Hey kids! You know that really hip, rock star, Rolling Stone, cool fella you voted for in 2008 and again in 2012? Turns out he’s a stone cold job killer as well.
A new report from Generation Opportunity indicates that the youth unemployment rate has hit a stunning 16.1% rate in July, the highest sustained rate since World War II.
President Obama cruised to victory in 2012 on the strength of the youth vote, besting Romney by a 67 to 30 margin.
Here’s the breakdown:
The effective (U6) unemployment rate for 18-29 year olds, which adjusts for labor force participation by including those who have given up looking for work, is 16.1 percent (NSA).
The declining labor force participation rate has created an additional 1.8 million young adults that are not counted as “unemployed” by the U.S. Department of Labor because they are not in the labor force, meaning that those young people have given up looking for work due to the lack of jobs.
The (U3) unemployment rate for 18-29 year olds is 11.6 percent (NSA).
The (U3) unemployment rate for 18-29 year old African-Americans is 20.9 percent (NSA); the (U3) unemployment rate for 18-29 year old Hispanics is 12.4 percent (NSA); and the (U3) unemployment rate for 18–29 year old women is 10.8 percent (NSA).
Evan Feinberg, President of Generation Opportunity, issued the following statement:
“Looks like another bad month for young people. Last week we learned from Gallup that only 43.6% of 18-29 year olds are employed full-time and now we have another Millennial Jobs Report showing roughly 1 in 6 18-29 year olds are out of work entirely.
“This jobs report shows that Obamacare and other ‘solutions’ coming from Washington are scaring off employers from hiring, and as a result my generation is getting stuck in a cycle of part-time, temporary jobs – not the meaningful careers for which they studied. It’s tragic to see a generation as talented and innovative as mine go to waste.
“Young people deserve better than to pick up the tab for the irresponsible policies coming out of Washington, and we deserve better than part-time work flipping burgers. Politicians need to acknowledge that their efforts to “help” are relegating us to second-class citizens.”