Career Calling

May 21, 2013

The Cost of Youth Unemployment

Today’s Huffington Post offers a fascinating and frightening analysis of youth unemployment.  The overall loss to the nation is estimated at $18 billion, but behind that big number are millions of young people who will struggle to survive.  Beyond the unemployed most of the new jobs created over the past few years have been low wage, which means that many other young people are starting their careers with little opportunity to save money.

While we need to pay attention to unemployment, we should also look to other factors that impact young people, such as student debt.  Young people who attend college are less likely to be unemployed, but they are often leaving school with a debt equal to a small mortgage.  If Congress does nothing (which is what it has done best over the last few years), interest on student loans will double later this summer.

Our political leaders need to start focusing on this problem.  However, given their general failure to care about working people and the unemployed, it’s most likely that the problems described above will only get worse, and young people will suffer because their elders are acting like children.

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