I'll go first. I don't know if wage scarring is an official term.... Oh, okay. I've been told: it's an official term.
Basically what it means is that when young people experience a period of unemployment or underemployment, that puts them behind their peers who had steady employment at the time. That means it's harder for young people to catch up and, in some cases, impossible. I think I said earlier that often the effects can be felt for up to 20 years or longer.
It clearly is a problem for young people, but not just for young people. I think it's a problem for everyone. The intergenerational effects of wage scarring and income inequality are being felt by parents, by older workers, and by workers who want to retire but can't because they are still putting their kids through school, for example, or still paying for their kids to live at home while they go to school, or who are unable to sell their houses. There may be a lot of older workers who have invested in their house as their retirement plan, but there are no young people to buy the houses because young workers have fallen so much farther behind.
This is not just a problem for young people. Although it directly affects young people, it affects everyone, really, and it really needs to be addressed.