The Lost Generation?

We all know that unemployment is high (and lingering - see Unemployment Might Linger) but who is bearing the brunt of our struggling economy's pains? Turns out, its the Kids of America. While national unemployment hovers around a rough 10% (as reported by the government of these, are fair United States), the unemployment rate for those 16-24 is nearly double at 18%. In fact, according to the recent BusinessWeek article - only 46% of those aged 16-24 even have a job, the lowest since we began tracking in 1948.

The article also argues that it "seems strange" that young people are suffering the most in this economic downturn but I have to admit, I don't agree. Sure, young people are notoriously starry eyed and idealistic - it's easy to get them to do extra work to "get ahead." But let's okay this out a bit more. The entire county is suffering extreme unemployment. And yes, those aged 16-24 are suffering more but folks of all ages are finding themselves clinging to jobs that in better times would be far beneath them. We've all heard the stories of HUNDREDS of applicants for a single, secretarial position or the hiring freezes and lack of pay increases. Those companies who are hiring are seeing far superior candidates than under normal standards. It might not be the most prudent long term decision to hire someone who isn't actually interested in the position but companies are, I assure you, hiring above their needs. Why take a BA when you can get an MBA for the same price?

BusinessWeek refers to the kids as "The Lost Generation," speculating that this generation will feel the repercussions from this economic downturn for years to come - suffering from ennui and stagnation in their careers. While I no doubt agree that this may be the case for a fair number of the unemployed, I'm also wondering if we're going to see an increased "class" differentiation amongst this youngest generation. 18% are unemployed but we also know that at least 46% have jobs. Are these 46% taking advantage of the need in some cases and excelling past their peers?

Click here to read the entire BusinessWeek article