The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

In June 2009, the U.S. economy stopped its downward slide and began expanding, effectively ending the “Great Recession.” But with meager expansion of the U.S. economy over the past five years, young people and recent college graduates looking to enter the workforce are increasingly disadvantaged.

These were among the issues raised in a recent paper by the Economic Policy Institute, which sought to measure the disproportionately disadvantaged situation recent college graduates are in due to the economic downturn. Importantly, the study notes there is nothing specifically linked to the Great Recession that puts young people at a disproportionately high disadvantage in today’s job market. Rather, the study explains, young people always suffer special difficulty during periods of economic downturn. The “Great Recession” happens to have had an extremely harsh effect on the young because of its length and the anemic economic recovery in the aftermath.

The study reads: “Unemployment of young graduates is extremely high today not because of something unique about the Great Recession and its aftermath that has affected young people in particular. Rather, it is high because young workers always experience disproportionate increases in unemployment during periods of labor market weakness—and the Great Recession and its aftermath is the longest, most severe period of economic weakness in more than seven decades.”

Furthermore, the number of unemployed and underemployed young people has decreased since the recession ended, but has not returned to pre-recession levels. “For young college graduates, the unemployment rate is currently 8.5 percent (compared with 5.5 percent in 2007), and the underemployment rate is 16.8 percent (compared with 9.6 percent in 2007),” the study notes. These numbers for high school graduates further increase: “For young high school graduates, the unemployment rate is 22.9 percent (compared with 15.9 percent in 2007), and the underemployment rate is 41.5 percent (compared with 26.8 percent in 2007).”

 

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

President Joe Biden

The price of gasoline is not Joe Biden's fault, nor did it break records. Adjusted for inflation, it was higher in 2008 when Republican George W. Bush was president. And that wasn't Bush's fault, either.

We don't have to like today's inflation, but that problem, too, is not Biden's doing. Republicans are nonetheless hot to pin the rap on him. Rising prices, mostly tied to oil, have numerous causes. There would be greater supply of oil and gas, they say, if Biden were more open to approving pipelines and more drilling on public land.

Keep reading... Show less
Youtube Screenshot

Heat deaths in the U.S. peak in July and August, and as that period kicks off, a new report from Public Citizen highlights heat as a major workplace safety issue. With basically every year breaking heat records thanks to climate change, this is only going to get worse without significant action to protect workers from injury and death.

The Occupational Safety and Health Administration admits that government data on heat-related injury, illness, and death on the job are “likely vast underestimates.” Those vast underestimates are “about 3,400 workplace heat-related injuries and illnesses requiring days away from work per year from 2011 to 2020” and an average of 40 fatalities a year. Looking deeper, Public Citizen found, “An analysis of more than 11 million workers’ compensation injury reports in California from 2001 through 2018 found that working on days with hotter temperatures likely caused about 20,000 injuries and illnesses per year in that state, alone—an extraordinary 300 times the annual number injuries and illnesses that California OSHA (Cal/OSHA) attributes to heat.”

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}