Youth unemployment is especially high, and joblessness among the young leaves lasting scars. Strong productivity growth has been achieved partly through the elimination of many mid-skilled jobs. And what makes this all the more worrying is that, below the radar screen, America had employment problems long before the recession, particularly for lesser-skilled men. These were caused not only by sweeping changes from technology and globalization, which affect all countries, but also by America’s habit of locking up large numbers of young black men, which drastically diminishes their future employment prospects.
This is all the more reason why there needs to be more exhaustive programming for ex-offenders reentering the job market after serving their time in prison. Another thing that this article fails to mention is the affect of youth unemployment, particularly among college graduates. As a consequence of this lull in available jobs, many youth are pursuing graduate studies, which will eventually inundate the market with highly skilled professionals with Master’s and PhD degrees who are unable to find jobs in an economy marred by tenured, high income individuals seasoned in the fields that these young people hope to enter. While graduate school seems like the most practical option for many young people in the United States presently, it is important to consider the job prospects for particular degrees, especially newly developed Master’s programs and those that provide training in a broad discipline rather than a specific area.
Yet another issue? The large number of baby boomers who refuse to retire from their positions due to boredom, a desire to continue making money, or a financial inability to do so. With our economic situation looking very bleak, even retirees have had to reenter the workforce, sometimes taking the very jobs that college graduates could fill. I see it firsthand all the time. More initiatives need to be put towards creating non-governmental transitional programs that provide support to older adults seeking help with planning for retirement or making the switch from working full-time to retirement. America’s culture of work has long driven individuals away from relaxation and leisure towards lives consumed by careers and vague notions of ‘advancement.’
Unfortunately, our economy will only continue to worsen if older adults interested in retiring are barred from this due to financial constraints or rely solely upon the federal government to facilitate their retirement plans.
touches on a lot of important issues, just like to point out the dichotomy between a job market that’s increasingly seeing a Master’s degree as the baseline requisite for employment, and increasing social conversation against the “educated elite.” Not to mention the dot-com problem where those without a formal collegiate education got money thrown at them to create mythical value, now their bubble’s burst and either they tucked away enough to not join in creating a new economy, or they lost it all and have a resume full of antiquated skills. Actually, between the tech boom of the 90s and the housing bubble of the 00s, two different groups got time and effort that could have been spent laying groundwork for solid and stable(r) growth pulled away from them by being offered a quick and easy route. Is this something that’s going to happen again in the 10s? Should I look into becoming a contrarian investor? ( when I have the money for such a thing that is)
