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

All across America, people are hurting. Most of all, people are hurting for jobs- even those already employed. Half a million Americans have lost their jobs this year, bringing unemployment up to over 7%. But how many Americans are “underemployed”?

In order to prevent poverty, people need jobs that provide a livable wage with basic medical benefits. Underemployed Americans are forced into working part time simply because there are no full time jobs available. Employees who are underemployed rarely receive benefits of full time employees. Sick employees are forced to buy medical insurance outside of their job, which further reduces their income. In fact, some companies purposely reduce employee hours below full time to avoid paying for their benefits!

One state that has made the news lately is California. For many Californians, times are the roughest they’ve been in 14 years. 1 in 5 unemployed adults in California have been unemployed for 27 weeks or longer. The overall unemployment rate is nearly 9%. These unemployed adults are forced to turn to public aid for help at a time when California faces one of the biggest budget shortfalls in history.

California is a perfect example of what could happen in 2010 if states across America don’t push for economic and financial reform. By the end of 2009, if the foreclosure rates continue, several million Americans will become homeless. Meanwhile banks and credit card companies continue poor consumer practices that are tearing the American dream apart at the seams.

Poverty prevention is a complex issue, but it begins with an individual’s ability to become self-reliant and maintain a standard of living. Without a chance, many Americans are simply giving up. It’s time to inspire action and demand for consumer and employee protection.

For more information, see A Time for Growing Need

One of the quickest ways to poverty is financial ruin. With the recent rush of foreclosures, and the failing HOPE for Homeowners Program (which makes it optional for lenders to participate), there are more people headed for poverty than ever. Worst yet, as more homes become victims to the economy, entire neighborhoods become ghettos of empty homes boarded up and vandalized.

The hardest hit during the mortgage meltdown are young families from lower middle class backgrounds. Many young couples bought homes under the idea that the prices would continue rising. Mortgage brokers often assured them that properties never lose value. Most young families did not have the immediate funds for a down-payment, but at the time were assured they didn’t need one. Since most of these families were already strained when they bought the home, a foreclosure sends them further into economic despair.

The Center for American Progress has created a stimulus plan that would pump $5 billion in funding to a national neighborhood stabilization program. State and local governments could receive money to purchase, rehabilitate and resell foreclosed homes. In the process, this program could create over $10 billion in economic activity and over 100,000 jobs.

This program would immediately help stem the downward spiral of housing prices, which actually make it harder for people to get loans to purchase houses. It would also create jobs so that more potential buyers flood the market. Finally, it saves neighborhoods. Unoccupied homes destroy neighborhoods since they’re susceptible to squatting, vandalism and arson. Putting homebuyers in homes is the best thing for a neighborhood in decline.

For more information, visit American Progress.