Only 54% Of Young Adults In America Have A Job

Tyler Durden's picture




 

A month ago, Zero Hedge readers were stunned to learn that unemployment among Europe's young adults has exploded as a result of the European financial crisis, and peaking anywhere between 46% in the case of Greece all they way to 51% for Spain. Which makes us wonder what the reaction will be to the discovery that when it comes to young adults (18-24) in the US, the employment rate is just barely above half, or 54%, which just happens to be the lowest in 64 years, and 7% worse than when Obama took office promising a whole lot of change 3 years ago.

And while technically this means 46% are unemployed, or the same percentage as in Greece, the US ratio, which comes from Pew, shows the ratio as a % of the total population: a very sensitive topic now that every month we see another 250,000 drop off mysteriously from the total labor force. However, unlike those on the trailing age end, young adults by definition are the labor force in their age group demographic, so it would be difficult to explain away this horrendous number by claiming that ever more 24 year olds are retiring. Although, yes, we agree that some may be dropping out of the labor force in order to go to college, incidentally the locus of the latest credit bubble, where they meet a fate worse even than secular unemployment: they become debt slaves of the Federal System, with non-dischargable debt at that, which even assuming they can get a job would take ages to pay back!

But wait: there's more - of all age groups, this is the one that has actually seen its wages drop the most under the Obama administration.

So not only are they unemployed, young adults are at least poor.

Net result: double the change, zero the hope.

 

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Thu, 03/01/2012 - 00:41 | 2211202 DormRoom
DormRoom's picture

 

 

<strikethrough>

[ANNIE]
The sun'll come out
Tomorrow
Bet your bottom dollar
That tomorrow
There'll be sun!

Just thinkin' about
Tomorrow
Clears away the cobwebs,
And the sorrow
'Til there's none!

When I'm stuck a day
That's gray,
And lonely,
I just stick out my chin
And Grin,
And Say,
Oh!

</strikethrough>

A lot of my friends have abandoned Obama.  And we're increasingly annoyed by emails asking us for money, when we're barely scraping by.  dude has lost the youth vote


Thu, 03/01/2012 - 01:16 | 2211335 economics1996
economics1996's picture

The reporters don’t give a shit about the 46% unemployment rate, all they are focused on is Obama’s re-election.   

Would someone who knows these assholes please smack them up side the fucking head and knock some sense into their shit for brains.  Fucking retarded morons.

Thu, 03/01/2012 - 02:29 | 2211497 UP Forester
UP Forester's picture

Reporters just see that 46% of 18-24 year olds have plenty of time on their hands to campaign for Obama....

Thu, 03/01/2012 - 03:03 | 2211543 The Big Ching-aso
The Big Ching-aso's picture

 

 

Thank goodness their parents are rapidly approaching 46% unemployment so they'll have someone to talk to at home.

Thu, 03/01/2012 - 03:47 | 2211580 Sudden Debt
Sudden Debt's picture

OR 54% lives in Beverly Hills and lives in a sitcom, drives 7 cars for every day of the week and they all had sex with Paris Hilton and made a movie about it.

Thu, 03/01/2012 - 08:47 | 2211847 engineertheeconomy
engineertheeconomy's picture

R-E-V-O-L-U-N-O-I-T

give me freedom or give me death

Kaiser/Celente2012

 

Thu, 03/01/2012 - 04:27 | 2211625 sessinpo
sessinpo's picture

I was thinking this was bullish for xbox and ps3 sarc

Thu, 03/01/2012 - 08:23 | 2211805 King_Julian
King_Julian's picture

Bullish for families!

Sat, 03/17/2012 - 17:37 | 2265648 Grey-Ghost
Grey-Ghost's picture

If the majority of the youth vote for Obama again I will support any war that gets them killed.

And if the majority of old farts vote for Repulsive party candidate I will support any policy that gets them robbed.

(I parafrazed an old comment from ZeroHedge but do not recall the author)

Thu, 03/01/2012 - 04:40 | 2211642 BorisTheBlade
BorisTheBlade's picture

In parallel they are also busy selling a new war, 46% of young adults is a lot of cannon fodder to dispose the way those really making decisions see it.

Thu, 03/01/2012 - 01:42 | 2211390 ACP
ACP's picture

Shouldn't the headline be: "Only 54% of young adults want a job"?

Thu, 03/01/2012 - 01:56 | 2211426 The4thStooge
The4thStooge's picture

Age: 25, Position: Store Manager. Degree: History (Incomplete, 102/120 credit hours)

I've got a buddy in law school and another who's making decent money as a personal trainer. The rest of my friends are either barely scraping by or just lazy as all fuck. I also used to trade in my free time till I found this site. Made some money with MCP and REE and got out before they collapsed (got lucky). Now I'm all physical. Thanks ZH!

Thu, 03/01/2012 - 02:15 | 2211464 ACP
ACP's picture

Exactly. I never once saw a reporter interview a recent college grad and ask, "Have you looked for a job?"

Seems like they are just too good for "shit jobs," while they apply for the one they actually want. But then again, what some call "shit jobs" can pay a hell of a lot, but the stigma is just too hard for some to bear.

$200k and a BMW or bust!

 

Thu, 03/01/2012 - 02:42 | 2211519 The4thStooge
The4thStooge's picture

There's that, and then there's the fact that employers don't really give a shit about your education either. They want experience. I worked at 7-Eleven for 3 years while I was in school. The retail experience has helped me so much more than my education has. Now I'm running a store and selling electronic cigarettes. Been in the business for a year and a half, and its not a bad business to be in. New industry, plenty of room for growth. It's cheaper than smoking and hell of lot healthier, so the bad economy is actually helping us. I put my time in and it's paid off. You gotta be willing to start at the bottom and work your way up. A lot of people aren't willing to do that and they blame everyone but themselves. Another thing people are not willing to do is adapt. I ride a motercycle and when it's raining, I take the bus. Gas prices don't bother me one bit.

Thu, 03/01/2012 - 11:54 | 2212746 tekhneek
tekhneek's picture

Gas is actually a lot more affordable when you're not paying $120/month for a fucking iPhone 5GSXULTRA10GINCREDIBLE. Get a simple phone with unlimited texting/calling...bata-bing: $80 freed up for gasoline that was "tied up" in that awesome phone. 22 extra gallons per month simply by shifting a little money from one pocket to the other.

Of course that works great unless you drive an Excursion and enjoy that incredible 7 mpg highway but let's be honest... driving an affordable and efficient car from your apartment to your city job isn't realistic. You need that 48" lift and those $7,000/piece tires just to make sure you're "safe" because everyone knows cars are just so small.

Thu, 03/01/2012 - 02:09 | 2211454 LowProfile
LowProfile's picture

What, we should help to help perpetuate this hopelessly corrupt, lawless, murderous system?

Fuck it, I'm doing as little as possible until the collapse.

Thu, 03/01/2012 - 01:42 | 2211394 FlyoverCountryS...
FlyoverCountrySchmuck's picture

Young people who voted for Obama wrecked thier own futures. They have no one to blame but themselves. But hey, a few TV shows show how cool it is to be an unemployed adult living in Mommy's Basement and how the girls just LOVE guys like that, should do it, right?

 

OBAMA2012 - FOUR MORE YEARS! (in Mommy's basement!)

Thu, 03/01/2012 - 01:46 | 2211403 Michael
Michael's picture

Young people in our idiocracy don't vote. Fuck em.

Thu, 03/01/2012 - 02:49 | 2211437 Michael
Michael's picture

Breaking News:

Barack Obama’s eligibility to be President?

Media organizations from all political persuasions are seeking admittance to a news conference to be held by Sheriff Joe Arpaio of Maricopa County, Ariz.

Media finally paying attention to eligibility?   See which major networks plan on covering Cold Case Posse results

http://www.wnd.com/2012/02/media-finally-paying-attention-to-eligibility/

The event is tomorrow at 1 p.m. Mountain Standard Time in Phoenix, 3 p.m. Eastern, and will be live-streamed by WND.

 

Thu, 03/01/2012 - 02:07 | 2211451 The4thStooge
The4thStooge's picture

I didn't vote because the choice was between a douchbag who dances around on stage singing "bomb bomb bomb Iran" and another douchbag who had never done anything in his life besides never showing up for votes in the Senate. I'm only voting this year if Ron Paul is on the ticket. And my mom loses the house if I move out and stop paying rent. And since that comment is directed at me, fuck you.

Thu, 03/01/2012 - 02:16 | 2211471 Michael
Michael's picture

Have you ever thought of voting against all incumbent congress critters in the rare event you might go to vote? Of course not. You don't even know the definition of the word incumbent and don't even know there are other people to vote against on the ballot you moron.

Thu, 03/01/2012 - 02:25 | 2211490 The4thStooge
The4thStooge's picture

I can name all 44 US presidents in chronological order. You think voting matters? Moron.

Thu, 03/01/2012 - 03:20 | 2211528 Michael
Michael's picture

Kid, make a bumper sticker that says, "Churn The Congress Critters", and make a million bucks.

Quote me.

HAL, is that you?

Thu, 03/01/2012 - 05:01 | 2211657 Michael
Michael's picture

Mr Paul you're recognized, your thorn in the flesh, for 3? minutes.

More like a bazooka.in the flesh for 3 minutes!

Financial Services Hearing Highlights Feb 29 2012

http://www.youtube.com/watch?feature=player_embedded&v=G7K9YASQ3do

Thu, 03/01/2012 - 05:06 | 2211660 Michael
Michael's picture

I'm not just an interceptor of random cosmic thoughts.

Hope that wasn't too heavy for you.

Thu, 03/01/2012 - 07:33 | 2211666 Michael
Michael's picture

irrelevant

Thu, 03/01/2012 - 08:30 | 2211814 Ghordius
Ghordius's picture

michael, I appreciate your zeal in getting everybody to vote. particularly for RP

if you really have multiple personalities which make you answer your own comments, why don't you give every personality an own account? ;-)

Thu, 03/01/2012 - 07:47 | 2211766 ChrisFromMorningside
ChrisFromMorningside's picture

If Ron Paul isn't on the Presidential ballot then vote for Gary Johnson, Libertarian Party 2012.

Thu, 03/01/2012 - 07:45 | 2211761 taxpayer102
taxpayer102's picture

@FlyoverCountryS

When Obama was running for president in 2008 many young idealistic college students volunteered for his campaign.  I asked a group of them if they realized U.S. corporations were outsourcing jobs they could do to workers overseas.  They knew about outsourcing of jobs and didn't have an answer for it but felt Obama was the only choice they had at that time.

Thu, 03/01/2012 - 01:47 | 2211410 I am a Man I am...
I am a Man I am Forty's picture

hope you are in technology, all other industries are controlled by the establishment

Thu, 03/01/2012 - 07:29 | 2211744 Michael
Thu, 03/01/2012 - 07:02 | 2211724 nodhannum
nodhannum's picture

DormRoom, don't complain.  You guys got the "hype and change" that you can really believe in. "Usefull iodiots" is what Vladimir Illiyich called them.  In Lenins case, it was the Menshevicks and SRs that he referred to, in the modern day US, it is the kids that watch Jersey Shore and American Idiot.  I will have to say, that if you are here on Zero Hedge, it is a start; however, if "dear leader" gets another term, it will Chavez with a vengeance.  None of votes will matter then. 

Thu, 03/01/2012 - 00:36 | 2211209 Sans-culottes
Sans-culottes's picture

Go Obama!!!

Thu, 03/01/2012 - 00:48 | 2211246 Cpl Hicks
Cpl Hicks's picture

Yeah.
Go Obama..go home to wherever you came from.
And do not let the door hit Michelle on the ass on the way out. We cant afford to repair it.

Thu, 03/01/2012 - 01:06 | 2211305 flacon
flacon's picture

Comment by reefman on 2012-02-29 23:41:34
MASSIVE HIT PIECE ON FREEMAN MOVEMENT IN CANADA: 
 
I am going to try to get SGS to make this an official post here because it is so important! 
 
FROM NATIONAL CBC TV: 
 
A Canadian Concern? 
February 29, 2012News > TV Shows > The National 
Adrienne Arsenault with the eye-opening story of a US anti-government group and why Canada needs to be concerned. 
 
http://www.cbc.ca/video/#/News/TV_Shows/The_National/1233408557/ID=22039...

Thu, 03/01/2012 - 01:17 | 2211328 economics1996
economics1996's picture

 

If the majority of the youth vote for Obama again I will support any war that gets them killed.

 

Thu, 03/01/2012 - 06:52 | 2211717 btechtrader
btechtrader's picture

Ok, a funny comment, but I when are you stupid fucks gonna get over this vote for Obama bullshit. Who gives a fuck who they vote for. It's pretty much agreed that policy is non dependent on who is president. The whole election scam is just a circus show to make you idiots think you actually have a say. Newsflash. You don't.

Thu, 03/01/2012 - 08:20 | 2211798 SilverDOG
SilverDOG's picture

Most of those finger pointing blame 'tards would much rather continue shoving their stinky finger in others faces.

Why? Due to the fact that, if they stop pointing they would need to make a decision of which they would be responsible for. Most are trained stupid, or just plain cowards.

100% correct; political ponzi election scam. Exception being Ron Paul.

Thu, 03/01/2012 - 02:16 | 2211470 ACP
ACP's picture

Go Obama!

...back to Chicago...

Thu, 03/01/2012 - 07:14 | 2211730 e_goldstein
e_goldstein's picture

That's the problem with federal politics. After the scumbags are kicked out of Washington, they eventually return home.

Thu, 03/01/2012 - 08:36 | 2211826 General Decline
General Decline's picture

I'd like to believe mentally Illinois is a better place without him but it still sucks donkey here. 67% personal income tax increase and a 42% corporate income tax increase last year and Rham (the dual Israeli citizen) Emmanuel says we need to tax guns @ $60 each so the state can make more money.

I need to book one of those ZH hunting/canoeing trips many of you have already taken.

Thu, 03/01/2012 - 10:25 | 2212310 NumberNone
NumberNone's picture

Obama should immediately apologize to these young adults because they might riot and it's the right thing to do. 

Thu, 03/01/2012 - 00:37 | 2211211 Pairadimes
Pairadimes's picture

Bullish private corrections facilities.

Thu, 03/01/2012 - 00:59 | 2211283 LasVegasDave
LasVegasDave's picture

Lots of jobs for attractive females on backpage starting at $100/hr.

Thu, 03/01/2012 - 01:57 | 2211429 seek
seek's picture

You must live on the coast. I just checked the listings in my city... lots of opening bids at $50, median is $80 on ads with prices in headlines. (Couldn't resist doing some statistical analysis on your little quip out of curiousity. This ties in with the story about 20-somethings paying student loans this way I read a month ago.)

Thu, 03/01/2012 - 06:46 | 2211716 LasVegasDave
LasVegasDave's picture

And of course if you are willing to travel for work, say to the greek isles, you can earn upwards of $400 per hour

Thu, 03/01/2012 - 00:37 | 2211212 SumSUN
SumSUN's picture

Who needs a job when you can make mad money trading LULU!

Thu, 03/01/2012 - 00:38 | 2211213 Midas
Midas's picture

Is this bullish for housing? Unemployment, declining wages and student loan debt service for the next generation of home buyers? Tune in to Mad Money to find out!

Thu, 03/01/2012 - 01:12 | 2211322 RockyRacoon
RockyRacoon's picture

I wonder, just for grins, what the UE rate for young-uns is in the parallel universe where John and Sarah are presiding over the economy.  Is it any better or worse there?  Somehow I think we'd be looking at approximately the same stats.   Either the Prez is a useless stooge, or he has some power.  One has to make up one's mind or all analysis is moot.

Thu, 03/01/2012 - 01:35 | 2211381 GovtMediaLiars
GovtMediaLiars's picture

Spot on. I think most here are aware of this though which makes pointing it out every post unnecessary.

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