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The Youth Unemployment Bomb
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The issue of high youth unemployment. The bulge in demographics and the emphasis on increasing the number of college graduates without increasing the jobs available, or providing apprenticeship type training and degrees in areas where jobs can be created, has created a major problem in the Middle East. High youth unemployment in the US, Spain and the UK also poses serious problems. Former primer Minister Giuliano Amato of Italy recently told Corriere della Serra: "The older generations have eaten the future of the younger ones." Older workers tend to hold onto their jobs as long as possible as retirement ages are being raised, and they have negotiated higher retirement pensions. In Spain the younger part time workers and immigrant workers are the first to be laid off and unemployment is highest in this group, which is also why the high unemployment has not attracted as much attention there. Younger workers will eventually have to support a higher proportion of these workers in retirement because of the demographics. The shift to higher parttime employment and employment at low wages has also created a class of workers who have no future, as their incomes are low, and are easily laid off. This shift has been taking place in the US, Europe and Japan over the last decade. Germany has fared better because of its long tradition of apprenticeship training, and employers working directly with young students at universities to provide on the job training. The financial crisis of 2008 in the US slowed down many industries and created a shift in industries creating jobs, the result was a larger mismatch of skills of job seekers and new jobs created. One way to address this is more on the job training and working directly with employers, and assistance to community colleges to fill education gaps.
Lost generation. High joblesss rate for younger workers in Spain, Italy, France, and other parts of Europe: 2011-2014
01/01/2010
The unemployment rate for younger workers 16-24 in Spain has reached an astounding 42% in 2010, up from 17.5% at the height of the boom 3 years ago. High youth unemployment is a severe problem for the European Union.
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The nature of unemployment in this U.S. downturn as men, young people and the less educated are the worst hit groups.
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The unemployment rate dropped to 7.6% in Germany in 2009 an 6.9% by 2013. Experts says this is a result of the rapid growth in the sector paying low wages.
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German Recovery Spurs Push for Higher Pay
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Europe Moving Toward Small Steps to Promote Growth
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High youth unemployment and lack of economic growth in Italy
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Linked Articles
Italy Seeks to Spur Growth, Narrowing Gap With Peers
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