This is not a good time to be starting out in life. Jobs are scarce, and those that exist often pay unexpectedly low wages. Beginning a family ”” always stressful and uncertain ”” is increasingly a stretch. The weak economy begets weak family formation. We instinctively know this; several new studies now deepen our understanding.
When the labor market operates smoothly, it creates an economic escalator. Just out of high school or college, young workers typically switch jobs frequently until they find something that fits their talent and temperament. Job changes often mean higher pay; people move to advance themselves. The more they succeed, the more confident they feel in marrying and having children.
The most startling evidence of the broken escalator is the collapse in marriages and births….