Posted on 03/01/2012 7:04:50 AM PST by frithguild
A month ago, Zero Hedge readers were stunned to learn that unemployment among Europe's young adults has exploded as a result of the European financial crisis, and peaking anywhere between 46% in the case of Greece all they way to 51% for Spain. Which makes us wonder what the reaction will be to the discovery that when it comes to young adults (18-24) in the US, the employment rate is just barely above half, or 54%, which just happens to be the lowest in 64 years, and 7% worse than when Obama took office promising a whole lot of change 3 years ago.
And while technically this means 46% are unemployed, or the same percentage as in Greece, the US ratio, which comes from Pew, shows the ratio as a % of the total population: a very sensitive topic now that every month we see another 250,000 drop off mysteriously from the total labor force. However, unlike those on the trailing age end, young adults by definition are the labor force in their age group demographic, so it would be difficult to explain away this horrendous number by claiming that ever more 24 year olds are retiring. Although, yes, we agree that some may be dropping out of the labor force in order to go to college, incidentally the locus of the latest credit bubble, where they meet a fate worse even than secular unemployment: they become debt slaves of the Federal System, with non-dischargable debt at that, which even assuming they can get a job would take ages to pay back!
But wait: there's more - of all age groups, this is the one that has actually seen its wages drop the most under the Obama administration.
So not only are they unemployed, young adults are at least poor.
Net result: double the change, zero the hope.
That number is fudged as well... In some numbers, full time college enrollment equates to employment, in other numbers, ANY work counts as employment. If you were to just count full time employment, and count college enrollment as not being employed, the numbers plummet to under 30%.
Hope and change has become ‘hope for some spare change..’
I’m 25 and I lost my job about a month ago. I’m lucky enough that my family is helping out and I banked up a few bucks. Most people my age aren’t that lucky and frankly I don’t know what the hell to do with myself except keep looking.
If Obama is reelected...give up. If no don’t give up. At 25 I was 1.5 years out of Viet Nam and freshly laid off, due to seniority, from the job I really wanted. Didn’t have parents to run to so took every job I could fine permanent or part time for whatever wage I could get. Since then I changed careers 5 times and ultimately found success. I have retired now, reasonably comfortable and secure (unless Obama gets reelected)...
Don’t give up, defer gratification, save your money, live prudently, jump on every opportunity that comes your way and always keep eyes open for the things that you need to do for yourself to succeed.
Good luck
The Obama regime has, so far, done nothing about it. Most of the young people have never had a job long enough to earn enough to qualify for unemployment compensation ~ so all that 99 week stuff meant nothing to them. They can't buy houses either, and most of them qualify for EITC ~ something a lot of Freepers want to get rid of.
So, no job, no unemployment, no EITC, no future ~ and Obama, and a lot of Freepers, imagine they will vote for the Democrats.
If anybody had asked Herbert Hoover about that possible outcome I think he'd laughed and laughed and laughed.
These kids can be picked up by the Republicans FOREVER!
Newt, Santorum, Paul, even Romney, have a chance if they can direct a strong message to the Unemployed Yout' of America.
There has now been unfettered legal and illegal immigration for the entire lifespans of these young people.
The supply of labor for jobs in the lower and median wage scales has increased dramatically.
The real number of low and median wage scale jobs has dropped in all areas of the country except the Washington DC metro area, parts of south Texas, and the Bakken Shelf oil fields.
The prior generations of workers are working longer, working more hours, working more productively, and working to survive. While theoretically 10,000 Baby boomers should be retiring every day, the BLS stats show something closer to 6000 leaving the workforce daily... which means the entire “career path” concept has been stalled in it’s tracks for all workers due to a glut of workers at the peak and/or end game position of their individual working life trajectories.
We must also add in the massive education debt burden saddled on the 18-24 year old generation to understand the situation is has probably already collapsed, in the sense that wholesale, widespread credit default of this generation is going to be not just the societal norm, but the ONLY acceptable societal norm.
Exciting times stand ahead as the failures of the old order make way for a return to a more natural labor market in the coming decade, unencumbered by interference from government dogooders and social engineering by scions of failed pseudo-scientific academic cults.
Good post. God Bless you, FRiend, and..”Welcome Home”!
I have felt from day one of this presidency, they have no intention of doing anything to improve the industrial base.
They WANT people unemployed.
To create a “Crisis” in Community Organizerspeak.
The welfare State: email received this a.m.
The food stamp program, part of the Department of Agriculture, is pleased to be distributing the greatest amount of food stamps ever.
Meanwhile, the Park Service, also part of the Department of Agriculture, asks us to “Please Do Not Feed the Animals” because the animals may grow dependent and not learn to take care of themselves.
Well put, sodpoodle, well put indeed.
One would think that point of view would resonate with liberals who believe humans are no different than beasts.
Some people that can’t find a job, create one. That may or may not be feasible for you. Good luck.
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