I know I’m supposed to be shocked by the 50% to 60% youth unemployment rates in Greece and Spain, but I’m not. We have the exact same rates of youth unemployement here in the good old US of A. Greece and Spain need to outsource their data reporting to the BLS and things will get miraculously better overnight. My guess is that Greece and Spain actually calculate how many 15 to 24 year olds have a job versus the total number of 15 to 24 year olds. How antiquated and unoriginal.
Our beloved BLS reports an unemployment rate of 17.6% for all 16 to 24 year olds in America. Isn’t that precious? There happen to be 38.9 million 16 to 24 year olds in the United States of America. There happen to be 17.2 million of them employed. For the math challenged out there, this means that 56% of all 16 to 24 year olds in our country are not employed. Sure sounds like it is at Greece and Spain levels to me. So how can the BLS report a 17.6% unemployment rate with a straight face? They just ASSUME that 18 million 16 to 24 year olds are not in the labor force by their own choosing. That’s a helluva an assumption. Checkout the numbers for yourself:
I don’t know about you, but I was in the workforce from 16 years old and on. Just because you are in high school or college doesn’t take you out of the labor force. Every 16 to 24 year old can and should at least have a part-time job. The propaganda put out by the BLS is complete and utter bullshit. Our youth unemployment is at Greece and Spain levels. The youth unemployment in black urban enclaves is greater than 80%. The fuse is lit. It’s just a matter of time before the powderkeg explodes.
Greek Youth Unemployment Tops 60%
Submitted by Tyler Durdenon 02/14/2013 11:56 -0500
Optimism it seems is all that matters (or is all that is allowed) as we are battered by dismal data left, right, and center. Of course, a reflection on the markets tells any ‘smart’ person that it all must get better – or why would stocks or sovereigns, or EURUSD be where it is? However, the 6 out of 10 15-24 year olds in Greece (61.7% to be exact) would beg to differ with that view of the world (as their economy grinds to a halt) – and with Spain reaching new highs at 55.6% (as well as the Euro-zone over 24%), all the bureaucratic lip-service in the world won’t stop the revolt that is coming we fear.