A percentage of those out of work are likely going to migrate to care for their older parents, for what amounts to room and board, and maybe a stipend. This means they are not just out of the job market, but pretty much unable to marry and start a family.
After 10 or more years of that, and they are out for good, destined to remain bachelors and old maids.
This is extremely bad, because even if they are not top tier contributors to society, they are “second tier”, without whom the economy is crippled. Deprived of their labor, the first tier don’t remain first tier.
Or if they are lucky to find a job, many will have to take a 2nd, because of reduced hours. This will mean things are put off permanently such as travel to remote areas of the world. Glad I was able to travel much of the world because I am not sure how much I will be doing in the coming years because of this crappy economy.
Pleases you just assumed you would be back to may be out of reach. Glad I did it while I could. Many will not have those memories.