Why Can’t Young People Find Jobs?

A 2015 report by a youth employment coalition
revealed that one in three people between the ages of 15 and 29, are currently unemployed,
and not in school. In total that amounts to about 600 million youths worldwide, and that
number is only expected to grow. With a severe recession, limited opportunity, and fewer
jobs; we wanted to know, how bad is this unemployment crisis, and why can’t young people find
work? While unemployment is a global issue that
affects people of all ages, the situation is considerably worse for young people. Over
the next decade, young people will have more difficulty finding a job, than any other age
group, or any previous generation of youths. The International Labor Organization reports
that youth unemployment is around 13%, nearly three times that of their older counterparts.
According to the report, it will take the creation of 5 million new jobs every month,
just to keep youth unemployment rates where they are today. In the next ten years, less
than half of one billion young jobseekers are expected to actually find work. Clearly,
this situation is terrible, not only for young people, but the world economy as a whole.
So, how did it get this bad? Well, the most glaring reason was the 2008
global recession. Although unemployment rates have begun to stabilize for adults, young
employees, who are more likely to hold temporary, part-time, and non-specialized jobs, have
found it difficult to keep up. Additionally, the recession forced many older workers to
postpone their retirement, and many overqualified adults to take on jobs which are usually given
to college or high school graduates. This severe strain on the job market has left most
young people with fewer options. Even jobs which don’t require much skill have become
overwhelmingly competitive. Some have attributed the shrinking youth workforce
to higher rates of education. However, in some countries, like the United States, this
has led to an oversaturation of degrees, and made it even harder to find work. In other
countries, a lack of education is exactly what prevents most teens and young adults
from entering the job market. The ILO reported that nearly a third of people in low-income
countries have no applicable education whatsoever, while upper-middle income countries only see
about 2% of their population uneducated. Youth unemployment around the world has huge
consequences for the global economy. Young employees subsidize social services through
taxation, but often don’t use them until they are older. The lack of a young workforce
means that there will be fewer experienced employees in the future, which can lead to
economic stagnation. Youth unemployment also removes valuable consumers from the market,
and slows the economy through inactivity. Some countries have already seen this cycle
destroy their way of life, like in Greece, which faced 58% youth unemployment in 2013. Although many solutions have been proposed,
ranging from post-capitalist automation, to reinvestment of wealth, there is no question
that having a young, unemployed generation is bad for everybody. Some might argue that the extent of the global
job crisis shows capitalism has lost its value. Are we nearing the end of capitalism? Find
out in our video. Thanks for tuning in, folks! Make sure to like and subscribe down below
to TestTube News.

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