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Recession hurting youngest workers
(NEWSCHANNEL 3) - Right now we are seeing a lingering effect of our recent recession and it's hurting some of the youngest workers.
The new report shows people 18 to 34-years-old have been hardest hit by the recession and it's costing us big time.
The report was put out by a group called "Young Invincibles."
It found that our historically high young adult unemployment means lower tax revenue and higher safety net expenses for federal and state governments.
It says taxpayers of all generations are bearing the burden.
The Young Invincibles estimates the impact of lost federal and state taxes due to "severely high unemployment rates" for 18 to 34-year-olds at $8.9 billion each year.
Michigan ranks in the top 10 of states that are losing revenue from this high young adult unemployment.
We rank 6th, losing nearly $65-million a year.