Posted on 10/11/2009 3:13:24 AM PDT by TigerLikesRooster
The Lost Generation
The continuing job crisis is hitting young people especially hard—damaging both their future and the economy
By Peter Coy
Bright, eager—and unwanted. While unemployment is ravaging just about every part of the global workforce, the most enduring harm is being done to young people who can't grab onto the first rung of the career ladder.
Affected are a range of young people, from high school dropouts, to college grads, to newly minted lawyers and MBAs across the developed world from Britain to Japan. One indication: In the U.S., the unemployment rate for 16- to 24-year-olds has climbed to more than 18%, from 13% a year ago.
For people just starting their careers, the damage may be deep and long-lasting, potentially creating a kind of "lost generation." Studies suggest that an extended period of youthful joblessness can significantly depress lifetime income as people get stuck in jobs that are beneath their capabilities, or come to be seen by employers as damaged goods.
Equally important, employers are likely to suffer from the scarring of a generation. The freshness and vitality young people bring to the workplace is missing. Tomorrow's would-be star employees are on the sidelines, deprived of experience and losing motivation. In Japan, which has been down this road since the early 1990s, workers who started their careers a decade or more ago and are now in their 30s account for 6 in 10 reported cases of depression, stress, and work-related mental disabilities, according to the Japan Productivity Center for Socio-Economic Development.
(Excerpt) Read more at businessweek.com ...
“Wrong years. Think 1930~31.”
Agree, look at the charts, and then look at the people in power. The numbers today are much worse than the 1980 numbers and maybe worse than the depression numbers...when you look at the size of the real estate bubble, overall debt, etc.
Even FDR built Hoover Dam, TVA, and a bunch of other stuff that really grew this country (and provided jobs). I’m no fan of his, but I would take him ANY DAY compared to who’s running the White House and Congress today. We have a Congress/President determined to pursue a negative growth policy in just about every way. The solutions that could get us moving again, like nukes, serious highway construction, loosening of labor laws (like minimum wage), loosening of environmental shackles (like pollution laws and allowing California to grow vegetables) are not even being discussed.
We are in the process of going from First World to Third World, and very quickly. Look out the window, it will take decades (or generations) to recover, and then only if AMERICANS realize who drove us into this mess and figure out a way to never let them have power again (regardless of whether the opposition hires a prostitute once in a while).
Hey, the people who "grew up during the depression" turn uot to be some of the thriftiest and hardworking people this country has ever seen!
That's a nice point. We don't even get a bridge to nowhere out of this administration.
Hey, here's an idea: Cut Taxes. Can't you imagine all the money left in the free market being put to work making real jobs and wealth creation. It took us a decade in the 70s to rediscover this...I shudder how long it will take now. Sign me depressed.
Then look for opportunity in the developing world. Some countries there have good government and are interested in pulling themselves up by their bootstraps. If the developed world has poor economic leadership, too bad for them.
Certainly not all developing countries fall into this category. Two points to immediately consider are the disease situation (especially malaria) and the crime scene. Be careful!
_____________________________________
Not even close. The 78-81 time frame is much more accurate and even that is a bit alarmist.
The writer must think that these young people are nothing but weak sisters. That may be so but I doubt that there is no significant % in that group of do-ers. They will find a way and the others will learn a hard but not fatal lesson.
I say bring on the real hard times, we can take it and the country will be better off down the road for it.
********That's a nice point. We don't even get a bridge to nowhere out of this administration.
___________________________________________
He had to do something. During the depression one out of three were out of work, and for 1-4 years. And, there was no unemployment insurance, no food stamps, no welfare. People were flat busted with no safety nets at all. If he hadn't created these projects there would have been anarchy.
Today one out of ten are out of work. They get over a year of unemployment benefits. They can get food stamps and rent assistance. The circumstances are not anywhere near close.
I very much share that concern.
say what now?....young folks much like blacks and latinos and Jews have no free will now as well?
sorry I ain't buying that part...the goofy lefty professor crap is spot on but kids have minds...they believe what they want to believe and lefty mush plays right into inherent youthful idealism and the thirst to feel morally superior to previous generations..
anyone voted for Bro did so cause they bought the hype or he fed into their own bigotry or self hatred against the majority and western culture in general
\ yep...campaigned for Carter in 1976...but we had no idea he was as lefty then as we already knew Obama is now
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.