DISASTER FOR YOUNG AMERICANS - AT 10:22 A.M. ET:  Economic statistics, apparently buried in other reports, paint an extremely bleak picture for young Americans, and make talk of a recovery almost ridiculous.  From The New York Post:

The unemployment rate for young Americans has exploded to 52.2 percent -- a post-World War II high, according to the Labor Dept. -- meaning millions of Americans are staring at the likelihood that their lifetime earning potential will be diminished and, combined with the predicted slow economic recovery, their transition into productive members of society could be put on hold for an extended period of time.

And worse, without a clear economic recovery plan aimed at creating entry-level jobs, the odds of many of these young adults -- aged 16 to 24, excluding students -- getting a job and moving out of their parents' houses are long. Young workers have been among the hardest hit during the current recession -- in which a total of 9.5 million jobs have been lost.

"It's an extremely dire situation in the short run," said Heidi Shierholz, an economist with the Washington-based Economic Policy Institute. "This group won't do as well as their parents unless the jobs situation changes."

COMMENT:  That figure of 52.2% is staggering.  The potential for social upheaval, especially in large cities, is great.  But what is especially bizarre is the fact that the stock market is doing well when 52.2% of young Americans are out of work.

The political implications are harder to measure.  On the one hand, there could be rage against an administration that promised the moon.  On the other hand, many of these young people are probably liberal, many are probably minorities, and they may see more hope in the Democratic Party.  But this is a segment of the population that is hurting badly.

September 27, 2009