Unemployed or under-employed young people are a terrible waste of human capital and lower the productive capacity of the nation. When they start their careers late, they tend to have lower wages and greater odds of future joblessness than those who don’t. The lost tax revenues that result spell trouble, as does a greater demand for government-provided services such as healthcare and welfare payments. Bloomberg senior economist Joseph Brusuelas estimates that the youth unemployment crisis may cost the U.S. a staggering $18 billion over the next decade. He calls his estimate “conservative.”
Posted on: Tue, 06 Aug 2013 16:17:08 +0000