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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: Copeland who wrote (79128)

9/24/2012 7:19:22 PM

From: Hope Praytochange

Read Replies (1) | Respond to of 103300

Why Younger Workers Are Being Locked Out of Jobs

Published: Monday, 24 Sep 2012 | 2:34 PM ET

By: Jeff Cox
CNBC.com Senior Writer

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A surge in older workers has masked the severity of unemployment as the younger jobless find it increasingly more difficult to get back in the labor force, according to research from a prominent Wall Street economist.

Winston Davidian | Photodisc | Getty Images

Citigroup's Steven C. Wieting's work also throws doubt on a key assertion that some of his counterparts have used to explain a 31-year low in the labor force participation rate — namely that the number has plunged because America is getting older.

Instead, the participation rate from the 55-and-older crowd actually has increased 6.8 percent since the job market began its slide in 2007, while the decrease has come mainly from teenagers and those between ages 35 and 54.

"The rise in labor force participation among 65+ workers is a clear supply positive for the U.S. economy," Wieting said in a research note. "But we are concerned with the long-term social costs of structural unemployment for younger cohorts given their potential failure to build private savings for retirement."

The national unemployment rate slipped to 8.1 percent in August, but mostly because the participation rate — those either working or looking for jobs — hit its lowest mark since September 1981.

Since the March 2007 peak in total employment, the economy has lost a net of 4.5 million jobs, a total that includes the 4.1 million positions President Obama often points to as being created since December 2009.

But excluding the 4.4 million jobs that have gone to workers 55 and over since 2007 — 1.4 million to the over-65 group alone — the economy has lost 8.9 million jobs, marking a total 7.4 percent decline.

Looking at job losses of younger workers is important, Wieting said, because they are the ones whose taxes are expected to pay for government programs designed to benefit the elderly.

With long-term unemployment near historic highs, the younger unemployed are finding it tougher to re-enter the workforce as their skill sets fall behind and their professional contacts diminish, a condition known as "hysterisis."

"To be sure, we count the unusually strong and increasing labor force participation of older workers as an absolute positive for the U.S. economy," Wieting said. "But the failure of mid-career aged workers to find employment might drive unexpected long-term social costs."

The findings also are consistent with the types of jobs being created during the recovery.

Lower-wage positions (paying $7.69 to $13.83 an hour) accounted for just 21 percent of the job losses during the recession but are 58 percent of the new jobs created. At the same time, mid-wage positions (paying $13.84 to $21.13 an hour) were 60 percent of the recession losses but only 22 percent of those during the recovery, according to the National Employment Law Project.

Wieting said government fiscal policies should focus closely on dealing with the hysterisis phenomenon.

"We reemphasize that long-term fiscal stability depends importantly on affordable entitlement programs. But relatively full employment is also a requisite," he said. "Employment, income and wealth trends should suggest new fiscal stabilization efforts should be very broadly shared amid a critical need for near-term employment recovery."

To: Copeland who wrote (79128)	9/25/2012 7:13:21 AM
From: GROUND ZERO™	5 Recommendations Read Replies (2) \| Respond to of 103300

CAN YOU GUESS WHO I AM??? I was born in one country, raised in another. My father was born in another country. I was not his only child. He fathered several children with numerous women. I became very close to my mother, as my father showed no interest in me. Although my father deserted me and my mother raised me, I later wrote a book idolizing my father—-not my mother. Later in life, questions arose over my real name. My birth records were sketchy. No one was able to produce a legitimate, reliable birth certificate. I grew up practicing one faith but converted to Christianity, as it was widely accepted in my new country, but I practiced non-traditional beliefs and didn’t follow Christianity, except in the public eye under scrutiny. I worked and lived among lower-class people as a young adult, disguising myself as someone who really cared about them. That was before I decided it was time to get serious about my life and embarked on a new career. I wrote a book about my struggles growing up. It was clear to those who read my memoirs, that I had difficulties accepting that my father abandoned me as a child. I became active in local politics in my 30's then, with help behind the scenes, I literally burst onto the scene as a candidate for national office in my 40's. They said I had a golden tongue and could talk anyone into anything. I had a virtually non-existent resume, little work history, and no experience in leading a single organization. Yet I was a powerful speaker and citizens were drawn to me, as though I were a magnet and they were small roofing tacks. I drew incredibly large crowds during my public appearances. This bolstered my ego. At first, my political campaign focused on my country’s foreign policy… I was very critical of my country in the last war, and seized every opportunity to bash my country. But what launched my rise to national prominence were my views on the country’s economy. I pretended to have a really good plan on how we could do better, and every poor person would be fed and housed for free. I knew which group was responsible for getting us into this mess. It was the free market, banks and corporations. I decided to start making citizens hate them and, if they became envious of others who did well, the plan was clinched tight. I called mine “A People’s Campaign.” That sounded good to all people. I was the surprise candidate because I emerged from outside the traditional path of politics and was able to gain widespread popular support. I knew that, if I merely offered the people ‘hope,’ together we could change our country and the world. So, I started to make my speeches sound like they were on behalf of the downtrodden, poor, ignorant to include “persecuted minorities.” My true views were not widely known and I kept them unknown, until after I became my nation’s leader. I had to carefully guard reality, as anybody could have easily found out what I really believed, if they had simply read my writings and examined those people I associated with. I’m glad they didn’t. Then I became the most powerful man in the world. And then the world learned the truth. Who am I? ADOLPH HlTLER If you were thinking of SOMEONE ELSE, you should be scared, very scared! GZ