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Talk about the unemployment rate for young Americans now look the unemployment rate on Friday at least.
7% but it's a lot higher.
For young Americans in this is very troubling for people -- just starting their lives informant families Evan Feinberg as president.
-- generation opportunity you can follow them by the way on line -- generation opportunity dot org he's joining us now live from DC.
To discuss what this means for -- value essentially people eighteen to 29 -- lets -- get to debate very basic question.
Why is the unemployment rate so much higher for this age group and everyone else.
Well what got him opportunity there dismal for young people because they're the ones that are hurt most by a -- economy and the unemployment rate for young folks is twelve and a half percent right now effective rate you include all those that have given up looking for work actually sixteen point 2%.
Those that are just start now as you said -- hit the hardest by down economy but well all this government.
Spending why are they hit the hardest I would think and I don't want to be mean any job couldn't listen I've been a dishwasher in my life I've had a lot of weird jobs.
But I would think that an eighteen year old could be able to get a job at a fast food place stores restaurants of them like that what's gone -- Sure there's all kind of considerations of that look at a minimum wage hike like the president is proposing certainly hurts young people as well but.
I don't you'll always had a higher unemployment rate and if you look at and how freest country is it relates -- how many job opportunities there are young people so as.
Government -- -- spend more and more money and more of those jobs are coming from government -- in the private sector.
Opportunities for young people that they are diminished and so we -- young people -- at the -- -- file this government spending.
Why do -- full of some of the full screens here.
Eight because of their break it down demographically why does the unemployment rate for people eighteen to 29 tend to be higher than for the overall population.
Well look out when when some folks have more experience and other so older folks that are vying for jobs and they're taking diminished opportunities and a down economy.
There will -- -- work for less than at they have more experience -- young folks so little is coming out of college.
But the people -- is are you saying it's just experienced is that back during the boom times what you're telling me is that the unemployment rate for the 229 group and we're not tight enough people in college are talking about those who are taking are participating.
Or you know that that it's higher than the regular population why is it really good or bad experience.
I think it is primarily about experience than and we always -- -- a slightly higher unemployment rate for young people more as the population but that's spread is growing.
In a down economy and and and that -- the experience factor that that that really drives that different let's talk about the demographic.
Breakdowns of unemployment for people ages eighteen to 29 and I'm always very careful in discussions like this.
I think TV analysts and TV reporters we sometimes look for causation and we get -- wrong.
But African American unemployment in the 829 group is 22 point 8% among Hispanic Americans thirteen point 4%.
And for women it's eleven point 5% is there an agreed upon reason for this.
No I don't think there's any agreed upon reason I think that the unemployment rate for some of those minority populations are generally higher but.
Sure there's there's unemployment hires an urban areas where is where young minority populations that tend to live.
And say others there's -- a huge spread between different populations but.
Really that the -- the narrative here is that young people are really really hurting one quarter of African American young people are out of work.
That's -- problem when one and six overall are out of work in the demographic that's a huge problem that we need to address.
What what would those numbers look like if we were saying 2005 or at least in an economy that was growing you know it in -- -- over 3% healthy growth.
Sure we we didn't as start our money our jobs report.
Until about last year and so I can -- -- take the BLS numbers and just what those numbers would have been around.
That we would not have been in the double digits.
Whereas an hour and twelve and -- half percent and effective unemployment rate of sixteen point 2%.
If you count the one point seven million young people -- have given up looking for work.
As though it -- those numbers are are dramatically higher and -- numbers have really remain constantly at that level for the entire bottom and attrition in the report so we have a question here what about the eighty million that left the workforce and are not counted in employment statistics site.
I'm not sure it's eighty million but there's a very high dropout rate from the participation number among eighteen to 29 year -- what's that the drop -- rate.
The it's one point seven million young people eighteen -- 29 right now have given up looking for work and that's where you get an effective unemployment that they want and I six young people are out of so what -- those people do when they drop out are we talking about people in rural areas to you know the stereotype would be just sit around on the support solve it what nobody talking about there.
Well I can't Parse that out from the -- -- what I can tell you is that one in four young people eighteen to 49 have moved back in with their parents according to pew survey and so we're not exactly living the American dream right here -- -- I don't know what the deal and they stopped looking for work but certainly it's not living the American dream and.
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