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That number is only going to keep on rising as well.What a shocking figure.
http://www.nypost.com/p/news/business/the_dead_end_kids_AnwaWNOGqsXMuIlGONNX1K
The unemployment rate for young Americans has exploded to 52.2 percent -- a post-World War II high, according to the Labor Dept. -- meaning millions of Americans are staring at the likelihood that their lifetime earning potential will be diminished and, combined with the predicted slow economic recovery, their transition into productive members of society could be put on hold for an extended period of time.
And worse, without a clear economic recovery plan aimed at creating entry-level jobs, the odds of many of these young adults -- aged 16 to 24, excluding students -- getting a job and moving out of their parents' houses are long. Young workers have been among the hardest hit during the current recession -- in which a total of 9.5 million jobs have been lost.
United States President Barack Obama
EPA
United States President Barack Obama
"It's an extremely dire situation in the short run," said Heidi Shierholz, an economist with the Washington-based Economic Policy Institute. "This group won't do as well as their parents unless the jobs situation changes."
Al Angrisani, the former assistant Labor Department secretary under President Reagan, doesn't see a turnaround in the jobs picture for entry-level workers and places the blame squarely on the Obama administration and the construction of its stimulus bill.
"There is no assistance provided for the development of job growth through small businesses, which create 70 percent of the jobs in the country," Angrisani said in an interview last week. "All those [unemployed young people] should be getting hired by small businesses."
There are six million small businesses in the country, those that employ less than 100 people, and a jobs stimulus bill should include tax credits to give incentives to those businesses to hire people, the former Labor official said.
"If each of the businesses hired just one person, we would go a long way in growing ourselves back to where we were before the recession," Angrisani noted.
During previous recessions, in the early '80s, early '90s and after Sept. 11, 2001, unemployment among 16-to-24 year olds never went above 50 percent. Except after 9/11, jobs growth followed within two years.
A much slower recovery is forecast today. Shierholz believes it could take four or five years to ramp up jobs again.
A study from the National Longitudinal Survey of Youth, a government database, said the damage to a new career by a recession can last 15 years. And if young Americans are not working and becoming productive members of society, they are less likely to make major purchases -- from cars to homes -- thus putting the US economy further behind the eight ball.
Angrisani said he believes that Obama's economic team, led by Larry Summers, has a blind spot for small business because no senior member of the team -- dominated by academics and veterans of big business -- has ever started and grown a business.
"The Reagan administration had people who knew of small business," he said.
"They should carve out $100 billion right now and create something like $5,000 to $6,000 job credits that would drive the hiring of young, idled workers by small business."
Angrisani said the stimulus money going to extending unemployment benefits is like a narcotic that is keeping the unemployed content -- but doing little to get them jobs.
Labor Dept. statistics also show that the number of chronically unemployed -- those without a job for 27 weeks or more -- has also hit a post-WWII high.
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hm this hits pretty hard for me. I don't think it's fair to blame everything on Obama though.
D:
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Aren't you still in high school? Assuming you go to college you can hope things will be better by then. You still have 5-6 years. I'm a freshman in college now and even though the job market isn't great right now, 4 years is a long time for stuff to get better... or worse too for that matter I guess.
Also I don't think presidents in most cases should be credited with much of the good or bad that happens during their time in office because often times the things that happen were set into motion long before they took control. I mean I think if Obama acts properly he could help mitigate the problem but he couldn't avoid it altogether.
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Every time one of these reports comes out it reminds me how lucky I am....
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3861 Posts
Thus why I don't want to go back to the States
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FUUUUUUUUUUUUUUUUUUUUUUUU
Well living with my rents ain't so bad.
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This is why I put off the real world and went to grad school :D
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Baltimore, USA22258 Posts
On September 28 2009 12:36 Mickey wrote:
FUUUUUUUUUUUUUUUUUUUUUUUU
Well living with my rents ain't so bad.
For how long.
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thank god that people are still going to get sick, and i hopefully will have a job in the medical profession......i hope. unless public health care comes along- and if that happens QQ
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the Reagan administration's de-regulation of the financial industry is the source of the entire economic mess, including unemployment.. the world renown economist Paul Krugman put out a great article a few weeks back highlighting this exact point. Reagan and people who think like him are the reason we are in this mess... Obama is doing his best to clean it up.. of course it's easy to just dump all the blame on the guy who's been in office less than a year..
did you know that reagan's closest advisor was an executive of Merrill Lynch?
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Thanks UPS. 
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On September 28 2009 12:51 stk01001 wrote:
the Reagan administration's de-regulation of the financial industry is the source of the entire economic mess, including unemployment.. the world renown economist Paul Krugman put out a great article a few weeks back highlighting this exact point. Reagan and people who think like him are the reason we are in this mess... Obama is doing his best to clean it up.. of course it's easy to just dump all the blame on the guy who's been in office less than a year..
did you know that reagan's closest advisor was an executive of Merrill Lynch?
oh dear god not this obvious trolling
-no evidence
-relying on generalizations only
-relying on a biased source
-straw man argument
-low post count
-no evidence
-relying on a biased source
I already have posted, numerous times, strong considerations on why this crisis happened.
It wasn't, as you claim, the Reagan administration per se. Having actually read Dr. Krugman's book, his analysis on why this happened is completely different from what you claim he said.
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It's good to b e a student
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On September 28 2009 11:59 FragKrag wrote:
hm this hits pretty hard for me. I don't think it's fair to blame everything on Obama though.
D:
I'd say its pretty fair.
He's not making it easy for college students to obtain loans during this recession, and the job market has taken such a hit that there's too much competition for college grads. The "entry level" positions are getting taken over by people who got laid off earlier this year.
Idk what I'm gonna do when my contract expires 
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On September 28 2009 13:00 Amber[LighT] wrote:Show nested quote +On September 28 2009 11:59 FragKrag wrote:
hm this hits pretty hard for me. I don't think it's fair to blame everything on Obama though.
D: I'd say its pretty fair. He's not making it easy for college students to obtain loans during this recession, and the job market has taken such a hit that there's too much competition for college grads. The "entry level" positions are getting taken over by people who got laid off earlier this year. Idk what I'm gonna do when my contract expires
I agree the recession is Obama's fault.
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I hear ya, the typical job posting these days reads something like...
wanted:
payroll/human resources/receptionist/janitor/gopher/valet/microscope repair tech
must have 5+ years experience in each field
$9/hr
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My job just ended yesterday as a seasonal job, not sure how I'm going to pay rent.... fuuuuck
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On September 28 2009 13:00 Amber[LighT] wrote:Show nested quote +On September 28 2009 11:59 FragKrag wrote:
hm this hits pretty hard for me. I don't think it's fair to blame everything on Obama though.
D: I'd say its pretty fair. He's not making it easy for college students to obtain loans during this recession, and the job market has taken such a hit that there's too much competition for college grads. The "entry level" positions are getting taken over by people who got laid off earlier this year. Idk what I'm gonna do when my contract expires
pretty sure one of the first things obama did was increase pell grants and perkins loan limits, i'm getting the 8k max in perkins loans thanks to it (i think, feel free to correct me if i'm wrong)
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On September 28 2009 12:59 KOFgokuon wrote:
It's good to b e a student
My parents require me to be a full time student and a part time worker.
I'm unemployed and have 5 weeks to find a job, or they kick me out.
On September 28 2009 11:59 FragKrag wrote:
hm this hits pretty hard for me. I don't think it's fair to blame everything on Obama though.
D:
Yes, it really should. Rather than letting the free market correct itself, Obama has "stimulated" it by pouring salt on an open wound. The short term isn't as harsh, but in the long run the economy will take extra time to recover or it simply won't recover.
We are at the forefront of possibly a worse economic disaster than the depression of 1930's. The only things stopping America from, quite literally, being 3rd world OVERNIGHT is barrels of petroleum are traded in US Dollars and the fact that the Chinese government is holding on to $2 trillion ($2,000,000,000,000) in hopes that they make a return on that money in the future. If they released that money and barrels were traded in a currency other than USD, destitute African countries would have more wealth than this nation.
Obama, rather than reducing taxes to get more people working again (Reagan did it and the unemployment dropped from >11% to <5% nationwide), raised them. Rather than reducing the national debt., he has sought to increase it, and increased it from $8 trillion to a current of almost $12 trillion, and on top of that, has raised the minimum wage, both of which further lower the value of the dollar.
Did Bush help? He increased the national debt. with a stimulus package, so no. He did, however, try to repeal the law, approved by congress during the Clinton administration that forced banks to give loans to deadbeats who almost assuredly couldn't pay their mortgage, which led to the housing market crash of 2008/2009, but he was stopped by the [Democratic majority] congress.
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On September 28 2009 13:01 {CC}StealthBlue wrote:Show nested quote +On September 28 2009 13:00 Amber[LighT] wrote:On September 28 2009 11:59 FragKrag wrote:
hm this hits pretty hard for me. I don't think it's fair to blame everything on Obama though.
D: I'd say its pretty fair. He's not making it easy for college students to obtain loans during this recession, and the job market has taken such a hit that there's too much competition for college grads. The "entry level" positions are getting taken over by people who got laid off earlier this year. Idk what I'm gonna do when my contract expires I agree the recession is Obama's fault.
You're kidding right? This is just one of those "it's so obviously wrong it's funny" type of posts right?
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EPT
