Idling Obama Economy

Slow recovery leaves youth idle, underemployed

BY:

Bloomberg reports on the disheartening toll the Obama economy has taken on America’s youth.

One in six 16- to 24-year-olds last year was idle, neither working nor attending school even for just an hour a week, according to an analysis of Labor Department data by Lawrence Katz, a Harvard economics professor. Among 20- to 24-year-old men, almost one in five was idle last year.

As of May, 41 percent of the nation’s net decline in full- time jobs from four years earlier was among under-25-year-olds, an age group that represents just 14 percent of the workforce, according to the Bureau of Labor Statistics. Under-35-year-olds account for 65 percent of the decline in full-time employment, though they comprise only 35 percent of the labor force.

Even among young people who have full-time work, real wages have dropped, while older workers’ pay has kept even or slightly improved. Median weekly earnings after inflation fell 6 percent among 18- to 24-year-olds in full-time jobs from 2007 to 2011, according to an analysis of Labor Department data by the Pew Research Center in Washington.

THE MORNING BEACON DAILY NEWSLETTER
MAKES IT EASIER TO STAY INFORMED
Get the news that matters most to you, delivered straight to your inbox daily.

Register today!