From time to time, we provide an overview of how various parts of Obama’s base voters have fared under his policies. African Americans? Not so hot? Women? Meh. Youth?
In President Obama’s speeches this year, a steady theme has been creating jobs and economic opportunity for Americans. In his State of the Union address in January he said that “what I believe unites the people of this nation . . . is the simple, profound belief in opportunity for all—the notion that if you work hard and take responsibility, you can get ahead.” And in his weekly address on Saturday, he repeated his strong appeal to young people: “As long as I hold this office, I’ll keep fighting to give more young people the chance to earn their own piece of the American Dream.”
Yet during the more than five years Mr. Obama has been in office, young people have been especially hard-hit by the slow and virtually jobless recovery. Given the destructive effect this has on individual initiative and the prospects of a productive and rewarding working life, the continuing struggle of young Americans to find jobs, start building families and contribute to society is no longer simply a matter of politics or policy. On a deeply human level, it’s profoundly sad.
Consider these grim employment numbers:
• In February the Bureau of Labor Statistics (BLS) recorded the lowest percentage of 16- to 19-year-olds working or actively looking for work (32.9%) since the bureau started tracking the data in 1948. The BLS recorded the second-lowest labor-participation rate for this group in April (33.2%) and the third-lowest in January (33.3%). May’s rate was the sixth lowest (33.8%).
• Over the past two years, the BLS has recorded some of the worst labor participation rates for 20- to 24-year-olds since 1973, when the Vietnam War was beginning to wind down. In August 2012, the 69.7% rate was the lowest since ’73. The second-lowest (70%) came in March last year. This year, the third-lowest rate came in April (70.2%). May’s rate was a still-miserable 71%.
• Looking at the seasonally unadjusted data—which is what the BLS makes publicly available—for 25- to 29-year-olds, the April 2014 labor-participation rate was the lowest the BLS has recorded since it started tracking the data in 1982 (79.8%). May’s rate was the second-lowest (79.9%). January, February and March tied with the fourth-lowest (80.3%).
These disturbing numbers raise a simple question: Where are the entry-level jobs?
Hmm? Where are the entry level jobs? On top of the refrigerator? That’s where my husband sometimes stores his reading glasses. Are they in the back seat of the car?
Five years of 2% average yearly GDP growth simply doesn’t produce enough jobs to absorb the natural increase in the labor force, and over the past eight quarters GDP growth has averaged only 1.7%. Between May 2008 and May 2014, BLS data show that the employable population increased by 14,217,000 while the number of people employed actually decreased by 94,000 and the number of people unemployed increased by 1,404,000. It remains a bad time for young people to be looking for jobs.
A bad time for young people to be looking for jobs? Maybe their parents should have timed thing a little better. These kids are obviously coming of age in a bad time.
Oh well. Maybe Obama has a scheme to make them all into trust fund babies? There’s more at the link, if you’re worried about this.
Update: Half of college grads still living off parents
Two years out of college, half of graduates are relying on their parents or other family members for some sort of financial help, according to research from the University of Arizona. The study tracked more than 1,000 of its students over the course of five years — from when they entered college in 2007 to 2013.
“These people started college during the boom period, then the market fell apart and they came out of college into a very different environment,” said Ted Beck, president of the National Endowment for Financial Education, which helped sponsor the research.
Now, the purpose of this article is to explain to you, Buck and to you, BTL, and to me, Aggie, exactly why we have to pay off the college loans of total strangers. Which is coming, as you know. And there’s damn little to be done about it, because the same people who voted Obama in – twice – are the “folks” who will raid our wallets.