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Finally!
I wonder: did the Globe read this or was it the Stats Can details that inspired the article?
Although fun to take credit, I’m betting it was the official horror story numbers of close to 20% of youth being unemployed that pushed this story to the front feeder.
The Globe’s latest youth-without-jobs article highlights that there are students who are working two and three jobs, budgeting to afford more mac and cheese to be able to pay for school, and being thankful to find work, whatever that work may be.
Can I get an Amen?
Finally! Some conscientiousness! Finally! Some budgeting and sacrifice!
Enough gloating. The truth of the matter is that these latest stats paint a grim portrait, one which says the current economic environment has born the worst jobs climate for youth in over a decade. What’s worse is that while those aged 20-24 struggle to find jobs now, the real pain will be felt come fall when so many youth return to school without cash to afford it and with their parents’ feeling pinched themselves, there will be much much less love to go around.
Adding to the issue is that higher learning institutions have seen their endowments shrink as fast as the folks in charge of the schools’ portfolios have seen their blood pressure rise. So far, universities are saying that bursary levels won’t change ..for now.
It’s too soon to tell the long-term ramifications, is the jist of that angle on the story.
What’s scares me most is that this article points out that individual efforts are nothing against the systemic issues. People can try to find jobs all they want, work the crappy ones to bide their time and still, ultimately, the ripple effects through the system will ultimately overpower even the best intentions.
If the richest donors have their portfolios dry up, they have less to give, and thus, the schools will have less to share, and then students will receive less aid and apply for more govt loans and bank loans, then face interest and payments that they might have greater trouble paying off if economic recovery is slow and tepid and thus keeping the employment rate down around the danger zone.
Between that and the knowledge that the boomers are getting older and older and soon enough it’s us youth without jobs and heavy debt that will be supporting a very large and very old population, it seems almost stupid to feel optimistic.
And yet I am..Seriously. I am. I don’t know why I am but I am.
Naïve or optimistic? Delusional or patient?
More thoughts on this to come..
But what about you? Are gray skies going to clear up or is this just the beginning of learning to live with a new and less opportune reality?
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Comments
07.16.09
I'm putting my faith in those who are staying at their jobs and not returning to grad school. And I'm putting my faith in the entrepreneurs who are working without income throughout these difficult times.
One thing to remember is that some of our greatest innovations came out of the recessions and depressions of the past. I'm putting my faith in innovation and hoping that history repeats itself.
07.16.09
Agree with Ryan on this. Necessity is the mother of invention, and we can't predict what we'll be inventing in the future.
I think that these jobs will become available as our population ages. With that will come competition, but I also believe in the law of averages. What comes up must go down.
I don't think you're overly optimistic. I think part of the economic impact on youth has to do with "start out" syndrome. Many people in age gap have gone to graduate school and are trying to make their mark out there. The economic crisis hit at the time where starting up has been impacted.
As we make our slow recovery, more people will be able to find their way. And as you pointed out, we don't know the long term ramifications of this whole cycle. But learning from other recessions in the past, economic recovery is inevitable. As long as we're smart and prudent at the time of contraction, we'll be able to grow and learn at the time of expansion when opportunity is abundant.
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