The Unemployment Recovery, Ctd.

I suggested some days back that much social anguish was to be expected before the economy recovers–and that’s if it doesn’t get worse again. Today Andrew Sullivan made a couple posts that underscore the point.

This chart shows the interval in which each of the 50 states is expected to recover its lost jobs.  This projection does not account for the new jobs that will be needed to accommodate population increases in the respective intervals.  Note that California–the eighth largest economy in the world in 2010–won’t recover its jobs until 2016 or 2017.

In the second post, Sullivan quotes Robert Hiltonsmith’s summary of a gloomy think tank report on the plight of the millenials:

Rising debt, un- and underemployment, and dim job prospects have forced many Millennials to postpone the key decisions that historically marked entry into adulthood. Nearly half of the 25- to 34-year-olds surveyed said they’ve put off purchasing a home; 29 percent say they’ve delayed starting a family; and 26 percent still live with their parents…

Millennials’ parents, the Baby Boomers, were able to buy their first homes and start their careers and families in their late teens and early 20s, right out of high school or college, with little or no debt.

Finally, Rortybomb depicts the urgency with a graph of Bureau of Labor Statistics data:

this graph of the employment-to-population ratio for 16-24 year olds going back to 1948 floored me:

Remember the increase from the 1960s onward reflects women entering the labor force.  And notice how it doesn’t improve after the early 2000s recession.  Every age group has seen a substantial drop in the employment-population ratio during this Lesser Depression, but no other group I’ve seen comes close to this plummet.  For the first time in half a century, a majority of young people aren’t working.

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