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The Lost Generation (The continuing job crisis is damaging the future of our young people)
Business Week ^ | 10/9/2009 | Peter Coy

Posted on 10/10/2009 4:12:44 PM PDT by SeekAndFind

Bright, eager—and unwanted. While unemployment is ravaging just about every part of the global workforce, the most enduring harm is being done to young people who can't grab onto the first rung of the career ladder.

Affected are a range of young people, from high school dropouts, to college grads, newly minted lawyers and MBAs across the developed world from Britain to Japan. One indication: In the U.S., the unemployment rate for 16- to 24-year-olds climbed to more than 18%, from 13% a year ago.

For people just starting their careers, the damage may be deep, long-lasting, potentially creating a kind of "lost generation." Studies suggest that an extended period of youthful joblessness can significantly depress lifetime income as people get stuck in jobs that are beneath their capabilities, or come to be seen by employers as damaged goods.

Equally important, employers are likely to suffer from the scarring of a generation. The freshness and vitality young people bring to the workplace is missing. Tomorrow's would-be star employees are on sidelines, deprived of experience and losing motivation. In Japan, which has been down this road since the early 1990s, workers who started their careers a decade or more ago and are now in their 30s account for 6 in 10 reported cases of depression, stress, work-related mental disabilities, according to Japan Productivity Center for Socio-Economic Development.

When today's unemployed finally do get jobs in the recovery, many may be dissatisfied to be slotted below people who worked all along—especially if the newcomers spent their downtime getting more education, says Richard Thompson, vice-president for talent development at Adecco Group North America, which employs more than 300,000 people in temporary positions. Says Thompson: "You're going to have multiple generations fighting for the jobs that are going to come back in the recovery."

(Excerpt) Read more at businessweek.com ...


TOPICS: Business/Economy; Culture/Society; Editorial; News/Current Events
KEYWORDS: bhoeconomy; generationy; globaleconomy; jobless; jobs; obamasfault; unemployment; youth
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1 posted on 10/10/2009 4:12:44 PM PDT by SeekAndFind
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To: SeekAndFind

More grim info from above article :

“Only 46% of people aged 16-24 had jobs in September, the lowest since the government began counting in 1948. The crisis is even hitting recent college graduates. “I’ve applied for a whole lot of restaurant jobs, but even those, nobody calls me back,” says Dan Schmitz, 25, a University of Wisconsin graduate with a bachelor’s degree in English who lives in Brooklyn, N.Y. “Every morning I wake up thinking today’s going to be the day I get a job. I’ve not had a job for months, and it’s getting really frustrating.”


2 posted on 10/10/2009 4:13:38 PM PDT by SeekAndFind (wH)
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To: SeekAndFind

“I’ve applied for a whole lot of restaurant jobs, but even those, nobody calls me back,” says Dan Schmitz, 25, a University of Wisconsin graduate with a bachelor’s degree in English who lives in Brooklyn, N.Y.


I’ll bet that Dan had a really good time in college. Maybe he would have a harder time, but a good paying job if he had majored in, say, Engineering instead of English?


3 posted on 10/10/2009 4:15:35 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: SeekAndFind

My employees work out of their own homes ... the commute is to their home office. If someone has one years experience in mortgages or two years in (non-retail) sales, we will talk to them. There is opportunity out there. My late father told me that even in the depths of the depression successful salespeople had money.


4 posted on 10/10/2009 4:17:27 PM PDT by 2ndDivisionVet (I will raise $2 million for Sarah Palin if she runs; What will you do?)
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To: SeekAndFind
I’ve applied for a whole lot of restaurant jobs

He doesn't speak Spanish and the existing help makes sure only their co-ethnics get hired

He should file a discrimination suit against every one of the places he applied

5 posted on 10/10/2009 4:17:51 PM PDT by Regulator (Welcome to Zimbabwe! Now hand over your property....)
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To: SeekAndFind

I really do feel sorry for this generation.

It is a bizarre combination of helicopter-parent led “I’m special” arrogance and yet not being trained for useful careers that has landed them in forceps not of their making.

The liberals have run the education henhouse for the last 20 years. Their seeds have sprouted at last.

I wish I had an immediate solution, but that is like looking for a magic pill for a long-developing cancer.

If we don’t rip the whole education system out from its intransigent liberal roots — from K-12 through Grad and Post-Grad, this will be the lot for our children’s children’s children.


6 posted on 10/10/2009 4:18:50 PM PDT by freedumb2003 (Communism comes to America: 1/20/2009. Keep your powder dry, folks. Sic semper tyrannis)
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To: SeekAndFind

Ernest Hemingway quickly followed up Gertrude Stein’s ‘lost generation’ quote with this one from Ecclesiates: “One generation passeth away, and another generation cometh.”

Looks like it’s time to bury Gen Y and the obama generation. Next!


7 posted on 10/10/2009 4:18:53 PM PDT by Vision Thing (He has a white house, and he wants to paint it black.)
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To: qam1
*Ping!*
8 posted on 10/10/2009 4:21:11 PM PDT by rabscuttle385 (Kick corrupt Democrats *AND* Republicans out of office in 2010!)
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To: rbg81

“Engineering instead of English?”

Just in defense of the guy, not all of us understand that stuff. You would not imagine how much effort I put into understanding it and I just did not get it. I barely got through college algebra. There is no way I would have gotten through calculus or any other thing like that. For all you know the guy made a 4.0 in his field.


9 posted on 10/10/2009 4:22:18 PM PDT by FreeSouthernAmerican (If Only To Be Left To Live My Own Life)
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To: rbg81
Engineering instead of English?

Maybe. Or maybe the Indian hiring manager at Intel would politely say, "oh my goodness no, we have no jobs here"...and then think to himself, "...unless of course you went to IIT Madras"

Lotsa that in the Silicon Slum

10 posted on 10/10/2009 4:22:58 PM PDT by Regulator (Welcome to Zimbabwe! Now hand over your property....)
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To: SeekAndFind

11 posted on 10/10/2009 4:24:33 PM PDT by I see my hands (_8(|)
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To: I see my hands

Not all of us.


12 posted on 10/10/2009 4:25:46 PM PDT by FreeSouthernAmerican (If Only To Be Left To Live My Own Life)
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To: SeekAndFind; BGHater
Here's the problem right here:
It seems strange at first blush that young people are the biggest victims of the current economic slump. One could easily imagine that companies in a recession would prefer to hire young people, who are cheap, and slough off older workers, who are expensive. But both employers and older workers are sitting tight, taking as few risks as possible in an uncertain environment. With no openings, employers are refusing even to look at the résumés of those on the outside looking in.

Let me be very blunt here: the increased economic "uncertainty" is the fault of the Government, both parties included.

The Government *is* the systemic risk now.

13 posted on 10/10/2009 4:26:39 PM PDT by rabscuttle385 (Kick corrupt Democrats *AND* Republicans out of office in 2010!)
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To: rbg81
I’ll bet that Dan had a really good time in college. Maybe he would have a harder time, but a good paying job if he had majored in, say, Engineering instead of English?

Maybe, but times are tough. I have a kid who graduated from there with a degree in meteorology recently, and he's still looking. And, I can tell you from experience, the demand for entry-level engineers is quite sensitive to the state of the economy.

14 posted on 10/10/2009 4:27:11 PM PDT by Pearls Before Swine (Is /sarc really necessary?)
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To: FreeSouthernAmerican
It's a legitimate generalization.

15 posted on 10/10/2009 4:27:57 PM PDT by I see my hands (_8(|)
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To: I see my hands

Generation Stupid...as opposed to the Baby Boomers who spent like drunken sailors for decades and now expect my generation to clean up their messes *and* pay for their retirement?


16 posted on 10/10/2009 4:28:00 PM PDT by rabscuttle385 (Kick corrupt Democrats *AND* Republicans out of office in 2010!)
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To: SeekAndFind

Undoubtedly, the majority of those of voting age in this under-employed group voted for that Hope and Change stuff.

I doubt they will be soured in 2010 to vote against Dems, but there’s always that chance.


17 posted on 10/10/2009 4:28:05 PM PDT by Sparko (Barack Hussein Obama: Mmm, mmm, mmm... Peace Prize. Now no one is equal to Me in My Sight.)
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Comment #18 Removed by Moderator

To: rabscuttle385
You're tossing in a lot of dross but basically: yes.

19 posted on 10/10/2009 4:30:07 PM PDT by I see my hands (_8(|)
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To: rabscuttle385

Regarding the older workers, 0bama plans to get rid of over 40 age discrimination in the workplace so goodbye old white people and hello young college grads.


20 posted on 10/10/2009 4:30:31 PM PDT by Boardwalk
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Comment #21 Removed by Moderator

To: I see my hands

Rabscuttle has a point. Obama Gen Y? Nope. Reid Gen Y? Nope. Ayers? Nope. Pelosi? Nope. Hmmm. I’m seeing a trend. Alot of Gen Y’ers in there.


22 posted on 10/10/2009 4:33:21 PM PDT by FreeSouthernAmerican (If Only To Be Left To Live My Own Life)
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To: freedumb2003
I really do feel sorry for this generation.

It is a bizarre combination of helicopter-parent led “I’m special” arrogance and yet not being trained for useful careers that has landed them in forceps not of their making.


I have a friend whose daughter graduated with a Bachelor's Degree in International Business at Grove City College this year ( She took up Chinese as a second language for 3 years ). Guess where she found a job ? A Chinese trading company in Hang Zhou. Of course she isn't making US dollars and her salary won't be as good as if she were working in the USA. But hey, she had been looking for 6 months. It beats being unemployed.
23 posted on 10/10/2009 4:34:29 PM PDT by SeekAndFind (wH)
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To: rbg81

I’ve been told that there are over 400 graduate students in aerospace engineering at Purdue, and under 100 research projects. This because there are so few aerospace engineering jobs.


24 posted on 10/10/2009 4:34:58 PM PDT by mike70
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To: SeekAndFind

The central planners in DC could double the number of employed teens if they simply eliminated the minimum wage. How much they make per hour is not really important. What IS critical for them is that they learn how to work.


25 posted on 10/10/2009 4:36:18 PM PDT by mtrott
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To: Boardwalk

I think he would do that at his own peril. Those folks vote in much higher percentages than the twenty somethings.


26 posted on 10/10/2009 4:38:28 PM PDT by mtrott
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To: SeekAndFind

In today’s world, languages — especially Far and Middle East — are a good skill to have.


27 posted on 10/10/2009 4:38:56 PM PDT by freedumb2003 (Communism comes to America: 1/20/2009. Keep your powder dry, folks. Sic semper tyrannis)
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To: SeekAndFind

Oh cry me a river.Most of ‘em voted for “THE ONE” so they can just suck it up.


28 posted on 10/10/2009 4:41:27 PM PDT by HANG THE EXPENSE (Life is tough.It's tougher when you're stupid.)
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To: rabscuttle385
as opposed to the Baby Boomers who spent like drunken sailors for decades and now expect my generation to clean up their messes *and* pay for their retirement?

You can thank The Baby Booomers' parents for that. SSI is the biggest ponzi scheme ever -- and the bill gets bigger as time goes by.

It has nothing to do with the accumulation or lack thereof of wealth by the Boomers.

Look at where the wealth is now: it is in the hands of the Boomers -- who earned it.

Your analysis is 100% wrong.

29 posted on 10/10/2009 4:42:31 PM PDT by freedumb2003 (Communism comes to America: 1/20/2009. Keep your powder dry, folks. Sic semper tyrannis)
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To: imahawk

See, at least you said “most of ‘em.”


30 posted on 10/10/2009 4:42:54 PM PDT by FreeSouthernAmerican (If Only To Be Left To Live My Own Life)
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To: FreeSouthernAmerican

Obama is Gen Y.


31 posted on 10/10/2009 4:43:18 PM PDT by freedumb2003 (Communism comes to America: 1/20/2009. Keep your powder dry, folks. Sic semper tyrannis)
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To: SeekAndFind

ping


32 posted on 10/10/2009 4:45:03 PM PDT by XBob (Jail the employers of the INVADERS !!)
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To: freedumb2003

So the Mercedes given to the 16 year old, the have-to-have cell phones, brand new designer clothes every school year, the best and newest game systems, and the tv babysitter? The Baby Boomer parents were involved in none of that? Don’t get me wrong, I’m not gonna generalize about them either, but that is the MO of MOST Boomers that became parents.


33 posted on 10/10/2009 4:46:22 PM PDT by FreeSouthernAmerican (If Only To Be Left To Live My Own Life)
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To: SeekAndFind

Hey kids, you ****ed up, you trusted Obama.


34 posted on 10/10/2009 4:46:56 PM PDT by denydenydeny ("I'm sure this goes against everything you've been taught, but right and wrong do exist"-Dr House)
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To: freedumb2003

My daughter wants to study medicine, and is taking Japanese as her second language. She is excelling in it. She might be able to cross over to Chinese, etc.


35 posted on 10/10/2009 4:47:29 PM PDT by ican'tbelieveit (Join FreeRepublic's Folding@Home team (Team# 36120), KW:Folding)
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To: freedumb2003

Gen Y is generally known as Mid 70s to early 90s. Try again.


36 posted on 10/10/2009 4:47:46 PM PDT by FreeSouthernAmerican (If Only To Be Left To Live My Own Life)
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To: mike70

Yeah, aerospace engineering was big in the 60s when we had Vietnam and the Space program. Now we are basically down to one new fighter aircraft. Boeing is the only big commercial airplane company—and they love to outsource their jobs. Still, someone with a degree in Chemical, Electrical, or even Environmental engineering should do fine.


37 posted on 10/10/2009 4:48:00 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: FreeSouthernAmerican

Most kids today could’nt pour piss out of a boot with the instuctions on the heel.Working with ones hands will always provide a source of income.


38 posted on 10/10/2009 4:48:32 PM PDT by HANG THE EXPENSE (Life is tough.It's tougher when you're stupid.)
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To: FreeSouthernAmerican

Can you imagine if EVERYONE had engineering degrees. We are not all called to be the same thing, thankfully. The other problem is that you can’t get your foot in the door on most jobs without a bachelor’s degree, so kids have to get through something.


39 posted on 10/10/2009 4:49:35 PM PDT by ican'tbelieveit (Join FreeRepublic's Folding@Home team (Team# 36120), KW:Folding)
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To: FreeSouthernAmerican

Sorry — Obama is Gen X.

In the old days Gen Y was between 1960 and 1980, but then they came up with Gen X and moved Gen Y bag a generation.


40 posted on 10/10/2009 4:51:10 PM PDT by freedumb2003 (Communism comes to America: 1/20/2009. Keep your powder dry, folks. Sic semper tyrannis)
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To: ican'tbelieveit
The other problem is that you can’t get your foot in the door on most jobs without a bachelor’s degree,

Auto mechanics and electricians don't require a bachelor's, and they pay quite well. Also, these jobs CAN'T BE OUTSOURCED.
41 posted on 10/10/2009 4:51:47 PM PDT by SeekAndFind (wH)
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To: imahawk

I just have a hard time with this discussion as I had been with a company for two years, but got laid off because I was one of the two newest employees. Needless to say, I will be up in South Dakota and Wyoming the next two weeks on a temp job. Would rather do that than take unemployment. I take offense at broad generalizations. Thats why I’m cool with your “most” and appreciated it.


42 posted on 10/10/2009 4:52:13 PM PDT by FreeSouthernAmerican (If Only To Be Left To Live My Own Life)
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To: FreeSouthernAmerican

Boomers screwed up as parents, but Gen X and Y were much much worse.


43 posted on 10/10/2009 4:52:18 PM PDT by freedumb2003 (Communism comes to America: 1/20/2009. Keep your powder dry, folks. Sic semper tyrannis)
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To: freedumb2003

Got ya, I’ll work with that. But you’re right, not a baby boomer.


44 posted on 10/10/2009 4:53:13 PM PDT by FreeSouthernAmerican (If Only To Be Left To Live My Own Life)
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To: rbg81

What has damaged “our young people” is their government “educations”. Dan, with his really swell grasp of postmodern literary analysis, is suited for a job stocking shelves, except for the fact that he probably lacks the character to do even that job.

There are going to be a lot of dissappointed, pampered “youths” with what passes for a college education today.


45 posted on 10/10/2009 4:53:20 PM PDT by achilles2000 (Shouting "fire" in a burning building is doing everyone a favor...whether they like it or not)
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To: SeekAndFind

That is true. But again, there are only so many of those jobs. Not everyone can be an auto mechanic.


46 posted on 10/10/2009 4:54:20 PM PDT by ican'tbelieveit (Join FreeRepublic's Folding@Home team (Team# 36120), KW:Folding)
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To: freedumb2003

“this will be the lot for our children’s children’s children.”

Not if they are homeschooled.


47 posted on 10/10/2009 4:54:33 PM PDT by achilles2000 (Shouting "fire" in a burning building is doing everyone a favor...whether they like it or not)
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To: freedumb2003

The verdict is still out on Y’ers, but I believe the downward trend will continue. I’ll give you that.


48 posted on 10/10/2009 4:54:47 PM PDT by FreeSouthernAmerican (If Only To Be Left To Live My Own Life)
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To: FreeSouthernAmerican

That’s true, some people are not cut out for it. But I can tell you that there are a lot of kids who COULD do it if they pushed themselves. They just don’t want to because its too hard and they’d rather do other things (like party). And then they complain later on about their employment prospects.

That being said, over time, these things tend to even out. Engineers may start out making more, but they often plateau quickly. On the other hand, the English major may find out he is a natural for sales and earn megabucks.


49 posted on 10/10/2009 4:55:16 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: SeekAndFind

I am going to qualify my previous comment. Many auto mechanic jobs now require certification training, so it requires some trade school beyond secondary school.


50 posted on 10/10/2009 4:55:22 PM PDT by ican'tbelieveit (Join FreeRepublic's Folding@Home team (Team# 36120), KW:Folding)
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