Zero Hedge posted the chart below to show the potentially explosive situation in Europe with so many youths unemployed. Aren’t you glad the explosive situation is in Europe? But wait. Let’s look at the BLS data for youths in America. Here is the link:
ftp://ftp.bls.gov/pub/special.requests/lf/aat3.txt
Here are the facts:
- There are 37.9 million people in the U.S. between the ages of 16 and 24 and only 17.1 million of them are employed. That means that 55% are not employed.
- The BLS uses their magic 8 ball to conclude that 17 million of these yuuts aren’t really in the labor force. How convenient. I know I worked from the age of 16 onwards even when I was in school.
- The BLS manipulated numbers show a 25.9% unemployment rate for 16 to 19 year olds and 15.1% for 20 to 24 year olds.
- The rates for men are even higher at 28.8% and 17.8%.
- The rates for black men are off the charts at 45.4% and 29.8%
No matter how you spin the numbers, 55% of the yuuts in this country are not working. As unbelievable as it sounds, 84% of the black men in this country between the ages of 16 and 24 do not work. You can verify my calculations by clicking the BLS link above.
The youths around the world are losing hope. It is even worse than Europe and the U.S. in the Middle East. Revolution is brewing. I can feel it in my bones.
Zero Hedge captures the explosive nature of these facts regarding Europe:
Surging Greek and Portuguese bond yields? Plunging Italian bank stocks? The projected GDP of the Eurozone? In the grand scheme of things, while certainly disturbing, none of these data points actually tell us much about the secular shift within European society, and certainly are nothing that couldn’t be fixed if the ECB were to gamble with hyperinflation and print an inordinate amount of fiat units diluting the capital base even further. No: the one chart that truly captures the latent fear behind the scenes in Europe is that showing youth unemployment in the continent’s troubled countries (and frankly everywhere else). Because the last thing Europe needs is a discontented, disenfranchised, and devoid of hope youth roving the streets with nothing to do, easily susceptible to extremist and xenophobic tendencies: after all, it must be “someone’s” fault that there are no job opportunities for anyone. Below we present the youth (16-24) unemployment in three select European countries (and the general Eurozone as a reference point). Some may be surprised to learn that while Greece, and Portugal, are quite bad, at 30.7% and 46.6% respectively, it is Spain where the youth unemployment pain is most acute: at 51.4%, more than half of the youth eligible for work does not have a job! Because the real question is if there is no hope for tomorrow, what is the opportunity cost of doing something stupid and quite irrational today?
Steve Hogan says:
Millions of unemployed men with nothing to do. No jobs, no prospects, no hope.
2012 is going to be very interesting….
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30th January 2012 at 1:47 pm
Thunderbird says:
This is serious and will no doubt feed the ranks of the occupy movement this summer.
So why is unemployment so high with young people? And why can’t government solve this problem? Well the government can’t, period.
The government has caused this problem and it is coming home to roost after years of promoting large corporations to provide society with everything while letting small business rot on the vine.
Large corporations have done everything with technology and computers to eliminate jobs so their stakeholders can make more profit, while coming into communities with their big box stores and selling products cheaper then their small business counterparts; thus running them out of business and eliminating more jobs. Huge corporate farms have replaced small farms. Small factories that produced goods and services have been gobbled up by large corporations, the local factories closed down and built in third world countries where labor is very cheap compared to our standard.
Another factor is local government has created codes and restrictions that is anti-small business. They have killed the golden goose in favor of large corporations. The Golden goose is the job creator.
An economy that produces the maximum profit possible for the few is no economy at all. If we have corporations that can eliminate jobs and produce the products the people need without working then why hog the wealth to a few people? Shouldn’t it go to all the people? What good is a corporation that steals jobs from society so it can profit from the misery it causes?
The only way to full employment is to cut down the size of the corporation to service a region rather than a global market. This will create opportunity for others and employment will soar. We have big monopolies that serve only themselves and their stake holders. This is wrong.
This is why we have high unemployment that is going to get worse until we make a course correction in this country. Get the globalists out of congress.
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30th January 2012 at 1:49 pm
Persnickety says:
Let Them Eat Cheez-Its!
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30th January 2012 at 2:03 pm
Stucky says:
Let me, Herr Stuchenmeister, aka The Judge, be your bellwether regarding when the shit is ready to hit the fan.
I have fired a weapon only a handful of times in my Boomer life. I have never owned a gun. Never wanted to. I’m actually giving it some thought these days, thanks to you fearmongering trolls.
So, if Stucky buys a weapon know ye that the end is near. I will keep you posted.
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30th January 2012 at 6:03 pm
Kill Bill says:
I guess its time for a world war and a draft.
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30th January 2012 at 10:10 pm
TeresaE says:
Thunderbird, beautifully said.
Michigan’s “budget” problems (it is spending, stupid! but, I digress), are entering their second decade. The schools are losing funding by mandate and by fleeing, because there are no “new” jobs for parents and small biz drops like dead flies.
My town has closed down 13 schools, and probably should close down a few more. We still have a deficit, so to “fix” it the overwhelmingly union citizenship voted in a new bond issue. Long term debt in exchange for meeting a couple years budget. Simply brilliant.
So knowing their mindset, guess what they did when faced with ever increasing lunchroom costs? Kept the unions and outsourced the food to some government/union connected supplier. We now get 2-sided, bigger than legal – squared – full color and full glossy menus three times a year. In addition, the kids are now being offered the “healthy” choice of Weight fucking Watchers, or Dominos pizza and Eggo Waffles and Turkey Sausage for lunch. Meets the governments bullshit nutrition advice of mostly carbs with foods kids won’t eat (like nuked carrot “medallions”) So, since cost was the issue are they saving any actual money? OH FUCK NO!
Not a dime and with the union pay/bene packages the costs will only continue to rise while my tax money is being used to create a whole new generation of kids that don’t want to cook, or eat homecooking, and are indoctrinated into buying the mass corporate fake food that is killing us and going to bankrupt us once 50% of our population is morbidly obese and unable to do any actual work.
Makes me sick, and sadly, I’m nearly alone. None of the other parents that I have discussed this with are in the least bit concerned. Not a one.
FUBAR. This country, and the Western world, are beyond FUBAR. Hang on, it surely is going to be a bumpy ride.
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30th January 2012 at 10:27 pm
Persnickety says:
But the menus are glossy – and color! What more do you want?
It’s got electrolytes. What plants crave.
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30th January 2012 at 10:50 pm
TeresaE says:
Too funny Persnick, that is exactly what I thought when I first read it!
The school (union of course) secretary looked at me really strangely when I brought up that when most companies are trying to save money the last thing they do is go luxury on their printing costs.
“But, the vendor pays for it.”
Took all my composure to keep the smile on my face and not jump across the desk screaming, “NO YOU DUMB BITCH, US WORKING PARENTS FUCKING PAY FOR IT.”
Hell, 50% of the kids get reduced/free (federally sponsored) lunch, so even SHE (and you) pays for it.
Idiocracy indeed.
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30th January 2012 at 11:03 pm
Pararoot says:
Yes, I am a small businessman and sadly I am considering getting out. I can’t find any one to work. I mean if you would have told me 40 years ago I would struggle to find help i would have laughed. I have been sued, taken to the state board of labor, stolen from ( no hope for help in the courts) . I cant do anything with out permits, inspections, insurance, contracts.
The people I try to hire have zero knowledge of basic mechanical, construction, computing, cooking or cleaning. They don’t want to learn. They have never been hungry, or cold or without (other than spending money). The rest are drug attics or lottery attics or cigarettes or alcohol, or porn, are on the lamb from some court , creditor or ex .No one to paint, clean, wash windows, clean gutters, mow lawns, carpet, tile, pour concrete build or repair, unless you hire the corporation, and I cant afford that. This generation knows only too replace stuff, not repair or take care of., nothing worth fixing much anymore.
My margins are compressing and credit is non existent while my costs escalate.
Thumbs up to Thunderbird and Teresa E, my feelings exactly. We are so screwed.
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30th January 2012 at 12:03 am
Bruce says:
A very pissed off TeresaE getting ready to do some serious budget slashing. Watch out all you gooberment bastards!
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30th January 2012 at 3:28 am
BiggyTmofo says:
short post here. Good point about the youth employment situation. The problem is they still have babies and this is the cause of lots of our problems in society. Do babies from good stable homes grow up and do flash mobs at state fairs? No no but FUCK NO. This is why masculinity has died in the USA because there is no proper role model for millions of young men who are continuing the cycle today. And who pays for all this? The assholes who support the FSA and FUBAR’d financial system I think are going to work righ now. The other issue that happens is young people being mislead to take on huge debt for their “education” to get a good non existant job. It’s obvious that the credit bubble and propoganda have contributed to this very bad situation. Why is it that every parent and counselor thinks everyone needs a college degree? I can’t wait till this complex blows up. Seriously most of the degrees are worthless outside of Nursing, Accounting and hard sciences. I always thought education requirements were to weed out resumes and should be treated as a civil rights violation. Take a skills test instead. Maybe a draft to pick up litter might be an idea. Newt can run this program.
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30th January 2012 at 7:00 am
ragman says:
Teresa: you are one hot chick! In the past, an excess of young men without work or a real future has resulted in war. This is probably in the cards for us too. The SBPDL website(raciss) has an excellent breakdown of this very topic. The shit will certainly hit the fan if/when the FS runs out. We pay the FSA not to riot and overrun the rest of us. Wif out the food stamps, WIC, Section 8 housing and the myriad of other freebies, the FSA will be on the loose and they’ll be coming to a theatre near you!
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30th January 2012 at 8:35 am
ron says:
To many people with to few a jobs. I see an outbreak of some sort wipeing out a bunch of people.
Mabe it well come to mass chaos with a die off. A lot of our problems have to do with people trying to maximize theyre profits at the cost of others/society.
Or its all George Bushs fault!
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30th January 2012 at 11:43 am