It's not that bad in Australia yet, but in recession-hit Greece, Portugal, Spain and Italy the unemployment rate among young people is dangerously high.
In America, There’s plenty of evidence that younger workers may face the most difficult economy since the Great Depression. The national unemployment rate is 7.5%, but it’s 16.1% for 16-to-24-year-olds.
Many baby boomers are working longer, to rebuild wealth lost during the recent recession, which has pushed the retirement age to the highest level in more than 2 decades. That has reduced turnover in the labour force, further limiting openings for young workers in an already difficult job market.
Many young people have done what they’ve been told to do and gone to college, since education remains an important pathway to success. But many are graduating with heavy student-debt burdens and finding they can’t get jobs that pay enough to make the hefty payments on those loans. A recent study by the Federal Reserve Bank of New York found that high student-debt loads may be one of the biggest reasons young people buy fewer cars, homes and many other conveniences of modern life. This further constricts the economy.
In Australia Whitlam made a uni education free - like a state school education was. Today student HECCs debts grow and Julia Gillard wants to cut uni funding. She forgets that Whitlam cut the voting age from from 21 to 18. Her chances of survival are slim:
