Bright, eager—and unwanted. Welcome to my world. 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 even 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. 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.
In a recessionary market it is the young, who lack in skills and experience, who suffer the most. Young people should be getting intensive support. With employment opportunities at a record low, it is vital that we prevent today’s graduates from becoming a lost generation of long-term unemployed. With the economic situation being what it is, the time for “boot strap” rhetoric and “trickle-down” economics needs to come to an end. The time has also come to stop propping up failing institutions and, instead, doing something to protect the futures of the young in this country. I say direct more money to the front line rather than to bureaucrats. We are in a critical phase in the recovery process and the time to take action is NOW!
Let me know what you think… Leave comments below…
For deeper discussion…
Just for “kicks” & giggles: Slow Jamming the Unemployment Crisis
