In the aftermath of the jobs report that should have been renamed the "no" jobs report, there are several aspects that are problematic. If we think the youth are the future, then why are they getting the short end of the stick? The facts and trends point to even more difficult futures, and yet this segment of the population continues to vote for the same people that say they are on their side, but actions belie the notion of compassion.
Where are the jobs?
According to the household part of the jobs report, there were exactly zero net new jobs in the 16 to 19 year old segment of the population. The narrative has been baby boomers are aging and should be leaving the jobs market making room for younger people. In fact, based on demographics there should be an employee-shortage crisis not an employment-shortage crisis. Instead, older people are forced to work longer than expected, and jobs simply aren't materializing with this difficult economic war on business and success.
July Jobs Age Breakdown
I'm not one that is selling the notion that people shouldn't go to college. That's a point pushed mostly by people with college degrees and good jobs. I do think we need to make knowledge more desirable and promote a smarter nation, and that means a love of learning and understanding that goes beyond college.
Last month jobs report
It's really amazing the Obama administration has been able to woo college age voters despite runaway tuition costs, pushing out private sector competition and reaping huge financial rewards. The $184 billion profit that will be pocketed over the next decade from loans made this year alone are eye-popping and point to unchecked inflation that comes when the government is pushing out the money as fast as it can. From 2005 to the end of 2012 the average outstanding loan to people under 30 years old has zoomed to $21,402 from $13,340.
The 60% increase overemphasizes what's happening here. If the tally increased at the rate of inflation it would be less than $16,000 instead the number has surged at 300% above inflation. Taxpayers should be compensated for risk, but these are numbers that would make the mafia envious.
It's truly a shame.
Here are the facts that seem to escape the media and kids that give their votes away every election based on rhetoric that condemns others and sounds caring.
1Q05 most loans to under 30 year olds = 10.8m
Overall 23.3 million loans outstanding
4Q12 most loans to 30-35 = 10.9m
Overall 38.8 m loans outstanding
The federal government made $51b on loans 2012, $120b last four years and should make another $100 billion by 2016
It's interesting because Mitt Romney was also duped into saying Obama would forgive student loans even as the administration was making more money than XOM off them last year as average debt has soared in a way that only the mafia could admire.
This is a situation where everyone has been duped. Republicans rail at the economic ticking time bomb of trillion dollar student debt made largely by taxpayers now that the administration has kicked out the private sector, but the administration is making a killing from young adults that graduate to a world without jobs.