Many young people don’t think Social Security will be there for them when they retire. Coupled with the doubt about Social Security’s longevity is a general apathy toward learning its basic functions and how it operates.
The average annual Social Security retirement benefit in 2009 was $13,406.40, slightly above the $10,289 federal poverty line for individuals age 65 and older, but less than the minimum wage.
The most recent version of this paper is The Class of 2012: Labor market for young graduates remains grim.
The Great Recession left a crater in the labor market that has been devastating for unemployed Americans of all ages.
The U.S. Census Bureau released alternative estimates of poverty yesterday that give yet another reminder of the disastrous effect the recession has had on workers and families.
Former President Bill Clinton recently claimed that employers are having a hard time filling job openings because the unemployed workers are inadequately skilled for the available jobs. The data, however, show that hiring has actually outpaced job openings.
Unemployment has remained at 9.5% or above for more than a year, and may remain that high or inch even higher through the end of 2011.
The American Recovery and Reinvestment Act (ARRA) was passed in February 2009 in an attempt to boost the cratering economy. The Recovery Act has performed as advertised — the Congressional Budget Office (CBO 2010) has estimated that the ARRA has raised gross domestic product (GDP) by over $600 billion by April of this year, saved or created up to 4.9 million full-time equivalent jobs, and kept unemployment up to 1.9 percentage points below what it would have been without the ARRA’s passage.
By preserving and creating jobs in communities around the country, the Local Jobs for America bill would lead to higher income and payroll tax receipts and reduce spending for safety net programs, ultimately offsetting an estimated $39 billion of the bill's $75 billion in outlays.
Economic Prospects for Young Adults in the Recession
Revised April 9, 2010
Despite internships’ importance to the labor market as a crucial form of vocational training and pre-employment vetting, they are only loosely regulated through vague and outdated employment law.
The recession hits young workers particularly hard—they currently account for a quarter of the unemployed.
Large number of discouraged young unemployed workers drop out of the labor force.
American families have less abundance to celebrate this Thanksgiving: A record number are struggling to put food on the table.
One in six workers cannot find the amount of work they want.
In the first batch of data reported from recipients of Recovery Act funds, the Web site Recovery.gov said on October 15 that 30,383 new jobs had been created so far.
The latest unemployment data for young college graduates show that 2009 is the second worst year on record.
Today’s release of state unemployment and jobs numbers shows that the recession is affecting all states, but some much more than others.
Jobs Picture for April 3rd, 2009
by Heidi Shierholz with research assistance from Kathryn Edwards
The March 2009 employment situation report, released this morning by the Bureau of Labor Statistics, showed that the labor market continued its free fall in March.
Federal jobs outsourced to private contractors tend to pay less, with one-in-five such jobs paying below poverty-level wages.
Read more about this issue in the EPI Economic Snapshot, Federal contract jobs leave one-in-five in poverty.
Because of the current recession, revenue from taxes is very low and most states now face troubling budget shortfalls.