According to a new analysis of government data by the Georgetown University Center on Education and the Workforce, millennials make up 40 percent of our nation’s unemployed population.
Just numbers and percentages, right? Okay, let me rephrase that for you.
According to the government’s own data, which does not count people as unemployed if they are no longer seeking work or are full-time students, two out of every five unemployed Americans are between the ages of 18 and 29.
If we were to factor in the number of young Americans who have either stopped seeking work or are pursuing advanced degrees because they cannot find a job, these numbers would undoubtedly be much, much higher.
So, why is this?
We at Young Americans for Liberty have long maintained that the political class is waging a War on Youth, through which the millennial generation is being robbed of its future wealth and potential through wasteful government programs. Every dollar that our government borrows today is a dollar that will have to be paid back in the future — our future.
Also, young people in any economy can be thought of as market entrants. The more rules and regulations that criss-cross the economy, the harder it is for market entrants to get their foot in the door. For millennials, it’s difficult enough to attain all the permits, licenses and degrees necessary to be marketable and legally hireable, the problem of finding an entry-level job notwithstanding.
Finally, it should be no surprise that as the United States becomes more and more European in the size and scope of our labor regulations, we begin to see the same problems of youth unemployment that European nations have dealt with for years. According to the European Union’s own unemployment data (which likely skews low), 23.3 percent of youths on the continent are unemployed. Of employed European youths, 42 percent were working on a temporary contract basis in 2012.
Despite their promises to the contrary, the actions of our President and our Congress have done nothing to alleviate our nation’s economic woes, and millennials are starting to catch on. Not until government gets out of the way of economic growth will millennials start to see a brighter, more prosperous future.
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