The reason so many young people are out of work is that Ben Bernanke and FOMC Board members think 8% unemployment is better than overshooting 2% inflation. Of course, there is no option to have a jobs boom where inflation doesn’t go over 2%.
More people driving to work is going to mean more demand for gas, so gas prices would go up. More young people moving out of their parents’ basements would create more housing demand, and we’ve severely underbuilt the past 4 years, so housing prices and rents (a big part of CPI) would go up. Some price increases for some goods are all part of a healthy recovery, but it would mean inflation over 2% for a while so the Fed won’t let it happen, human consequences be damned.