Remember when we were growing up and it was a rite of passage during high school summer breaks to get a job, and perhaps even buy our first car with those earnings? Sadly today, this is no longer possible as the real consequences of Obama’s job recovery, coupled with the tens of millions of illegal aliens in the country over the past 10 years, have made youth unemployment a thing of the past.
At 41.3 percent, the July labor force participation rate of teens was the lowest for the month in the post-World War II period.
The teenage summer job has been going the way of telephone booths and the cassette tape for decades. The length of the downward trend has been masked by the fact that it’s hard to tease apart teen summer jobs from teen employment more generally.
Looking at the jump in the labor-force participation of teens in July over the average for the school months, it’s clear that summer jobs peaked in the mid-1960s and have been sliding since. – Bloomberg
Yet what makes this even more egregious is the fact that if you add in those just coming out of college (16-24), the participation rate for young Americans not in the work force is at an astounding 35%.
In the most recent jobs report for July, a whopping 12,000 jobs were lost by those in the 20-24 year age bracket, consolidating the fact that like previous data, only part time or low wage jobs are available in the ‘new’ economy.
Since young Americans are not only our future, but the ones responsible for carrying the load for social security and medicare payments to the tens of millions of retiring baby boomers, that future is looking more bleak every day. And since the current debate in both Washington and corporate America is how can they bring in more H1-B workers and how to legalize 35 million illegals already working in this country, the opportunities for those graduating college, and about to enter in, appears to be somewhere else outside the United States.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.