“Job prospects for young Americans remain historically grim”

You youngsters who voted for Obama… read the following, understand that these circumstances can largely be placed at the feet of he who promised hope and change, and know that you can correct this situation in November of 2012:

Here’s a fact that should give economists—and maybe President Obama’s political team—heartburn: Two years after the Great Recession officially ended, job prospects for young Americans remain historically grim. More than 17 percent of 16-to-24-year-olds who are looking for work can’t find a job, a rate that is close to a 30-year high. The employment-to-population ratio for that demographic—the percentage of young people who are working—has plunged to 45 percent. That’s the lowest level since the Labor Department began tracking the data in 1948. Taken together, the numbers suggest that the U.S. job market is struggling mightily to bring its next generation of workers into the fold.

This is a dangerous proposition, economically (for the United States as a whole) and politically (for the president).

As The Atlantic’s Don Peck wrote last year, citing a litany of research from Yale University’s Lisa Kahn, college graduates who enter the labor force during a recession make significantly less money—in their first year and over the course of their careers—than grads who walk into an economic boom. Workers stuck in the unemployment line for an extended period risk watching their skills atrophy and face increasing difficulty finding new jobs. That’s particularly true, though, for people waiting and waiting and waiting to land their first job. The longer a whole batch of fledgling workers sits waiting to be hired, the more the economy risks losing young employees with valuable, high-end skills at a time when global competition is increasingly fierce.

In the meanwhile, Obama continues to think that the best way to solve this problem is to raise taxes… something he himself said was unwise not two years ago:

In August 2009, on a visit to Elkhart, Indiana to tout his stimulus plan, Obama sat down for an interview with NBC’s Chuck Todd, and was conveyed a simple request from Elkhart resident Scott Ferguson: “Explain how raising taxes on anyone during a deep recession is going to help with the economy.”

Obama agreed with Ferguson’s premise – raising taxes in a recession is a bad idea. “First of all, he’s right. Normally, you don’t raise taxes in a recession, which is why we haven’t and why we’ve instead cut taxes. So I guess what I’d say to Scott is – his economics are right. You don’t raise taxes in a recession. We haven’t raised taxes in a recession.”

So technically, we’re not in a recession, but is that the defense Obama will now align himself with?  Especially given the story that led this post?

Anyone?

Shortlink:

Posted by on July 11, 2011.
Filed under 2012 Presidential Race, Economics.
I blog more regularly at my own place where plain thoughts are delivered roughly. My about page gives you more on who I am.

You can leave a response or trackback to this entry
Up to 90% off top rated local fun!
  • Pingback: Brutally Honest

  • http://www.harlemghost.blogspot.com/ HarlemGhost

    actually by Dec ’10 we were long past the recission and he still knew enough to not raise taxes when he signed the CR extending the Bush tax cuts …

  • Anonymous

    “Job prospects for young Americans remain historically low”

    Well, this is a Historic [P]residency after all and so….. Not unexpected comes to mind  for the bestest campaigner evah!!

  • Anonymous

    This is SO unexpected and utterly unforeseeable!

    Of course, that a lot of us DID predict it when the minimum wage was jacked up must have been just a wild coincidence…

    J.

  • Anonymous

    No sympathy here.  The dumb bastards voted for him, so they got the government they deserve.

    Elections have consequences.

  • http://profiles.yahoo.com/u/EU5DQWQTTHTPO4A4ZYSL3AAV2U Adjoran

    They are young and idealistic and it led them to do foolish things.  I was that way as a youngster, too, and I suspect most were.  It’s more a matter of degree of foolishness.

    I hope they have learned this painful lesson well, and never again use their precious vote for a pipe dream. 

    The young – including college grads – the past-middle-aged, the poor, minorities, and the unskilled suffer most in these slow growth periods.  Recessions squeeze out excess capacity, which is a good thing, but companies also improve their productivity – also a good thing, but it means they can do the same or more with fewer employees.  So employment doesn’t pick up until economic growth really kicks in.

    The growth hasn’t come after this recession because of Obama’s senseless anti-business and anti-energy policies.  It cannot begin until we get rid of him.

    I invite all those suffering young people to take the first step in correcting their mistake of 2008 in 2012.

    • Anonymous

      The shallow brained juice boxers will pull the lever for Failbama again because he’s the cool black guy with the baritone voice that sounds like he knows what he’s talking about and, most importantly ,he’s not one of those uncool, God bothering, mean, redneck ‘Rethuglicans’.

  • Anonymous

    “Job prospects for young Americans remain historically grim”

    FIFY No charge

    The (P)resident the squids elected has turned on them and perhaps delivered one of their first bitter life lessons, ‘Don’t wish to hard for something, you might get it.’.

  • http://twitter.com/Surfboat Dan V.

    Obama has been bullied into being a rubber stamp for Republican econo-talk. C.F. “Bush tax cuts will create jobs.”   He now seems lost in a storm of this talk comming from all directions.  Were he to take a long trip to the bathrooom with some reading materials, he could clear his thinking.   He would recall that he, as a conservative (as judged by his obvious family values) could engage his own stratigem.

      It would lead him to new old-thinking that would do things like create a college age civil service draft to fill in gaps in municiple econo-voids like street maintenance: Where those successfully attending college boss around those being let out of jail for thier pot offenses (this  is an exemplary illustration).  This could also work in establishing: self sustaining elderly care haciendas;  hippy style farming co-ops; live entertainment stages; etc. 

    The future is fun and enriching if you can see it through the fog of self serving econo-talk.  Students want to be asked to serve.  Look at any crisis that reflectively required the sacrifice of the young adults.