Generation Barack: Youth Unemployment Rate Soars to 16.8%
How’s that hopey-changey stuff treating you now kids?
Youth unemployment rate soars to 16.8% under Barack Obama.
For the third year in a row college graduates are facing a dismal jobs market thanks to the failed policies of Barack Obama and fellow Democrats.
The Class of 2012 may have few reasons to celebrate this year. Along with the long-term unemployed, experts say their prospects are the bleakest among all job-seekers.
The U.S. economy added a lower-than-expected 80,000 jobs last month, according to data Friday from the Labor Department. Though the overall unemployment rate remained unchanged at 8.2%, experts say this year’s 1.8 million college graduates have a rough job search ahead. “Over the last five years, the jobs situation has gotten increasingly intense for each successive graduating class,” says Paul T. Conway, president of Generation Opportunity, a non-profit think-tank based in Arlington, Va. “Their concern is now palpable.”
The last half-decade has not been good to graduates. Only a half of those who graduated since 2006 are now employed full time, according to a recent Rutgers University survey. More college graduates are settling for jobs that in years past would have gone to those without degrees, while people in their 30s are now occupying jobs once taken by recent graduates, says Carl Van Horn, professor of public policy and director of Rutgers’ John J. Heldrich Center for Workforce Development.
But if all the young people who’ve already given up looking for jobs are included — the 1.7 million people aged 18-29 who’ve been out of work for more than a year — the latest 8.2% unemployment figure would be closer to 16.8% for that age group, Conway says. That’s the highest unemployment rate for that age group since World War II. “Their story is one of few opportunities, delayed dreams, and stalled careers,” he says.