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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe Global Youth Jobless Crisis: A Tragic Mess That Is Not Getting Any Better
http://www.theatlantic.com/business/archive/2013/05/the-global-youth-jobless-crisis-a-tragic-mess-that-is-not-getting-any-better/275696/Elevated and lasting unemployment is an awful thing, anywhere, and for anyone. But it is awful in a special way for young people, cutting them off from networks and starting salaries at the moment they need to forge connections and begin to cobble together a career.
A new study from the International Labor Organization takes a global tour of youth joblessness and finds that what's gone up won't come down in the next five years. The youth unemployment rate* among the richest countries is projected to flat-line, rather than fall, before 2018. As a result, the global Millennial generation could be uniquely scarred by the economic downturn. Research by Lisa Kahn has showed that people graduating into a recession have typically faced a lifetime of lower wages.
As Ritchie King from Quartz shows in the graph to the left, it's now "harder for a teenager or young adult to find a job in developed economies than in Sub-Saharan Africa."
Lurking under the rise of youth unemployment among the richest countries is an even scarier trend -- the rise of long-term youth unemployment. Long-term unemployment isn't just a difference in length; it's a difference in kind, because the more time you spend out of a company, the less likely you are to be hired back into one. In many European countries, particularly Spain, the increase in unemployment has come almost exclusively from people being out of work longer than two-years. In advanced economies, "longterm unemployment has arrived as an unexpected tax on the current generation of youth," ILO writes. About half of Europe's unemployed youth have been out of work for more than six months, according to 2011 data.
chervilant
(8,267 posts)among our youth and older workers has been an issue for more than a decade. Our economic situation is beyond grim, and our population is still increasing exponentially. Yet, the obscenely wealthy continue to grow their wealth, and the poor continue to eke out a bare subsistence.
Our narcissistic, hedonistic species is fast approaching our extinction event primarily because we care far more for our filthy lucre than we care for each other.
marmar
(76,985 posts)And talk about a recipe for trouble......or revolution.
Newest Reality
(12,712 posts)collateral damage in the profit model?
Cleanup is about moving to the growing, lucrative, private prison model which practically solves all the social and economic issues we face: housing, food, clothing, medical care, cheap labor.
Those who still pay taxes will fund this efficient solution, (well, it is not efficient for the tax payer at around $20-$40k per yer per head) and, unlike pesky, social programs, much profit and increased affluence will fulfill the requirements of neoliberalism and oligarchy.
There, Problem solved!