (Washington:Center or American Progress, 2012), available athttp://www.americanprogress.org/issues/labor/re-port/2012/09/20/38616/making-saving-or-retirement-easier-cheaper-and-more-secure-2/.

79 Ibid.

80 Rowland Davis and David Madland, American Retire-ment Savings Could be Much Better (Washington:Center or American Progress, 2013), available at http://www.americanprogress.org/issues/economy/re-port/2013/08/20/72469/american-retirement-savings-could-be-much-better/.

81 Ibid.

82 Ibid.

83 Christian Weller and Sam Ungar, The Universal SavingsCredit (Washington: Center or American Progress,2013), available at http://www.americanprogress.org/issues/economy/report/2013/07/19/70058/the-univer-sal-savings-credit/.
http://www.americanprogress.org/issues/higher-education/report/2013/08/20/72508/how-qualified-student-loans-could-protect-borrowers-and-taxpayers/http://www.americanprogress.org/issues/higher-education/report/2013/08/20/72508/how-qualified-student-loans-could-protect-borrowers-and-taxpayers/http://www.americanprogress.org/issues/higher-education/report/2013/08/20/72508/how-qualified-student-loans-could-protect-borrowers-and-taxpayers/http://www.americanprogress.org/issues/higher-education/report/2013/08/20/72508/how-qualified-student-loans-could-protect-borrowers-and-taxpayers/http://cew.georgetown.edu/recovery2020/http://www.dol.gov/dol/budget/2013/PDF/CBJ-2013-v1-12.pdfhttp://www.dol.gov/dol/budget/2013/PDF/CBJ-2013-v1-12.pdfhttp://www.doleta.gov/OA/data_statistics.cfmhttp://www.doleta.gov/OA/data_statistics.cfmhttp://www.ebri.org/pdf/surveys/rcs/2013/EBRI_IB_03-13.No384.RCS.pdfhttp://www.ebri.org/pdf/surveys/rcs/2013/EBRI_IB_03-13.No384.RCS.pdfhttp://www.americanprogress.org/issues/labor/report/2012/09/20/38616/making-saving-for-retirement-easier-cheaper-and-more-secure-2/http://www.americanprogress.org/issues/labor/report/2012/09/20/38616/making-saving-for-retirement-easier-cheaper-and-more-secure-2/http://www.americanprogress.org/issues/labor/report/2012/09/20/38616/making-saving-for-retirement-easier-cheaper-and-more-secure-2/http://www.americanprogress.org/issues/economy/report/2013/08/20/72469/american-retirement-savings-could-be-much-better/http://www.americanprogress.org/issues/economy/report/2013/08/20/72469/american-retirement-savings-could-be-much-better/http://www.americanprogress.org/issues/economy/report/2013/08/20/72469/american-retirement-savings-could-be-much-better/http://www.americanprogress.org/issues/economy/report/2013/08/20/72469/american-retirement-savings-could-be-much-better/http://www.americanprogress.org/issues/economy/report/2013/07/19/70058/the-universal-savings-credit/http://www.americanprogress.org/issues/economy/report/2013/07/19/70058/the-universal-savings-credit/http://www.americanprogress.org/issues/economy/report/2013/07/19/70058/the-universal-savings-credit/http://www.americanprogress.org/issues/economy/report/2013/07/19/70058/the-universal-savings-credit/http://www.americanprogress.org/issues/economy/report/2013/07/19/70058/the-universal-savings-credit/http://www.americanprogress.org/issues/economy/report/2013/07/19/70058/the-universal-savings-credit/http://www.americanprogress.org/issues/economy/report/2013/08/20/72469/american-retirement-savings-could-be-much-better/http://www.americanprogress.org/issues/economy/report/2013/08/20/72469/american-retirement-savings-could-be-much-better/http://www.americanprogress.org/issues/economy/report/2013/08/20/72469/american-retirement-savings-could-be-much-better/http://www.americanprogress.org/issues/economy/report/2013/08/20/72469/american-retirement-savings-could-be-much-better/http://www.americanprogress.org/issues/labor/report/2012/09/20/38616/making-saving-for-retirement-easier-cheaper-and-more-secure-2/http://www.americanprogress.org/issues/labor/report/2012/09/20/38616/making-saving-for-retirement-easier-cheaper-and-more-secure-2/http://www.americanprogress.org/issues/labor/report/2012/09/20/38616/making-saving-for-retirement-easier-cheaper-and-more-secure-2/http://www.ebri.org/pdf/surveys/rcs/2013/EBRI_IB_03-13.No384.RCS.pdfhttp://www.ebri.org/pdf/surveys/rcs/2013/EBRI_IB_03-13.No384.RCS.pdfhttp://www.doleta.gov/OA/data_statistics.cfmhttp://www.doleta.gov/OA/data_statistics.cfmhttp://www.dol.gov/dol/budget/2013/PDF/CBJ-2013-v1-12.pdfhttp://www.dol.gov/dol/budget/2013/PDF/CBJ-2013-v1-12.pdfhttp://cew.georgetown.edu/recovery2020/http://www.americanprogress.org/issues/higher-education/report/2013/08/20/72508/how-qualified-student-loans-could-protect-borrowers-and-taxpayers/http://www.americanprogress.org/issues/higher-education/report/2013/08/20/72508/how-qualified-student-loans-could-protect-borrowers-and-taxpayers/http://www.americanprogress.org/issues/higher-education/report/2013/08/20/72508/how-qualified-student-loans-could-protect-borrowers-and-taxpayers/http://www.americanprogress.org/issues/higher-education/report/2013/08/20/72508/how-qualified-student-loans-could-protect-borrowers-and-taxpayers/


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