For jobs, young Americans worse off than Russians
The 26.2% unemployment rate for folks 25 to 34 years old also tops those of other well-off nations.
David Leonhardt, The New York Times Washington bureau chief, notes that as recently as 2000, the U.S. had the lowest unemployment rate for people ages 25 to 34 years old among countries with large, wealthy economies. Now not only does is the U.S. group's unemployment rate (26.2%) higher than in countries such as Canada, the U.K., France, Japan, Australia, Russia and Germany, but the Labor Department says it's also the only group in the U.S. that saw its average wages decrease over the same span.
College graduates in that group have a far easier time of it, with the official unemployment rate for those aged 25 to 34 sitting at just 3.3%. Still, with The Organization for Economic Co-operation and Development ranking the U.S. 16th in the world for its percentage of people 25 to 34 with college degrees, young Americans' education lags behind that of folks in other countries.
These reports just add to a deluge of bad news for fresh-faced job applicants. Right now, only one job is available in the U.S. for every three people who apply. The U.S. economy has regained 5.7 million of the 8.7 million jobs shed during the Great Recession. Roughly 65% of those jobs have been of the low-wage variety, though nearly 60% of all jobs lost during the slump paid middle-income wages or better, according to the National Employment Law Project.
The most common job in America since the recession is in retail sales. Those workers number 4.3 million (greater than the population of Kentucky) and make only $25,000 a year, well below the more than $45,000 national median wage.
While college students are still far better off than their less-educated peers, art school students and MBAs alike are being crushed by student debt. Deeply indebted doctorate recipients are seeking food stamps in increasing numbers. Roughly 284,000 college graduates are making minimum wage.
Even when graduates get a job, their debt doesn't get any less onerous. The Center For College Affordability & Productivity reported that nearly half of the college graduates from the class of 2010 are in jobs that don't require a bachelor's degree. A full 38% have taken jobs that don't even require a high school education.
According to The Associated Press, that has dropped the median wage for college graduates significantly since 2000. The line from graduation to the retail counter stretches so far that Starbucks (SBUX), Wal-Mart Stores (WMT) and McDonald's (MCD) are now offering training courses that qualify for college credits.
So what do younger workers have going for them? According to Pew Research polls, a whole lot of optimism that the nation's future will be better than its past.
They'll need it.
. Congress no longer represents the American people. To be elected to congress cost large amounts of money and vested interests supply this money, congressman are bought and paid for before they ever take office. Also, it is estimated that for every $1 spent by lobbyists there is a $2200 return on that dollar. The money is just too big. If you look at who benefits from our current economic policy it is the big banks, large corporations and the federal government and the vested interests they protect. Americans we are going to have to face this reality and deal with it. Sorry about that!! The big question is do we have what it takes to deal with this reality????
It's all about education and training. There are plenty of good jobs for anyone who graduates with a degree in science, math, computer science, engineering, or accounting. If college isn't your thing, well paying jobs are available for plumbers, electricians, mechanics, and other skilled trades.
Years ago a kid could graduate from high school and land a decent job with a manufacturing or construction company. Between automation and outsourcing, those jobs are now pretty scarce. Even college graduates without specific job skills are finding it tough to land good jobs, because companies are now less inclined to spend the time and money to train liberal arts graduates.
My husband and I fall into this age category and let me tell you, it's horrendous. I can't tell you how tired I get of hearing ignorant people, such as Mexbeachrat, tell me it's because we're lazy and have no work ethic. I have a bachelor's degree in communication and was hired right out of college to write for a newspaper. That paper, along with many others, went out of circulation, due to the massive amounts of free online coverage. I went back to school at a top 10 college and got a 3.97 in education. I'm certified to teach four different subjects. I substituted for years, but teachers everywhere were furloughed. Now I'm working as an administrative assistant because that's the only job I can get right now. It does not pay well and is far from rewarding.
This is no reflection on my work ethic or intellect; this is a reflection on a horrible economy caused by a terrible president and an atrocious Congress. The America I grew up in is dead. But hey, at least we can all be cheering about gay marriage rights when we're sitting in our cardboard boxes under the bridge one day.
Unsustainable levels of national debt act like a boat anchor on our economy. That is why we've had sub-par economic growth since the recession "ended." Sub-par economic growth equals fewer jobs for those looking and it also means little to no wage growth for those lucky enough to get a job. People think this will all just correct itself but this is likely the new normal. We need to address the spending problem in Washington.
I just went out shopping and I saw tons of hiring ads in store windows. Point being, many of these folks don't want to work for Min. wage. Now I get that, but I also get that you have to have money to pay the bills. Sometimes, you have to work jobs that you really don't like. Just have a plan to do better. Education or heck, start your own business. Network with others. Nothing is easy and for the most part, for the majority of folks, it has never been a given in our history concerning workers.
For so many Americans doing so bad, why do I keep seeing brand New Cars and packed Restaurants like never before. People adjust to what is happening better than before. Sometimes when local, sure, you can't avoid a bad situation unless you move. Bottom line, this article is pure bull if you believe strictly the Headline.
Is that because the youth unemployment situation in Russia is alleviated by sending them to Boston?...
How can this be? We lead the world in people fully qualified to pitch lice infested tents in public parks completely equipped with 14 year old runaways all the while philosophizing why poor people aren't hiring for entry level upper management slots.
What is killing our economy is our fear of rag tag fringe what we call extremist groups. We fear what we should not. Even Osama Bin Laden 9/11 was equal to one months carnage on US street.
As we go and kill foreigners for legitimate reasons according to us and illegitimate according to people of foreign countries, our economy and our approval abroad will suffer. Of course every one will like to come here but they cannot and it doe not result of love for us.
We needs fear less, create less depute with foreign countries, make Israel to settle issues with Arabs and be more friendly (It is time to move on from holocaust).
If we do not fear will make us suffer and our economy will stagnat. Technology has leveled the field and foreigners are not as dumb as we were thinking and saying.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
A basic income policy can actually ensure a decent standard of living for everyone.
- People left $500,000 in coins at airports last year
- How your driving can affect your credit
- Obamacare projected to cost hundreds of billions less
- November jobs report: Winners and losers
- Student loan debt climbs for 5th year in a row
- Wall Street finally notices Bitcoin
- Part-time workers hurt by on-call system
- 5 myths about late payments and your FICO scores
- Auto loan interest rates hit record low
[BRIEFING.COM] A solid November employment report translated into a solid day of gains for the major averages. While there was some talk that the encouraging job growth raised the odds of the Fed announcing a tapering at its December meeting, the message of the markets today was either that it didn't believe there would be a tapering this month or that it doesn't fear a tapering this month.
It was just one day, yet there was ample meaning wrapped up in the connection that the 10-yr ... More
More Market News
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.