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Location: Just transplanted to FL from the N GA mountains
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Quote:
Originally Posted by mkpunk
The one thing I want to know is what were the unemployment rates during the time that the boomers were the age of college graduate aged millennials. It is at about 12% currently for 18-29 year olds as of labor day. This information is from Forbes.
I don't particularly remember the unemployment rates. What I remember most were the interest rates. We bought our first home in 1984. At a rate of 13.5 adjustable. Two per year/5% lifetime cap. And that was the best we could get with 20% down. On a little rinky-dink 900 sq. foot fixer upper.
The one thing I want to know is what were the unemployment rates during the time that the boomers were the age of college graduate aged millennials. It is at about 12% currently for 18-29 year olds as of labor day. This information is from Forbes.
Google is your friend unless your arms are broken.
The peak of the recession was in November and December 1982, when the nationwide unemployment rate was 10.8%, highest since The Great Depression. As of 2013, it is still the highest since the 1930s.
I've never seen it broken down by age, but there's nothing preventing you from doing that research
I think this is something we need to ponder over and think about. Perhaps millennials in it of themselves aren't whiners, they just got misled by those who raised them and when they graduate and find nothing, it hurts them, even if it was an unintended consequence. And because there isn't much they can do, not many have bootstraps to pull themselves up by and because they have been socialized by liberals perhaps they have a liberal stance on it. Sadly, there hasn't been balance to teach millennials that schooling isn't the most important thing until it is too late and normally it is the condescending tone you see on C-D.
The fundamental issue is that we need less human labor to maintain or increase our level of economic production. So, a declining percentage of people are in the labor force to begin with. The share of national GDP going to wages continues to sink. Younger workers have the least experience and have been encouraged to take on debt to acquire "education," but in many cases, that education does not actually improve job prospects to any great degree.
Basically, younger Americans are a lot more screwed, economically, than any generation since the one that came of age in the Great Depression. The Depression generation did eventually recover. We'll see how things go for the Millennials.
However, marriage and birthrates are way down, so at least they increasingly have the wisdom not to bring more kids into an environment of economic instability.
The fundamental issue is that we need less human labor to maintain or increase our level of economic production. So, a declining percentage of people are in the labor force to begin with. The share of national GDP going to wages continues to sink. Younger workers have the least experience and have been encouraged to take on debt to acquire "education," but in many cases, that education does not actually improve job prospects to any great degree.
This is absolutely true and notice neither political party is discussing it.
Technological advances are destroying jobs faster than they are being created and this has been happening for quite sometime now.
Just think what has happened in the last 10 years.
The next big thing on the horizon is the 3D Printing revolution.
If I were in my 20's today, I would be figuring out a niche for myself in that just budding industry. If you find it, you'll be wealthy in 20 years.
The only age groups that voted in the majority for Obama are under age 40. The 18-29 year olds are particularly stupid.
Freakishly stupid to vote for O twice.
I also showed the results linked in mine.
One, I wouldn't say the 18-29 year olds are "stupid." "Gullable" is perhaps the better comment. The reason why I say this is because I think both times the 18-29 year olds thought Obama was more trust worthy or a better option. 6% did jump off the wagon (one I myself was never on.)
Two, you didn't run down the 30-44 year olds for voting Obama as well.
Three, if you look at the demographics, Obama won on everything else. I mentioned this in my other post.
Quote:
Originally Posted by mkpunk
The 6% of the Youth who left Obama's block between 2008 and 12 differed from Obama's opinions on unemployment, job creation, taxes, regulation and big government. Source. For Carter, I cannot find an actual hard proof of why Carter was voted for. I do find it interesting that Carter's numbers fell and so did Obama's. Sure more youth voted Obama but if you look at both of Obama's racial breakdown, he only lost on the white votes and only lost the male vote in 2012.
In all did the youth vote help Obama, yes but it was also a coalition of minorities as well.
Quote:
Originally Posted by aus10
I don't particularly remember the unemployment rates. What I remember most were the interest rates. We bought our first home in 1984. At a rate of 13.5 adjustable. Two per year/5% lifetime cap. And that was the best we could get with 20% down. On a little rinky-dink 900 sq. foot fixer upper.
The interest rates right now aren't a fair comparison because of the Fed involvement. Don't get me wrong, that is not a good deal but we have good deals on an inflated system.
Quote:
Originally Posted by Goinback2011
Google is your friend unless your arms are broken.
The peak of the recession was in November and December 1982, when the nationwide unemployment rate was 10.8%, highest since The Great Depression. As of 2013, it is still the highest since the 1930s.
I've never seen it broken down by age, but there's nothing preventing you from doing that research
Comparably we had our highest unemployment rate at October 2009 at 10.2%, At that point the labor participation rate was 64.1% compared to 65% in October 2009. Source: http://research.stlouisfed.org/fred2/data/CIVPART.txt. According to an article I found (through Google), 1982 had a youth unemployment rate of 17.3% The same article lists unemployment rates for young men at 19.7% and young women at 17.3% in July 2009 (a few months before the highest unemployment rate.) The total unemployment rate for youth would likely be about 18.5%, possibly a little lower due to more women than men. So a little worse but not by a whole lot.
Comparably we had our highest unemployment rate at October 2009 at 10.2%, At that point the labor participation rate was 64.1% compared to 65% in October 2009. Source: http://research.stlouisfed.org/fred2/data/CIVPART.txt. According to an article I found (through Google), 1982 had a youth unemployment rate of 17.3% The same article lists unemployment rates for young men at 19.7% and young women at 17.3% in July 2009 (a few months before the highest unemployment rate.) The total unemployment rate for youth would likely be about 18.5%, possibly a little lower due to more women than men. So a little worse but not by a whole lot.
Think back on this after a good night's sleep, I wondered if there was an underemployment issue for the youth during the 1980's or is this a recent development in the labor market? If anyone can give that information, I would appreciate it.
Think back on this after a good night's sleep, I wondered if there was an underemployment issue for the youth during the 1980's or is this a recent development in the labor market? If anyone can give that information, I would appreciate it.
The structure of the labor market was entirely different back then. This is before all the factories were offshored and before they imported 30 million illegals to do manual labor or millions of H1Bs to do IT jobs.
Young people worked in all those industries when the economy improved.
There wasn't a permanent loss of jobs except in heavy industry like steel production and in automobile manufacturing, both of which were not competitive with Japan.
In my opinion, here's the difference between the two eras: today, they are artificially supporting the wealth of the top one percent with money printing. This allows capital to stay misallocated (which is the underlying cause of ALL recessions). The result is a never-ending downturn for the young.
The Fed is printing the money. The Obama administration wants the money printed to allow O to pretend to be a competent President and to allow spending on his welfare constituency.
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