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The world needs at least 600M new jobs in the next decade for young people

bloomberg.com

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Re: The world needs at least 600M new jobs in the next decade for young people

#41

Post by kcole16 »

JupiterMoon wrote: post #18
hueving wrote: post #11

Earlier quoted context omitted.

Student debt has been thought to be the next crash, but I'm not sure how unless the laws change. It's not dischargable in bankruptcy so it's not like you can walk away.

Will living in permanent default become the new bankruptcy? Also what happens to your US student debt if you move abroad and stop paying it?

Eventually, creditors might write it off, but the borrower would be liable if they ever return to the US.

Also, given how annoying it is for international banks to work with US expats, I can't imagine they would look past that kind of dent in credit history.

Re: The world needs at least 600M new jobs in the next decade for young people

#42

Post by Kalium »

rndmind wrote: post #39
NoGravitas wrote: post #6

> The world needs at least 600 million new jobs in the next decade for young people Or, perhaps, the world needs to stop coupling basic human needs for subsistence and dignity to wage labour, and find some better way of doing things.

Well said, if only we had a huge body of the population that was idealistic, intelligent, motivated, and had enough free time to create new solutions and ideas.

That is easy.

Creating new solutions and ideas that are workable and testable... much harder.

Re: The world needs at least 600M new jobs in the next decade for young people

#43

Post by fsargent »

NoGravitas wrote: post #6

> The world needs at least 600 million new jobs in the next decade for young people Or, perhaps, the world needs to stop coupling basic human needs for subsistence and dignity to wage labour, and find some better way of doing things.

It's mostly related to real estate prices. In uncertain economies investment goes into stable markets -- land and buildings. Prices increase, rents increase, people need more money to pay for their housing. Everything else gets cheaper, but housing keeps getting more expensive.

If you want to decouple these things, look into Land Value Taxes and a Citizen's Dividend.

Re: The world needs at least 600M new jobs in the next decade for young people

#44

Post by fensterblick »

As the article highlights, the Arab revolutions were led by the youth. I wonder what, if anything, will happen in the USA when the current generation, saddled by seemingly insurmountable college debt, comes to the realization that it cannot find stable work or afford decent housing.

I truly believe that moment will be an earthquake for the current political environment; what we characterize Republicans and Democrats today will dramatically change (just like it did after the Civil War and also the Civil Rights movement).

Re: The world needs at least 600M new jobs in the next decade for young people

#46

Post by 6stringmerc »

fecak wrote: post #10
jonathanjaeger wrote: post #5

Disclaimer: This is purely anecdotal, and not backed by any data. I'm in my mid-twenties and just recently started interviewing people for the team I work on. It's amazing how little effort many seemingly qualified people put in to secure an entry-level job. Whether it be hustle to learn more about a business, the specifics about the company you might work at, or finding someone to give a second set of eyes on a cove…

Recruiter and resume-writer-on-the-side here, and it's become so easy to apply for jobs that most people put zero effort into anything but pressing send and shotgunning a resume to hundreds of companies. If there was even a small cost (time or money) to applying, you can be sure that resumes and cover letters would be much more common and of higher quality. I'm not suggesting that we charge applicants, but years ago…

Flip side:

After spending a lot of time in the process, realizing that prospective employers give an extremely low effort to respond to candidates - no matter how much effort put into a cover letter, resume grooming, or discussion of why the role might be a fit - it's disheartening. Auto-declines are the norm. Posting jobs for legal reasons when there's already an internal candidate in mind is also undisclosed.

Between having to sign up for proprietary job application systems, seemingly advance to the next stage but never getting a call back like a bad one night stand, or taking months to make a decision, the power dynamic is quite unfavorable.

I think employers are finally discovering that applicants are, for lack of a better perspective, using the same kind of attitude as they have been receiving for years.

Note: I am fond of saying the phrase "Good help is hard to find" because it is, and considering the US has had absolutely appalling wage growth metrics - disgusting even - what motivation is really out there?

Re: The world needs at least 600M new jobs in the next decade for young people

#47

Post by lisper »

nostromo wrote: post #23
maresca wrote: post #3

Student loan debt surpassed credit card and auto loan debt in the US last year. Many college grads graduate with large sums of debt and can't find relevant jobs. Since student loan debt isn't forgivable, it'll be interesting to see the effect of this over the next decade. I have a hunch that the next big market crash will be caused by student loan debt.

I agree that student loan debt seems like an asset bubble -- in that the price of an education greatly exceeds the valuation justified by the fundamentals. But I can't think of a way that the bubble could actually pop. Or what it would look like if it did. Unlike housing, you can't walk away from your education; student loans are designed to prevent debtors from ever escaping their obligations. They're also guarantee…

> But I can't think of a way that the bubble could actually pop. Or what it would look like if it did.

It would look like a social movement. It would look like tens of millions of young people realizing that they have fallen under the yoke of life-long indentured servitude to the older generation, and either 1) getting organized enough to get the law changed or, 2) saying "fuck it, I've got nothing left to lose" and rioting in the streets.

Re: The world needs at least 600M new jobs in the next decade for young people

#49

Post by astrodust »

thieving_magpie wrote: post #24
NoGravitas wrote: post #6

> The world needs at least 600 million new jobs in the next decade for young people Or, perhaps, the world needs to stop coupling basic human needs for subsistence and dignity to wage labour, and find some better way of doing things.

It's so easy! Why has no one thought of this? All we need to do is convince every government in the world to undertake dramatic changes to their economic and labor structure.

We lived for at least fifty thousand years without any money at all, for around three thousand with some form of money, and the last two hundred years with the idea of hourly wages and bills and rent.

It's entirely possible we'll find a better way to do this. Maybe we'll have to "undertake dramatic changes" to avoid an even bigger disaster.

Re: The world needs at least 600M new jobs in the next decade for young people

#50

Post by positr0n »

sosuke wrote: post #13

What qualifies as an adult anymore? people 15 to 29 years old are at least twice as likely as adults to be unemployed 30 is adulthood in their interpretation of the data.

I have two kids and own a house but I guess I'm still 5 years away from being an adult!

Unless maybe their definition of adult is 18+ and that sentence means "the 15-29 age bracket is twice as likely as 18+ to be unemployed"

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