The more persistent problems are stagnant pay and insecure employment terms. But these problems, too, are heavily concentrated on the young. British labor market experts Paul Gregg and Stephen Machin calculate that whereas the workforce as a whole has endured a lost decade for pay, the real drop in earnings for the youngest age bracket is now a breathtaking 14 percent, setting them back a full 16 years to 1998 wage rates.

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