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Lost productivity is productivity that is lost forever


Maybe being young is never easy. But being a twentysomething young European has rarely been more stressful.

More than a quarter (28%) of Italians between 16 and 24 are unemployed. Others are struggling to get by on unpaid internships or poorly paid jobs with little security.

Italy's new prime minister, Mario Monti, has vowed to help the younger generation, promising among other things to help them start businesses, but as austerity bites deep the future is uncertain, even terrifying, for many.

It's not just Italy, of course. Eurozone unemployment is at a record. According to Eurostat, the EU's statistical office, 16.3 million people are out of work in the 17 countries that joined the euro. The story of a lost generation is becoming the scandal of a continent. In Spain, 51.4% of those aged 16-24 are jobless. In Greece, the figure is 43%.

Ugh. Horrible.

I want to stress that the condition of these young people is not an accident. Austerity is a deliberate policy response. The 1% could choose full employment policies like a Jobs Guarantee. They don't. Stupid and/or evil?

NOTE Hat tip, Russel Hunteley.

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cal1942's picture
Submitted by cal1942 on

Stupid because they believe their own bullshit and evil because their own bullshit conveniently works for them. I have to believe that it's easy for policy makers to justify their policies because those policies benefit the policy makers.

It's like Romney accepting supply side heart and soul. Makes sense to him - he pays lower taxes.