Unemployment rate back on losing track
Unemployment rate back on losing track
Unemployment for teenagers hit 25.5 percent for August, the highest rate since the bureau started keeping track in 1948.
Unemployment has hit the population of black teenagers especially hard: More than a third of black teens, 34.7 percent, were unemployed last month, though that number was down by 2 percentage points from last month's rate of 35.7 percent and more than five percentage points from the recession's highest rate in May of 39.4 percent.
Worse, for black teenagers the “gap” has grown to a
stunning 40%; that is, as of September, the “black,
teenage” unemployment rate is a shocking 50.4%,
rising from just over an already unsatisfactory 39% just
before the new minimum wage was put into effect. One
of two black teenagers who are looking for work cannot
find it, and that does not take into effect the fact that a
large number have simply given up looking. When the
unemployment rate amongst your friends is 50%, what
incentive is there for you to look for work? Little, if any,
we fear.
One cannot blame this upon businessmen and
businesswomen, for the simple fact are that teenage
workers, on balance, are not worth $7.25 hour +
“benefits.” The market has proved that fact as their
unemployment rate has soared. These kids are forced
out of learning about the duties of work and the
benefits that accrue from learning about work. The
skills they might otherwise have learned are lost…
probably forever. The Left, believing that it was doing
good in raising the minimum wage rate, has instead
done evil, trapping young, black men and women into
further job-hopelessness.
(Geitman)
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Unemployment rate back on losing track