Depressing news from Tyler Cowen:
For Americans aged 16 to 24 who aren’t enrolled in school, the employment picture is grim. Only 36 percent are working full time, down 10 percentage points from 2007. Longer term, the overall labor-force participation rate for that age group has dropped 20 percentage points for men and 14 points for women since 1989.
It gets worse:
Falling wages for new entrants to the job market suggest that a sizeable chunk of the American labor force may never achieve middle-class wages in a relatively secure full-time job.
And then there is this:
To focus on policy alone is to miss the gravity of the situation.