The Great Recession

Kids takin' it on the chin in this jobless recession...
:eusa_eh:
More than 7 in 10 US teens jobless in summer
Wed, Jun. 13, 2012, WASHINGTON - Once a rite of passage to adulthood, summer jobs for teens are disappearing.
Fewer than three in 10 American teenagers now hold jobs such as running cash registers, mowing lawns or busing restaurant tables from June to August. The decline has been particularly sharp since 2000, with employment for 16- to 19-year-olds falling to the lowest level since World War II. And teen employment may never return to pre-recession levels, suggests a projection by the U.S. Bureau of Labor Statistics. The drop in teen employment, steeper than for other age groups, is partly a cultural shift. More youths are spending summer months in school, at music or learning camps or in other activities geared for college. But the decline is especially troubling for teens for whom college may be out of reach, leaving them increasingly idle and with few options to earn wages and job experience.

Older workers, immigrants and debt-laden college graduates are taking away lower-skill work as they struggle to find their own jobs in the weak economy. Upper-income white teens are three times as likely to have summer jobs as poor black teens, sometimes capitalizing on their parents' social networks for help. Overall, more than 44 percent of teens who want summer jobs don't get them or work fewer hours than they prefer. "It's really frustrating," said Colleen Knaggs, describing her fruitless efforts to find work for the past two years. The 18-year-old graduated from high school last week in Flagstaff, Ariz., the state that ranks highest in the share of U.S. teens who are unable to get the summer work they desire, at 58 percent.

Wanting to be better prepared to live on her own and to save for college, Knaggs says she submitted a dozen applications for summer cashier positions. She was turned down for what she believes was her lack of connections and work experience. Instead of working this summer, she'll now be babysitting her 10-year-old brother, which has been the extent of her work so far, aside from volunteering at concession stands. "I feel like sometimes they don't want to go through the training," said Knaggs, who is now bracing for a heavier debt load when she attends college in the fall.

Economists say teens who aren't getting jobs are often those who could use them the most. Many are not moving on to more education. "I have big concerns about this generation of young people," said Harry Holzer, labor economist and public policy professor at Georgetown University. He said the income gap between rich and poor is exacerbated when lower-income youths who are less likely to enroll in college are unable to get skills and training. "For young high school graduates or dropouts, their early work experience is more closely tied to their success in the labor market," he said.

Andrew Sum, director of the Center for Labor Market Studies at Northeastern University, said better job pathways are needed for teens who don't attend four-year colleges, including paid internships for high school seniors and increased post-secondary training in technical institutes. "We are truly in a labor market depression for teens," he said. "More than others, teens are frequently off the radar screens of the nation's and states' economic policymakers."

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"Part I" of the article clearly demonstrates the relation, between production (GDP), and employment -- since, ultimately, workers make (and manage the making of) everything. When employment falls (unemployment rises), production falls too. (Macroeconomists call that Okun's Law.)

Now, employment falls, when workers are fired (and not hired). That tends to happen, when corporations are forced to pay more taxes -- more often than not, rising corporate taxes coincide with rising unemployment (falling employment, and hence production). Thus, corporate taxes tend to "crowd out" the hiring & paying of workers. Again, economically, workers must compete, against corporate tax dollars, for their wages. So, taxing the businesses upon whom you depend for your own earnings is bad economics (and if ever advised, is bad advice):
fredgraph.png
 
A good article; no economic experts use 2009 as a starting point; nor is there any factual basis for same. The beginning of the Great Recession was in 2007. Recovery has been slow, but the Great Recession was both deep and broad based:

Chart Book: The Legacy of the Great Recession — Center on Budget and Policy Priorities

Certainly it started in 2007. However, to establish what led to the recession - the policies, the lack of oversight, the root causes (because there were certainly more than one), we have to go back much further. Back as far as Clinton.... and the bi-partisan fuck ups from that and every Administration since.
 
...no economic experts use 2009 as a starting point...
Actually, people use any starting point that's useful. Politics, doctrine and partyline dogma are all well and good for the hack set, but in business we need to see things as they are. The article highlights the fact that current trends have kids out of work--
cec8433b-6785-47e1-9339-f179324479c9.jpg

--and philly.com isn't the only site showing it, here's what IBD was looking at a few weeks ago:
uempgr.png

The point is that since the end of 2008 millions of people became unemployed.
labpart.jpg

Loony leftist say it's because babyboomers retired. It's not true, the old have kept their jobs and the young are the ones out of work.
 
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A good article; no economic experts use 2009 as a starting point; nor is there any factual basis for same. The beginning of the Great Recession was in 2007. Recovery has been slow, but the Great Recession was both deep and broad based:

Chart Book: The Legacy of the Great Recession — Center on Budget and Policy Priorities

Certainly it started in 2007. However, to establish what led to the recession - the policies, the lack of oversight, the root causes (because there were certainly more than one), we have to go back much further. Back as far as Clinton.... and the bi-partisan fuck ups from that and every Administration since.

The cost of TWO wars, and tax cuts that went out of the US do not factor into your equation?
 
A good article; no economic experts use 2009 as a starting point; nor is there any factual basis for same. The beginning of the Great Recession was in 2007. Recovery has been slow, but the Great Recession was both deep and broad based:

Chart Book: The Legacy of the Great Recession — Center on Budget and Policy Priorities

Certainly it started in 2007. However, to establish what led to the recession - the policies, the lack of oversight, the root causes (because there were certainly more than one), we have to go back much further. Back as far as Clinton.... and the bi-partisan fuck ups from that and every Administration since.

The cost of TWO wars, and tax cuts that went out of the US do not factor into your equation?


Of course. You do realize those wars and the tax cuts were bi-partisan, do you not?
 
in my area alone I know of dozens of jobs for teens, they don't want them or they would apply and get them. Unlike when I grew up you had a job, at the house, then you could mow lawns for money, I picked pecans and pop bottles. This I got to make money at, but the chores around the house I was paid a 5 buck allowence, not bad for the '60's. When I was an older teen I worked at rest. and construction. I ran into kid that said he was looking for work for two years. I told him to show up and I would work him, he was a no show.
 
...current trends have kids out of work...
generally, teenagers earn minimum wage. For every 10% decrease in MW, 10-30% more teens get jobs. So, reducing the MW could put teens back to work.
That's an excellent point.

Usually MW laws tend to fade away with inflation and the harm is short lived. These days we got deflation and that means a constantly increasing minimum wage in real terms causing more and more unemployment.
 
Certainly it started in 2007. However, to establish what led to the recession - the policies, the lack of oversight, the root causes (because there were certainly more than one), we have to go back much further. Back as far as Clinton.... and the bi-partisan fuck ups from that and every Administration since.

The cost of TWO wars, and tax cuts that went out of the US do not factor into your equation?


Of course. You do realize those wars and the tax cuts were bi-partisan, do you not?

One of the wars was based on 'bad intel', according to the President who did not want to insult the Saudis by continuing the war on terror. Some would call it LIES. Thousands of US troops dead, tens of thousands maimed for life, yet you say Iraq was "bi partisan"? No, it was a reelection strategy, personal vengeance, and profit for the VP.

There were no WMDs, no nuke program, and Saddam was going down on his own; gripe about the bills now coming due as though Obama began the war, while you replace the cotton in your ears with mattress stuffing.
 
The cost of TWO wars, and tax cuts that went out of the US do not factor into your equation?


Of course. You do realize those wars and the tax cuts were bi-partisan, do you not?

One of the wars was based on 'bad intel', according to the President who did not want to insult the Saudis by continuing the war on terror. Some would call it LIES. Thousands of US troops dead, tens of thousands maimed for life, yet you say Iraq was "bi partisan"? No, it was a reelection strategy, personal vengeance, and profit for the VP.

There were no WMDs, no nuke program, and Saddam was going down on his own; gripe about the bills now coming due as though Obama began the war, while you replace the cotton in your ears with mattress stuffing.


115 democrats still voted for it. And you are a stark raving ideological fool.
 
A good article; no economic experts use 2009 as a starting point; nor is there any factual basis for same. The beginning of the Great Recession was in 2007. Recovery has been slow, but the Great Recession was both deep and broad based:

Chart Book: The Legacy of the Great Recession — Center on Budget and Policy Priorities

Certainly it started in 2007. However, to establish what led to the recession - the policies, the lack of oversight, the root causes (because there were certainly more than one), we have to go back much further. Back as far as Clinton.... and the bi-partisan fuck ups from that and every Administration since.

The cost of TWO wars, and tax cuts that went out of the US do not factor into your equation?

Alternatively, the 10's of thousands of troops in those wars could have had jobs in the USA, thus making 10's of thousands more people without a job since somebody else had it.
Just sayin'
 
...current trends have kids out of work...
generally, teenagers earn minimum wage. For every 10% decrease in MW, 10-30% more teens get jobs. So, reducing the MW could put teens back to work.
That's an excellent point.

Usually MW laws tend to fade away with inflation and the harm is short lived. These days we got deflation and that means a constantly increasing minimum wage in real terms causing more and more unemployment.

and lets not forget we could,, if not for liberals, send 10 million Mexicans packing to create 10 million new jobs here with a lot of upward pressure on wages.
 

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