The Crash-Plus 1: Are we seeing permanent changes in employment?

Unemployment office

Ph.D.s in history aren’t the only ones driving cabs these days—1 year after The Crash.

In fact, driving a cab would be an attractive alternative for many of the underemployed and unemployed.

Teenagers and young adults have been especially hard hit, according to the latest figures from the U.S. Labor Department. For example, the teenage unemployment rate is now 25.5%—the highest it’s ever been.

America’s youth are caught in a vice. One jaw is represented by the college students and graduates who are taking any jobs that pay, even if a high-school degree is all the job demands. The other jaw is the older workers who can’t retire now and continue to work.

Many college grads have concrete job offers but their companies are paying them to delay and wait until next year to start work. This means college grads next year are going to be squeezed in the vice, too.

Even when the economy recovers, these dislocations will have lasting effects. The young are still suffering the effects of the 2001 recession, from which they never recovered. Given the magnitude of the 2008 recession, it may be decades before they recover this time—if ever.

Are you caught in the vice? What are you doing about it? What choices have you made?

Do you know anyone who is caught in the vice?

Tell us about your experiences.

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