"The End of the Summer Job?" - Connecting the dots.Submitted by spacehabitats on Tue, 06/26/2012 - 13:47
The New York Times casually mentions that the percentage of 16-19 year-old teens with a summer job is HALF what it was in 1989.
That means an effective unemployment rate of at least 50%!
And the rate is worst for the poorest teens who could use the money the most.
So what gives?
We are almost 3 years into the worst "recovery" since the great depression.
College graduates with a degree in French literature are saddled with student loans to the tune of $150K.
Seniors are un-retiring because their life-savings were stolen by inflation, disappeared during the stock market crash, or are rapidly evaporating because of the Fed's relentless war on interest rates.
Low tech jobs are being filled by illegal immigrants.
High tech jobs are being filled by legal immigrants.
Unemployment is under-reported.
UNDER-employment is the rule not the exception.
People who ARE employed need to work two or even three jobs to just stay even because of the non-existent inflation that is eroding our standard of living.
So "summer jobs" are the canary in the coal mine.