Nate Loewentheil, Roosevelt Institution
Karlo Barrios Marcelo, Future Majority
The heat of the youth joblessness crisis is set to spark a country-wide economic wildfire as students graduate and youth of all backgrounds go in search of their first jobs, internships and other summer opportunities.
As high as the stakes might be, some in Washington are out of touch. Political talk about burdening future generations with the debt accumulated from government spending misrepresents the economic reality of young Americans. We're being burdened with debt right now. More than two-thirds of all college students graduate with debt, and the average student owes more than $22,000. And that doesn't count the more than 20% that owe $7,000 or more to credit card companies.
College is an investment, and in ordinary times we would rely on our earnings to pay off these loans. But these are no ordinary times. Students who graduate during a recession earn 9% less than they could have expected during flush days. And, according to a study from the National Bureau of Economic Research, the earning impact lasts a full decade.
READ AGAIN: Students graduating right now will not fully recover for ten full years.
It's hard not to agree with economists who suggest that today's young Americans are the first generation that will be less well-off than their parents.
It's true that everyone is suffering right now, and many people need help. But young people are being hit the hardest. Youth unemployment has risen for the 8th straight month, according to the Bureau of Labor Statistics, and is more than 9% higher than the rest of the working-age population. If we are serious about maintaining the promise of the American dream, then we need to harness the unique skills and experiences of today's youth and help put them to work.
We're not helpless. Young people are eager to join the workforce, and willing to go out on our own when jobs aren't available. This morning, USA Today wrote young entrepreneurs innovating to meet the demands and challenges of the moment.
But that's not enough. We can't expect all young people to launch their own ventures. We need public action. We need to match the investments that young people are making in themselves, and help our generation build the new economy our country needs. We're well positioned: our generation, 80 million strong, is diverse, technologically savvy and climate-conscious--a perfect match for the global economy in which we must compete and collaborate.
Some leaders are finally responding. For example, Governor Schwarzenegger launched a California Green Corps last March, which will connect at-risk youth with green jobs training. Conceived as a public-private partnership, corporate sponsors have not yet committed any funds to the pilot program.
On the opposite coast, Governor Patterson has come out in support of youth employment. Federal stimulus money is starting to makes its way into state budgets, and New York will receive nearly $100 million, all of which will go towards combating youth unemployment. These are just temporary jobs, however, so the long-term plan of training and incubating is still missing.
But states are not enough. We need federal action to encourage young entrepreneurs, to increase job training, to ease the burden of student debt and to provide support for areas of economic growth where young people will add the most value. Critical areas of our economy can be filled by our generation; we're ready to build new technology and communication systems, launch green businesses and create a new preventative health-care system--we just need a little boost. Our future will be built by our generation--let's make sure we have the foundation we need.
If you're interested in joining the effort to economically empower young people, check out www.80millionstrong.org. Our mission is to unite young Americans to own and direct their own economic reality.
All that said, there ARE jobs available. One kid I know got a teaching job -- a good one. I'm sure at least part of that is because it's much cheaper for districts to have new, inexperience teachers than older ones at the top of the salary scale.
My gift this year to college grads is the same: something for the new apartment and a copy of a great book on searching for a job, "Job Coach for Young Professionals." (See www.internbridge.com/jobcoach) It's filled with all kinds of tips, from self-assessment of skils and interests to the necessary prep work and networking, etc. It's easy to read and follow and it's very thorough.
Good luck grads! I feel for you!
These kids are from the generation of "give the kids anything they want."
I graduated in 1984, that year sucked too. I had NO resources from Mom and Dad, but WORKED through high school to save up. When Mom and Dad needed half those funds I had saved to save their house, I gladly gave it. After 4 years of college, I ended up with $4000 debt. I worked through college, even working 52 hours the week of my senior year finals. I KNOW what it took to get through. No credit cards, No clothes that were the latest styles. No spring breaks in Florida. It was hard work. Period.
Today's kids don't know the value of a dollar. They got to choose to play soccer instead of working through high school to save for college. Their parents bought them a car when they turn 16. I have seen it all. They are going into shock because they have never ever been told NO.
Well, I now find myself unemployed too. Am I sitting on the side lines, crying? NO! I am working for NO money at a local PR firm so that I can be exposed to a lot of new companies. I am doing whatever they need done. INCLUDING making their coffee and walking their dogs.
You do what you have to do. That is the skill that these new graduates need to develop. Good luck after years of being coddled. No more hand outs.
Congratulations. You will be ahead of the pack.
Im not saying the younger grad or non grad doesnt have a lot to offer. But ditching the older just for the lower waged entry worker is not right.
In the Great Depression not nearly as many young people attended college, junior college, or professional training schools as do today. This June the Labor Department number crunchers will make a seasonal adjustment to unemployment that assumes the same percentage of these graduates will have found employment opportunities as in previous years. Later in the year the unemployment survey will begin to pick up that many of these new workers seeking full-time work are unemployed. But importantly it will count as employed those working part-time yet living at home with mom and dad. This is because part-time workers are counted in the commonly reported U-3 unemployment rate as employed even if they are seeking full-time work."
http://www.escapethenewgreatdepression.com
The best thing to do if you want to volunteer is to leave it off your resume. You know, you parents know, your friends know and God knows. They will all count it in your favor. That has to be enough.
You are saying being a volunteer shows you are a idealist??
Never heard anything so ridiculous in my life,.
Income-Based Repayment - which becomes available on July 1 - may lower your monthly payments on federal student loans, and forgive any remaining debt after 25 years of payments. There's a calculator at www.ibrinfo.org where you can plug in your salary, total debt, etc. and see if this government program can help you.
; our country will look like Cormac McCarthy's The Road, the author who got freaked out by the Mexican border before everyone else did. Essentially, an American graduate these days has no future and knows it. His future has been determined by a small group of Wall Street Executives, bankers, Congressmen and women, defense contractors, militarists and government officials.
After that, I got a job at UPS sorting packages at night. I'd drive across a large city to work a four-hour shift and then be sent home whenever the manager decided there were too many workers. Because my grandparent had died, I lived in a dangerous inner city neighborhood where gun shots and ambulances at night were routine. I was amazed that my car wasn't stolen or broken into. I was so thin people accused me of being anorexic and I eventually had to resort to drinking expired Ensure cans that my aunt brought from her hospital job to feed her cats with.