WE ARE ALREADY GREECE & SPAIN

15 comments

Posted on 14th February 2013 by Administrator in Economy |Politics |Social Issues

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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:

http://www.bls.gov/web/empsit/cpseea13.htm

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%

 
Tyler Durden's picture

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.

 

TRUE YOUTH UNEMPLOYMENT

18 comments

Posted on 4th December 2012 by Administrator in Economy |Politics |Social Issues

We have seen the charts on Zero Hedge showing youth unemployment of 50% in Greece and Spain and we shake our heads and say I’m sure glad were not Europe. I think Europe needs to hire the drones from the BLS to massage their numbers for them. The BLS reports our youth unemployment as follows:

16 to 19 year olds – 23.5%

20 to 24 year olds – 12.7%

Isn’t that precious? It’s also complete and utter bullshit. Here are the facts:

  • There are 16.9 million 16 to 19 year olds and 4.3 million of them are employed. That means 75% of them are NOT EMPLOYED.
  • There are 21.9 million 20 to 24 year olds and 13.5 million of them are employed. That means 38% of them are NOT EMPLOYED.

Edward Bernays would be so proud of the BLS drones. I don’t buy the bullshit about these people being in school, therefore they aren’t in the workforce. I got a job at the age of 16 and have worked every year since. In college I worked two jobs for a year. Where I come from you got a job at 16 years old to pay for your car, clothes, concerts and sports. Everyone I knew was working from the age of 16.

No matter how the BLS spins the data, the truth is that the youth unemployment rate in the United States of America is 54%.

http://www.bls.gov/web/empsit/cpseea13.htm

 

Worst Since World War II: 50% Unemployment: Over Six Million Teens and Young Adults Are Out of Work and Not In School

Mac Slavo
December 4th, 2012
SHTFplan.com

Amid a worsening fiscal crisis, a crumbling economy, and the destruction of over 40% of America’s wealth in just the last few years, it should be quite clear that this is no ordinary recession. In fact, with progressively dwindling job opportunities, a long-term downward trend in real estate prices, and the near doubling of participation in emergency benefits programs like food stamps and disability, one could make the argument that the United States is smack-dab in the middle of the next Great Depression.

The notion that we are potentially facing a decades-long paradigm shift which threatens to alter the very fabric of American life is becoming a stark reality  for many, especially America’s younger generations who, according to a new report from the Annie E. Casey Foundation, are experiencing the highest jobless rates since at least World War II:

Forty years ago, a teenager leaving high school — with or without a diploma — could find a job in a local factory. Twenty years ago, even as manufacturing jobs moved offshore, young people could still gain a foothold in the workforce through neighborhood stores and restaurants. Amid the housing boom of the past decade, youth with some training could find a career track in the construction field. But today — with millions of jobs lost and experienced workers scrambling for every available position — America’s young people stand last in line for jobs.

…

Youth employment is at its lowest level since World War II; only about half of young people ages 16 to 24 held jobs in 2011. Among the teens in that group, only 1 in 4 is now employed, compared to 46 percent in 2000.

Overall, 6.5 million people ages 16 to 24 are both out of school and out of work, statistics that suggest dire consequences for financial stability and employment prospects in that population.

More and more doors are closing for these young people. Entry-level jobs at fast-food restaurants and clothing stores
that high school dropouts once could depend on to start their careers now go to older workers with better experience and credentials. It often takes a GED to get a job flipping hamburgers. Even some with college degrees are having trouble finding
work.

…

The employment rate for youth ages 16 to 19 dropped precipitously — down 42 percent since 2000. More youth than ever — 2.2 million teenagers and 4.3 million young adults ages 20 to 24 — are neither in school nor working.

Additionally, 21 percent — 1.4 million — of those young people out of school and out of work are young parents who must take care of their own needs and those of their children.

…

In this report, we describe them as disconnected youth. The term encompasses diverse groups, ranging from the 16-year-old who just dropped out of high school and is not working to the 21-year-old parent who has a high school degree and has been looking for work for a long time. They live at home in urban, suburban or rural communities.

The prospects for the Millennial Generation, who once enjoyed the seemingly never ending prosperity of McMansions, high-end technology and brand name apparel provided by their debt-laden parents, are rapidly disappearing.

The most challenging jobs market since the last Great Depression, coupled with an inability to acquire an education and trade skills due to tightened student loan requirements, yields an untenable situation for America’s youth. Combine this with the fact that most of these kids have or will soon be having kids, and you have tens of millions more Americans added to already overburdened government safety nets.

Reality television shows and government education convinced many teens and young adults that they would enjoy a carefree life of riches and luxury.

Never would they have even entertained the idea they would instead be plagued with a lifetime of misery, poverty and government dependence.

It’s a hard-knocks life, and it’s about to get a whole heck of a lot worse for a lot of people.

POWDERKEG MEET MATCH

11 comments

Posted on 8th November 2012 by Administrator in Economy |Politics |Social Issues

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Europe’s Scariest Chart Hits Peak Scariness Levels, And Rising

 
Tyler Durden's picture

Submitted by Tyler Durden on 11/08/2012 08:48 -0500

Things are rather unsurprisingly going from worse to worserer in Europe. Perhaps it is the anecdotal evidence we see in the now weekly riot-cams from Spain and Greece but just as we warned over a year ago, the truly scariest chart in Europe remains that of youth unemployment. The correlation (and causation) that runs from extreme levels of youth unemployment to general social unrest and anarchy is stunning throughout time (as we noted here and here). With Greek ‘youth’ unemployment jumping to a disheartening 58% (for August) – by far its highest ever – and Spain rising inexorably at 54.2%, the under-25 populations in these nations is truly set to burst (with overall unemployment rates of 25.4% and 25.5% respectively). Euro-zone youth unemployment overall has risen to 23.3% and while Greece jumped the most, Italy was close behind with a 1.2ppt rise to 35.1%. We are sure the austerity voted for last night by the politicians will ‘help’ – someone…

 

 

Data: Bloomberg and Greek Statistics Office

WHAT DO UNEMPLOYED YOOTS DO?

11 comments

Posted on 11th March 2012 by Administrator in Economy

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The graph below shows the yoot unemployment rates in Europe, with both Spain and Greece surpassing 50% and Portugal chiming in at about 35%. For some perspective, here are a couple facts about Yoot employment in the United States of America.

  • There are 38.7 million yoots between the ages of 16 and 24 in the U.S.
  • The number of 16 to 24 year old yoots employed today in the U.S. totals 17.2 million.
  • For the math challenged, that means that 55% of these yoots are not employed.
  • But don’t worry, the BLS drones tell us the true unemployment rate for these yoots is only 16.9% since 18.1 million of these yoots aren’t really in the workforce.

How many of you were not in the workforce between the ages of 16 to 24?

Here’s the gist. Unemployed male yoots with no hope and no prospects tend to get angry. They tend to lash out and get violent. In Europe, the free shit is being cut off. There will be blood and violence across Europe this summer. The free shit is still flowing in the U.S., for now. But, with 20 million yoots not working, it wouldn’t take much to set off a shitstorm here.

THIS IS WHY REVOLUTIONS START

13 comments

Posted on 30th January 2012 by Administrator in Economy |Politics |Social Issues

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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?