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- iHaveNet.com: Economy
by Mary Kate Cary
Independent generation a golden opportunity for those who would restore fiscal sanity
While the national unemployment rate hovered at around 10 percent last month, there was an even more surprising statistic behind it: the youth unemployment rate, which stands at 20 percent for all 16-to-19-year-olds and a whopping 38 percent for African-American teens. In addition, fewer employers are offering jobs to new college graduates than did last year; we all know 20-somethings who are settling for internships or temporary project work or are busing tables while they wait out the recession. Since economists are predicting that high unemployment could be with us for a while, those underemployed and unemployed young people could stay that way for a long time. That's big news for our economy and our politics.
Extended unemployment affects a young person's entire career, creating an "earnings gap" that can severely limit one's lifetime earnings. Lisa Kahn, a
As much as two thirds of lifetime wage growth typically occurs in the first 10 years of a career. Austan Goolsbee, now a member of President Obama's
This group of young people is known among pollsters as "millennials," and in another five years, they will become the biggest voting bloc in our electorate. In a study of young voters that
According to the
So they're frustrated at the lack of "hope and change"; they have few job prospects; they're facing higher and higher taxes for fewer and fewer government services; and it's clear to them that
This explains the number of young people at tea parties, town hall meetings, and Ron Paul rallies. They're worried about their future, they've got time to get involved, and they're connecting on
It's no coincidence that Rep. Paul Ryan, the youthful Republican budget whiz, represents a Milwaukee-area district that includes 18 college campuses. On Hardball recently, Chris Matthews expressed doubt that anyone seeking re-election would support
The growing number of Americans--especially young ones--who self-identify as independents illustrates a frustration with policies that aren't putting us on the right track. Both sides seem stuck. Republicans are unwilling to discuss anything but tax cuts, and Democrats are intransigent on cutting spending and enforcing "pay-go." To many young voters these days, a "bipartisan" approach would probably mean tax cuts combined with massive spending, rather than both parties making tough choices to restore fiscal sanity for future generations. People don't want "bipartisan" solutions; they want nonpartisan ones.
Smart politicians like Ryan are listening to young people and talking about common-sense values like saving for the future and being good stewards. For many, fiscal responsibility has become a moral issue. That's because even kids know you can't promise more and more for less and less. Eventually it becomes stealing--like candy from a baby.
Available at Amazon.com:
The Next Hundred Million: America in 2050
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Millennials Seek Jobs and Real Economic Change | Mary Kate Cary