America's lost generation......it's coming

[JustRalph]

http://www.mcclatchydc.com/2013/08/2...l#.UiDG2ny9KSN

Lost........

[LottaKash]

excerpt:
“We have never had anything this low in our lives. This is a Great Depression for teens, and no time in history have we encountered anything like that,” said Andrew Sum,


excerpt:
“People entering into the labor force in their 20s, it looks like more and more now they’re not going to have any work experience as teens. Labor force participation is as low as it’s ever been,” said Keith Hall, who served as commissioner of the Bureau of Labor Statistics from 2008 to 2012.
=====================================


Change has come alright....Thank you Mr. "current" potus...You were so instrumental in all of this...You said change would come, and it has....You have managed to break very "new ground", economically speaking....

[FantasticDan]

Originally Posted by LottaKash

Change has come alright....Thank you Mr. "current" potus...You were so instrumental in all of this...

Thank you for the "Friday funny"

[BlueShoe]

The Left, in response to this situation, has proposed that the minimum wage be raised. This of course would increase the unenployment rate even higher, likely much higher. The minimum wage should be $0.00, ie, no minimun laws. But liberals, with their socialistic Marxist mindsets have never been able to grasp free market supply and demand economic principles, so do not expect things to get better.

[Jay Trotter]

....or you could focus on the positive part of the article:

"The trend is all the more striking given that the overall unemployment rate has steadily dropped, to 7.4 percent in August. And employers in recent months have been collectively adding almost 200,000 new jobs a month."

[Capper Al]

Originally Posted by JustRalph

http://www.mcclatchydc.com/2013/08/2...l#.UiDG2ny9KSN

Lost........

Did you forget that umskilled labor has been lost to automation or China or India? Probably the only solution is going to be the shorter work week. The rich won't give up theirs and I doubt our middle class don't want to give up anything either. So what has to be the result- unemployment.

[Capper Al]

Originally Posted by BlueShoe

The Left, in response to this situation, has proposed that the minimum wage be raised. This of course would increase the unenployment rate even higher, likely much higher. The minimum wage should be $0.00, ie, no minimun laws. But liberals, with their socialistic Marxist mindsets have never been able to grasp free market supply and demand economic principles, so do not expect things to get better.

The left

[JustRalph]

Originally Posted by Jay Trotter

....or you could focus on the positive part of the article:

"The trend is all the more striking given that the overall unemployment rate has steadily dropped, to 7.4 percent in August. And employers in recent months have been collectively adding almost 200,000 new jobs a month."

you forgot to add that 70% percent of those added jobs were part time

[JustRalph]

Originally Posted by Capper Al

Did you forget that umskilled labor has been lost to automation or China or India? Probably the only solution is going to be the shorter work week. The rich won't give up theirs and I doubt our middle class don't want to give up anything either. So what has to be the result- unemployment.

yep, has nothing to do with the current fiscal policies.........it's all those ATM's taking away jobs, huh Barry?

Btw, you can campaign all you want for the shorter work week crap, it's been tried in France and it was a dismal failure.......as predicted

[Clocker]

Originally Posted by JustRalph

you forgot to add that 70% percent of those added jobs were part time

And that we need 125,000 new jobs every month just to keep up with population growth.

[Jay Trotter]

Originally Posted by JustRalph

you forgot to add that 70% percent of those added jobs were part time

That would mean that 60,000 full time jobs were added! It must be tough living in a world that is so dismal. I would imagine your minky will be showing up shortly.

[Valuist]

Originally Posted by Jay Trotter

That would mean that 60,000 full time jobs were added! It must be tough living in a world that is so dismal. I would imagine your minky will be showing up shortly.

See Clocker's post above yours.

[Clocker]

Originally Posted by Jay Trotter

That would mean that 60,000 full time jobs were added! It must be tough living in a world that is so dismal.

It's dismal if you don't have a job. Even if you count part time workers as employed, we still have fewer people employed today than we had when the recession started. And 60,00 new full time jobs is pathetic given that we need 125,00 just to keep up with population growth, and that labor force participation is at a 34 year low because of the huge number of discouraged workers that have quit looking for work.

[dartman51]

Originally Posted by Jay Trotter

....or you could focus on the positive part of the article:

"The trend is all the more striking given that the overall unemployment rate has steadily dropped, to 7.4 percent in August. And employers in recent months have been collectively adding almost 200,000 new jobs a month."

That's not very comforting when there are OVER 330,000 NEW sign up's for unemployment, EVERY WEEK. And it's been that way for years. That 7.4 percent unemployment rate is bullshit. Anyone, with a brain, knows it.

[Clocker]

Originally Posted by dartman51

That 7.4 percent unemployment rate is bullshit. Anyone, with a brain, knows it.

The US Bureau of Labor Statistics computes 6 different unemployment rates, U1 through U6. U3 is generally referred to as the "official" rate. It is described as total unemployed, as a percent of the civilian labor force. The civilian labor force is those working or actively looking for work.

The 7.4% number is the seasonally adjusted U3 number for July. Part time workers looking for full time work are counted as employed in U3. The not seasonally adjusted number for July is 7.7%, so I hope that 0.3% of the unemployed that are not counted feel better about their circumstances.

A more realistic picture of real unemployment is given by BLS U6. This is defined as "...total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force". Many call this the unemployed/underemployed number. U6 for July is 14%, seasonally adjusted, 14.3% unadjusted.

BLS unemployment data is based on surveys. My personal bias is to believe that the unemployment numbers are worse than reported because people tend to lie about how bad things are, or to think that it is no one else's business. Based on what I see in the media and on the web, I would guess that at least 25% of the potential work force consider themselves unemployed or underemployed. But no one with an I.Q. above room temperature can put any faith in the "official" unemployment numbers.