Friday, April 3, 2015

(Re-Post) & (Related update 2): It's tough being young in the Obama economy

Reminder: Due to illness, I am forced to modify my posting schedule ending, hopefully, by June 1st. Consequently, I am reducing the number of posts to two per day and will be relying on audio, video, and re-posts to a much greater extent than normal during this period.  Thank you for understanding and for continuing to visit – and recommending! -- On Liberty Street! Now on to the post:

Re-post: More than a year later and this phenomenon has only grown.  Way to go Obama, way to go.
Related update 2 (2/17/14)  More evidence that young adults are getting pounded by the Obama economy:
But going back to the topic of Americans living with their parents, today Gallup reported that 14% percent of adults between the ages of 24 and 34 – those in the post-college years when most young adults are trying to establish independence — report living at home with their parents. By contrast, roughly half of 18- to 23-year-olds, many of whom are still finishing their education, are currently living at home.
Read more analysis of these data here and here.  [ht: collegeinsurrection.com]

Related update (2/11/14):  Here's a chart from a detailed look at the plight of 27-year-olds in the US published in Vanity Fair a couple of days ago [ht: Mark Perry]:

Notice that a higher percent make $15,000 or less than make $40,000 or more.  There are several other interesting graphs in the article, which is available here.

Original post (2/9/14):  Two recent reports highlight just how bad the Obama years have been on the nation's youth.  First, data from the Bureau of Labor Statistics indicate that the teen unemployment rate is more than 3x that of the national average, coming in at about 20% currently (as many economists, and OLS as well, have noted, much of the blame for that figure involves the effects of minimum wage laws): 
The teen unemployment rate went up in January to 20.7% -- from 20.2% in December-- and is now more than three times the national unemployment rate of 6.6%,  according to the latest data from the Bureau of Labor Statistics (BLS).

 The BLS numbers show there were 1,140,000 people ages 16-19 unemployed in December. For January, that number was 1,147,000 -- an increase of 0.6%.
And second, it appears that nearly one in four 26-year olds still live at home!! To folks in my generation, that is virtually inconceivable.  From an article at Breitbart.com:
According to a Pew Research analysis of the 2012 data, lower levels of employment, an increase in college enrollment, and a decrease in young people getting married are major factors in the increase of millennials living at home. 
 These are just a couple of the outcomes associated with Keynesian economic policies and government central planning. [ht: Drudgereport]
 
The teen unemployment rate went up in January to 20.7% -- from 20.2% in December-- and is now more than three times the national unemployment rate of 6.6%,  according to the latest data from the Bureau of Labor Statistics (BLS).
The BLS numbers show there were 1,140,000 people ages 16-19 unemployed in December. For January, that number was 1,147,000 -- an increase of 0.6%.
- See more at: http://cnsnews.com/news/article/michael-w-chapman/teen-unemployment-207-more-three-times-national-average#sthash.jIEeSDbQ.LyG44qis.dpuf