the ages of 15 and 29, are currently unemployed, and not in school. In total that amounts to

about 600 million youths worldwide, and that number is only expected to grow. With a severe

recession, limited opportunity, and fewer jobs; we wanted to know, how bad is this unemployment

crisis, and why can’t young people find work?

While unemployment is a global issue that affects people of all ages, the situation

is considerably worse for young people. Over the next decade, young people will have more

difficulty finding a job, than any other age group, or any previous generation of youths.

The International Labor Organization reports that youth unemployment is around 13%, nearly

three times that of their older counterparts. According to the report, it will take the

creation of 5 million new jobs every month, just to keep youth unemployment rates where

they are today. In the next ten years, less than half of one billion young jobseekers

are expected to actually find work. Clearly, this situation is terrible, not only for young

people, but the world economy as a whole. So, how did it get this bad?

Well, the most glaring reason was the 2008 global recession. Although unemployment rates

have begun to stabilize for adults, young employees, who are more likely to hold temporary,

part-time, and non-specialized jobs, have found it difficult to keep up. Additionally,

the recession forced many older workers to postpone their retirement, and many overqualified

adults to take on jobs which are usually given to college or high school graduates. This

severe strain on the job market has left most young people with fewer options. Even jobs

which don’t require much skill have become overwhelmingly competitive.

Some have attributed the shrinking youth workforce to higher rates of education. However, in

some countries, like the United States, this has led to an oversaturation of degrees, and

made it even harder to find work. In other countries, a lack of education is exactly

what prevents most teens and young adults from entering the job market. The ILO reported

that nearly a third of people in low-income countries have no applicable education whatsoever,

while upper-middle income countries only see about 2% of their population uneducated.

Youth unemployment around the world has huge consequences for the global economy. Young

employees subsidize social services through taxation, but often don’t use them until

they are older. The lack of a young workforce means that there will be fewer experienced

employees in the future, which can lead to economic stagnation. Youth unemployment also

removes valuable consumers from the market, and slows the economy through inactivity.

Some countries have already seen this cycle destroy their way of life, like in Greece,

which faced 58% youth unemployment in 2013.

Although many solutions have been proposed, ranging from post-capitalist automation, to

reinvestment of wealth, there is no question that having a young, unemployed generation

is bad for everybody.

Some might argue that the extent of the global job crisis shows capitalism has lost its value.

Are we nearing the end of capitalism? Find out in our video. Thanks for tuning in, folks!

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