How can Bush's private accounts be better for young folks if they have nothing to put in them?

Submitted by Prometheus 6 on May 12, 2005 - 10:14am.
on

I'm not even complaining any more. I'm just pointing out the inevitable.

The Young and the Jobless
By BOB HERBERT

There were high fives at the White House last week when the latest monthly employment report showed that 274,000 jobs had been created in April, substantially more than experts had predicted.

The employment bar has been set so low for the Bush administration that even a modest gain is cause for celebration. But we shouldn't be blinded by the flash of last Saturday's headlines. American workers, especially younger workers, remain stuck in a gloomy employment landscape.

For example, a recent report from the Center for Labor Market Studies at Northeastern University in Boston tells us that the employment rate for the nation's teenagers in the first 11 months of 2004 - just 36.3 percent - was the lowest it has ever been since the federal government began tracking teenage employment in 1948.

Those 20 to 24 years old are also faring poorly. In 2000, 72.2 percent were employed during a typical month. By last year that percentage had dropped to 67.9 percent.

Even the recent modest surge in jobs has essentially bypassed young American workers. Gains among recently arrived immigrants seem to have accounted for the entire net increase in jobs from 2000 through 2004.

Over all, only workers 55 and up have done reasonably well over the past few years. "Younger workers," said Andrew Sum, the center's director, "have just been crushed."