There’s always been a running joke of the broke college student, barely struggling to make ends meet, living off of Ramen noodles and pizza. The joke usually ends with the college student graduating and moving onto a successful life-long career. For “Generation Y” (Adults 18-29), this is how life is supposed to pan out- especially for college graduates. Unfortunately, the economic crisis has stalled many of these hard working adults from being successful and starting their professional lives.

For adults aged 20-29, they unemployment rate is staggering: 11% in 2008! Worst yet, adults aged 20-29 carry very high debt of student loans, car loans and credit cards. Most of them don’t own a house, and these days, they can’t even apply for a mortgage if they wanted to because of their debt. While many young adults resort of credit cards to pay rent, utilities and groceries, more and more of them are forced to move back home or even become homeless when they have no family.

Ten years ago, it was unheard of for a college graduate to be unemployed and homeless. Ten years ago, it was also much cheaper for students to pay for college. So, what has changed?

Most business owners are firing employees right now, not hiring. The businesses that are hiring are going to hire employees they can maximize profit from since the economy is so tough. Many businesses have pre-conceptions about young workers in America. They think that 20-somethings will receive training and quit a few months down the road. They also fear the inexperience of Generation Y. Businesses feel that Generation Y has too much education and no practical life experience.

Unfortunately, the discrimination against Generation Y workers creates a double edged sword. The trend for Generation Y isn’t looking good for the next five years:

• Young adults need work experience to progress, but if they can’t get hired, they won’t gain experience. As a result, they will enter their 30s unprepared, ill-equipped and with poor credit

• There are very few programs available to young adults older than 21. If they do not have a family (i.e. former foster care) they don’t have the option of “going home” to parents. They end up homeless

• Student loans are not discharged in bankruptcy and carry high interest (7% in some cases prior to 2007). As Generation Y adults can’t pay, they lose tax refunds, ability to purchase a home and can even land in jail

For Generation Y, the economy has created an environment that’s guaranteeing poverty, homelessness and struggle. As jobs dry up, the hardest hit may not be families with older adults as originally thought. It may be the young adults who are cut off from success before they even have a chance to begin.

For more information, see MSNBC