Unemployment of Young Reaches Record 52.2%
How about that? When the country is supposedly reeling under record unemployment of 9.7% we've got a demographic with more than half out of work. But, wait a sec. What is "young people"?
The parameter is aged 16-24 years old. But aren't 16, 17 and a large chunk of 18 year olds still in high school? Aren't they, by definition, unemployed because they are full time students? They might have a small part-time job, but they sure shouldn't be factored into unemployment statistics.
Then I really love the clarity of this analysis by a former Secretary of Labor under Reagan:
Angrisani said he believes that Obama's economic team, led by Larry Summers, has a blind spot for small business because no senior member of the team -- dominated by academics and veterans of big business -- has ever started and grown a business.
Well, bless my capitalist soul. You could really say that about the entire administration couldn't you? Never started and grown a business?
But, get a load of the solution proposed. It is an embarrassment and an indictment of how we have deteriorated to have a former Reagan executive come out with this:
"They should carve out $100 billion right now and create something like $5,000 to $6,000 job credits that would drive the hiring of young, idled workers by small business."
Ronaldus Magnus would have fired him outright for that. "Carve out" a $100 BILLION to artificially create jobs when private business isn't hiring. The essential fact is that the phony unemployment horror story is about people who aren't really breadwinners who don't have jobs because they aren't qualified to do anything! Business that needs workers will hire workers without any carved out federal money. They will hire workers who have skills to work.
When people stop throwing up their hands in horror at bogus crises and justifying federal government expenditures to artificially put fish in the ponds we'll have economic recovery. So long as we expect billions to be carved out of something and distributed to make it "all better" we shall be in dire straits.