October 20th, 2011, 01:49 PM #1
The Economic Dissapointment of Generation "O"
RealClearMarkets - The Economic Disappointment of Generation O
WASHINGTON--Yet another resumé arrived in my email box this week, from a young man who graduated with a BA in economics and a minor in math last May, and has yet to find a job. He's a graduate of York College of Pennsylvania, with summer job experience as an engineering technician at the Patuxent River Naval Air Station in Maryland.
Unable to find a job in an economy with persistently high unemployment because of weak job growth, Anthony Lewis is now looking for an unpaid internship. As a new entrant to the labor force he doesn't get unemployment insurance. He's just looking for a job.
Anthony is not alone. The unemployment rate in 2010 for newly graduated men and women with bachelor degrees was 9.2 percent, far higher than the 5.1 percent rate such adults experienced in 2005.
This is Generation O: the age cohort that contributed, registered, volunteered and voted for Barack Obama with greater intensity than we have seen since at least the 1960 presidential election. Since then, the effect of President Obama's failed economic policies has fallen most disproportionately on them.
The unemployment rates among Generation O not only suggest personal disappointment, but also large and lasting implications for them and for society.
A paper forthcoming in the American Economic Journal Applied Economics found that graduating in a recession leads to earnings losses that last for 10 years after graduation."The world burns while Obama Tweets."
October 20th, 2011, 02:47 PM #2
- Join Date
- Oct 2001
- Uh, Central Oregon
- Blog Entries
Well, they'll probably write off his student loans . . . due to his inability to pay, because he can't find employment. Unlike you and me Chuck . . . we had to pay for our education. (My degree was paid for by the Army . . . it only cost me 6 years of service. )
October 21st, 2011, 12:40 AM #3
I went on the GI bill and working, too.
I doubt student loans will be written off, not until Obama looks for a third term."The world burns while Obama Tweets."
October 21st, 2011, 08:52 AM #4
Yes, economic times are bad. In bad economic times, such as in the early 1980s or now, recent college graduates have a difficult time finding employment. This is neither mysterious, new or even newsworthy.Conservatives: "If the facts disagree with our opinion, ignore the facts -- or at least misrepresent them."
October 21st, 2011, 11:26 AM #5This is neither mysterious, new or even newsworthy.
Seriously, getting out of school with a degree in art, 100K in debt. This is not a good thing for anyone except the "School of Arts".
It's a rip off, pure and simple."The world burns while Obama Tweets."
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