Woah: Greece’s youth unemployment rises above 60 percent

posted at 7:21 pm on May 10, 2013 by Erika Johnsen

Greece has a lag of several months going with their unemployment reporting, and the recently revealed statistics from February produced a very unwelcome whopper: The youth unemployment rate just shattered a new record with about two-thirds of the country’s young people without a job. Via Reuters:

Greece’s jobless rate has almost tripled since the country’s debt crisis emerged in 2009 and was more than twice the euro zone’s average unemployment reading of 12.1 percent in March.

While the overall unemployment rate rose to 27 percent, according to statistics service data released on Thursday, joblessness among those aged between 15 and 24 jumped to 64.2 percent in February from 59.3 percent in January. Youth unemployment was 54.1 percent in March 2012.

Greece has more economic and fiscal problems than you can shake a stick at, and the fact that young people can’t get started building their careers means that it’s going to be all the harder to get the country back on solid footing in the long term. Even in Germany, the eurozone’s largest and arguably least flailing economy right now, the youth unemployment rate is around eight percent, but that’s about as good as it gets — more than half of Spain’s young people are jobless, and the youth unemployment rate is above 40 percent in both Italy and Portugal.

Lurking under the rise of youth unemployment among the richest countries is an even scarier trend — the rise of long-term youth unemployment. Long-term unemployment isn’t just a difference in length; it’s a difference in kind, because the more time you spend out of a company, the less likely you are to be hired back into one. In many European countries, particularly Spain, the increase in unemployment has come almost exclusively from people being out of work longer than two-years. In advanced economies, “longterm unemployment has arrived as an unexpected tax on the current generation of youth,” ILO writes. About half of Europe’s unemployed youth have been out of work for more than six months, according to 2011 data.

And, of course, this isn’t merely a European crisis. The United States’ youth unemployment rate is currently above 16 percent, with many more underemployed — it’s a bleak picture, and try as he might, the economy might now have been in “healing” mode just a little too long to keep the youth convinced:

Europe, awash in college diplomas, has had high youth unemployment for decades. It’s an established school of study for economists there. And they know the causes: a decline in economic growth made worse by regulatory thickets (with or without societal benefits), and entitlement obligations and tax regimes that drove the entrepreneurial instinct out of Europe. What remained were jobs in government bureaucracies.

The U.S. under Barack Obama is at the edge of the dark jobs forest Europe disappeared into in the 1970s, with our annual growth during his term down around 2% instead of over its normal 3%. Our kids are starting to look and sound like Europe’s smart kids—despondent and resigned.

On Sunday, Barack Obama stood before the graduates of Ohio State and exhorted them to pour their energies and new knowledge into . . . politics. His speech referred once to salaried work: The job market, he said, is “steadily healing.” An adverb fronting a gerund; talk doesn’t get any weaker than that.


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Sixty percent youth unemployment in a godless European state…yeah, I don’t see anything bad happening as a result.

NotCoach on May 10, 2013 at 7:24 PM

When whoa is spelled woah it causes me woe.

viking01 on May 10, 2013 at 7:26 PM

The New Normal

Grunt on May 10, 2013 at 7:26 PM

So?
 
- Black Americans age 16-19

rogerb on May 10, 2013 at 7:27 PM

Me thinks,this is gonna be ripe,for the Annul European
Burning of the Cars Open Season!

Let KAOS Reign!!!
(sarc)

canopfor on May 10, 2013 at 7:27 PM

Europe, awash in college diplomas, has had high youth unemployment for decades.

Almost as though greater supply diminished relative value.

It’s an established school of study for economists there. And they know the causes: a decline in economic growth made worse by regulatory thickets (with or without societal benefits), and entitlement obligations and tax regimes that drove the entrepreneurial instinct out of Europe.

Guess not.

What remained were jobs in government bureaucracies.

Teratoma.

Axe on May 10, 2013 at 7:29 PM

The youth unemployment rate just shattered a new record with about two-thirds of the country’s young people without a job.

I haven’t done the economic research to prove this, but allow me to assert the following:

any society with that large a percentage of its young people unemployed is basically pre-revolutionary. The kindling is abundant, laying about, and already smoking, all that’s needed is charismatic hot air.

Robert_Paulson on May 10, 2013 at 7:34 PM

The job market, he said, is “steadily healing.” An adverb fronting a gerund; talk doesn’t get any weaker than that.

Pedant. :) The irony doesn’t survive because the underlying metaphor is broken. The talk would be strong if it were true. It’s weak only because it’s false. And the silliness of the structure being weak by definition should be clear now as well.

Axe on May 10, 2013 at 7:35 PM

One of the things that nobody in our biased media don’t tell us that socialist job protection laws have created a two tired system. You are either part time, or you have a job for life with all kinds of benefits and protections that make it very costly to get rid of a bad worker once they are hired in permanent.

http://www.npr.org/2012/02/08/146538406/labor-law-changes-may-offer-relief-for-spains-youth

http://www.npr.org/2012/06/09/154595408/the-young-and-the-jobless-hopes-on-hold-in-spain

The articles are about Spain, but Greece has a very similar system that also prevents its youth from getting decent jobs. A little icky laissez faire from the capitalist side of the fence could be just want the economy needs

Wood Dragon on May 10, 2013 at 7:37 PM

When whoa is spelled woah it causes me woe.

viking01 on May 10, 2013 at 7:26 PM

Racist.

Axe on May 10, 2013 at 7:37 PM

The kindling is abundant, laying about, and already smoking, all that’s needed is charismatic hot air.
 
Robert_Paulson on May 10, 2013 at 7:34 PM

 
Nicely put.

rogerb on May 10, 2013 at 7:38 PM

And this is Ubama bin Barack O Crack’s vision for the US?

Our Great Idiot is a low information historically challenged ignoramus.

Mm-mm, gonna turn y’all all into corPseman and The Walking Dead.

Sherman1864 on May 10, 2013 at 7:41 PM

One of the things that nobody in our biased media don’t tell us that socialist job protection laws have created a two tired system. You are either part time, or you have a job for life with all kinds of benefits and protections that make it very costly to get rid of a bad worker once they are hired in permanent.

http://www.npr.org/2012/02/08/146538406/labor-law-changes-may-offer-relief-for-spains-youth

http://www.npr.org/2012/06/09/154595408/the-young-and-the-jobless-hopes-on-hold-in-spain

The articles are about Spain, but Greece has a very similar system that also prevents its youth from getting decent jobs. A little icky laissez faire from the capitalist side of the fence could be just want the economy needs

Wood Dragon on May 10, 2013 at 7:37 PM

Soon, those lifetime jobs won’t mean squat if you are dead, if you get my drift….

redguy on May 10, 2013 at 7:42 PM

When whoa is spelled woah it causes me woe.
viking01 on May 10, 2013 at 7:26 PM
Racist.
Axe on May 10, 2013 at 7:37 PM

Hater!

Sherman1864 on May 10, 2013 at 7:42 PM

And this is Ubama bin Barack O Crack’s vision for the US?

Our Great Idiot is a low information historically challenged ignoramus.

Mm-mm, gonna turn y’all all into corPseman and The Walking Dead.

Sherman1864 on May 10, 2013 at 7:41 PM

See my post above…..

redguy on May 10, 2013 at 7:43 PM

We live in interesting times.

tom daschle concerned on May 10, 2013 at 7:47 PM

Hater!

Sherman1864 on May 10, 2013 at 7:42 PM

Geez. People can’t even spell h8r correctly anymore.

And now I’m filled with woe. :)

Axe on May 10, 2013 at 7:49 PM

Keep in mind that all EU un/employment rates are padded by “make work” and disability programs that make USA look weirdly low.

ParisParamus on May 10, 2013 at 7:51 PM

When whoa is spelled woah it causes me woe.
viking01 on May 10, 2013 at 7:26 PM

Racist.
Axe on May 10, 2013 at 7:37 PM

Hater!

Sherman1864 on May 10, 2013 at 7:42 PM

Geez. People can’t even spell h8r correctly anymore.

And now I’m filled with woe. :)

Axe on May 10, 2013 at 7:49 PM

Can’t we all just get along?

viking01 on May 10, 2013 at 7:52 PM

Can’t we all just get along?

viking01 on May 10, 2013 at 7:52 PM

Communist.

Axe on May 10, 2013 at 7:53 PM

Can’t we all just get along?

viking01 on May 10, 2013 at 7:52 PM

Communist.

Axe on May 10, 2013 at 7:53 PM

Pervert !!!!

viking01 on May 10, 2013 at 7:58 PM

We have to destroy the youth in order to subsidize them.

aquaviva on May 10, 2013 at 8:02 PM

Greek youths don’t want to work anyway, it takes time away from rioting in hoodies.

Daemonocracy on May 10, 2013 at 8:09 PM

Pervert !!!!

viking01 on May 10, 2013 at 7:58 PM

. . . touché.

Axe on May 10, 2013 at 8:19 PM

Coming to America.

CW on May 10, 2013 at 8:23 PM

Woah: Greece’s youth unemployment rises above 60 percent

About the same as black youth in some American cities.

Happy Nomad on May 10, 2013 at 8:29 PM

Racist.
Axe on May 10, 2013 at 7:37 PM

Hater!
Sherman1864 on May 10, 2013 at 7:42 PM

Communist.
Axe on May 10, 2013 at 7:53 PM

Pervert !!!!
viking01 on May 10, 2013 at 7:58 PM

Woah!!!!!!!!

KS Rex on May 10, 2013 at 8:31 PM

Greece has a minimum wage of $5/hour — more than half of the US’s, without nearly the GDP per capita. No wonder the youth unemployment is catastrophic.

Count to 10 on May 10, 2013 at 9:03 PM

Woah: Greece’s youth unemployment rises above 60 percent

About the same as black youth in some American cities.

Happy Nomad on May 10, 2013 at 8:29 PM

Ssshhh. They are okay with it because the REB is their brother, or something.

slickwillie2001 on May 10, 2013 at 9:07 PM

Wow! 60% not working. No wonder Obama wants to be like Europe; he doesn’t like working either.

KW64 on May 10, 2013 at 9:21 PM

Hard to imagine how they could ensure civil order.

echosyst on May 10, 2013 at 11:04 PM

Every time you talk about jobs in Texas some lefty thinks they are making a witty comeback when they say, “Yeah there are jobs in Texas, but only if you want to work at Home Depot or Walmart!!!11″

This shows why those jobs are important to the overall health of the economy. Where else are people 16-24 with no job experience supposed to work? If you tax, regulate, and hike the minimum wage until the Home Depot and the Walmart jobs disappear, you end up with 60% youth unemployment. The reality is, when you are 17 and you don’t know your a$$ from your elbows, your labor probably isn’t worth $15-20/hr. It is probably worth $7.

bitsy on May 10, 2013 at 11:30 PM

The obvious solution is to raise the minimum wage.

Wino on May 10, 2013 at 11:38 PM

Hard to imagine how they could ensure civil order.

echosyst on May 10, 2013 at 11:04 PM

Any culture the world over has a vested interest in keeping the young men employed. Because they are the first group to go looking for alternative solutions to useless vote-casting when their personal situation gets bad enough…or even if it hasn’t.

Idle hands really are the devil’s workshop, just ask Communists trolling American colleges. Spoiled middle- and upper-class brats away from mommy and daddy are one of their prime recruitment groups.

MelonCollie on May 10, 2013 at 11:39 PM

Every time you talk about jobs in Texas some lefty thinks they are making a witty comeback when they say, “Yeah there are jobs in Texas, but only if you want to work at Home Depot or Walmart!!!11″

This shows why those jobs are important to the overall health of the economy. Where else are people 16-24 with no job experience supposed to work? If you tax, regulate, and hike the minimum wage until the Home Depot and the Walmart jobs disappear, you end up with 60% youth unemployment. The reality is, when you are 17 and you don’t know your a$$ from your elbows, your labor probably isn’t worth $15-20/hr. It is probably worth $7.

bitsy on May 10, 2013 at 11:30 PM

So let’s import twenty million Mexicans to take those jobs! That’ll help yute unemployment!

slickwillie2001 on May 10, 2013 at 11:39 PM

Coming to America.

CW on May 10, 2013 at 8:23 PM

I count myself unbelievably blessed to have a full-time job as an dial-up abuse receptacle for the great unwashed. No sarc, no snark. Better jobs simply are not to be had.

MelonCollie on May 10, 2013 at 11:41 PM

I’d agree that they’re basically in a pre-revolutionary situation. What do they revolt to, though? They’re already socialists and commies for the most part. Jeffersionian Democracy is most likely out. I guess your other choices are Pol Pot or Hitler. Pretty ugly stuff.

trigon on May 11, 2013 at 2:03 AM

Maybe, they should host the Olympics… Wait.

Fallon on May 11, 2013 at 9:55 AM

The only thing that is left to do is wait for the next Hitler to show up.

Dollayo on May 11, 2013 at 10:55 AM

We shouldn’t laugh-this is where Obama is taking us-a Freak Tragedy.

MaiDee on May 11, 2013 at 11:28 AM

The only thing that is left to do is wait for the next Hitler to show up.

Dollayo on May 11, 2013 at 10:55 AM

The next one will have two main problems: putting some spine back into his fellow men, and taking on a religious group that actually fights back. I’m not sure right off which one will be harder…they’re BOTH tall orders!

MelonCollie on May 11, 2013 at 10:56 PM