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Global Youth Unemployment Hits 35 Million As Recent Grads Lean On Parents
Global Youth Unemployment Hits 35 Million As Recent Grads Lean On Parents
We’ve documented the pitiable plight of America’s recent college graduates on a number of occasions over the last several months. The Class of 2015 is officially the most heavily-indebted graduating class in the history of US higher education, as each student will leave college with an average debt load of more than $35,000. These proud new graduates will enter a job market where they’ll quickly discover that the idea of a US economic ‘recovery’ is, as Steve Wynn recently put it, “a complete dream”. In fact, high unemployment rates among recent graduates was recently cited by Moody’s as a contributing factor to the ratings agency’s decision to place some $3 billion in student loan-backed ABS on review. This state of affairs is made all the more perilous by the fact that nearly half of college graduates only manage to land a low-wage job which, as the OECD has recently shown, likely won’t pay enough to allow one’s family to subsist above the poverty line.
Now, the same OECD is out with a new report which looks at the world’s youth unemployment problem in an effort to determine why it is that 35 million people between the ages of 16 and 29 are jobless. Spoiler alert: it turns out $35,000 doesn’t buy a very good education.
From the OECD:
More than 35 million young people, aged 16-29, across OECD countries are neither employed nor in education or training (NEET). Overall, young people are twice as likely as prime-age workers to be unemployed.The OECD Skills Outlook 2015 says that around half of all NEETs in the OECD are out of school and not looking for work and are likely to have dropped off the radar of their country’s education, social, and labour market systems (ZH: recall the case of America’s “vanishing worker”)
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High Levels of Youth Unemployment – and Runaway Inequality – Cause Riots
High Levels of Youth Unemployment – and Runaway Inequality – Cause Riots
Recipe For Disaster
We’ve known for 1,900 years that runaway inequality destroys societies.
The great American historian Will Grant wrote in 1969:
In progressive societies the concentration[of wealth] may reach a point where the strength of number in the many poor rivals the strength of ability in the few rich; then the unstable equilibrium generates a critical situation, which history has diversely met by legislation redistributing wealth or by revolution distributing poverty.
A 2011 study this month by economists Hans-Joachim Voth and Jacopo Ponticelli shows that – from 1919 to the present – austerity has increased the risk of violence and instability.
Peter Turchin (professor in the Department of Ecology and Evolutionary Biology, and an adjunct professor in the departments of Anthropology and Mathematics at the University of Connecticut) pointed out in 2013 that inequality is cyclical, skyrocketing until – periodically – revolution forces concessions from those who have grabbed all the wealth.
Indeed, leading institutions and economists all over world warn that runaway inequality could cause violence and unrest.
For those who work for a living, the level of inequality in America today is arguably the highest in world history.
A high level of youth unemployment is also a leading cause of riots. As we noted in 2011:
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Youth Should Work For Free – Bank of Canada Recommends | Armstrong Economics
Youth Should Work For Free – Bank of Canada Recommends | Armstrong Economics.
What is seriously being overlooked here around the world politically is we are dealing with a revolution of the youth as a consequence of the collapse in Marxism. Pictured above is Bank of Canada Governor Stephen Poloz who has amazingly stated that the rising unemployment among the youth who are living in their parent’s basements, should just consider working for free. That’s right! Adult children stuck in their parents’ basements should take unpaid work to bolster resumes as they wait for the recovery to take hold, which does not appear to be until about 2020.
The Bank of Canada estimates about 200,000 young people want to work or work more in Canada, but this seems to be an under-estimation. Poloz actually said that they may be scarred by prolonged unemployment that prevents them from moving out on their own.
Here in lies the crisis and it is the product of Marxist-Socialism and raising the taxes on the hated “rich” who create the jobs, yet the average person pictures Warren Buffet not the owner of the local store selling bread and milk. Small business creates 70% of the work force – not the big corporations that banks and politicians cater toward these days. They keep raising taxes on small business preventing people from trying to expand or start a business and the tax revenues go only in the pockets of politicians – they do not lower taxes for the middle class. Great slogans that the rich should give back, but the problem is it goes nowhere but to fund the pensions of government workers – nothing to lower the taxes on the lower classes.
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Meanwhile, The French Are Revolting… | Zero Hedge
Meanwhile, The French Are Revolting… | Zero Hedge.
Amid record unemployment, even recorder youth unemployment, and politicians willingly breaking EU treaties (with apparently no consequences), it appears – just as in the US – police brutality in France was the straw that broke ‘Le Camel’s back. As RT reports, another anti-police brutality protest turned violent in the French city of Rennes, with masked youths and police engaging in running street battles. The unrest follows the death of a young environmental activist earlier this week. Overnight Thursday, protesters in the northwestern city lobbed flairs at police and flipped over cars, some of which they set ablaze. Police responded by firing tear gas. We hear guillotines are still cheap on ebay.
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