The U.S. House Committee on Ways and Means is in the midst of releasing 40 reasons over the course of 40 days that the Senate should take up the 40 jobs bills the House has already passed. While most of their reasons have focused on general unemployment and economic growth statistics, they turned their attention to the impact on youth Wednesday.
The lack of college enrollment and unemployment from high school graduates is an enlightening chart. It shows the dramatic effect of the recession and the incredibly slow declining trajectory its on.
But beyond this statistic, we can think of more than a few other youth-focused statistics that would also highlight the need to pass these stalled bills.
Youth unemployment continues to be a huge factor. Youth underemployment isn’t usually a part of the already dismal jobs numbers, but it also impacts a solid percentage of millennials.
There are a record number of men in their prime working years are currently jobless. This is made up of a substantial number of millennials.
The millennial labor force participation rate is lower than previous generations and the spending power of millennials is ever-decreasing compared to previous generations.
Home ownership for millennials is reaching historic lows and young people are putting off purchasing their own cars.
Student loan debt average for millennials is $25,000 and the nation’s total student loan debt — a major factor in spending power — is over $1 trillion.
According to the committee, they are promoting reasons that “define the distress Americans continue to feel in the ‘new normal’ of high unemployment and weak job creation resulting from Obama Administration economic policies.”
Focusing on the disastrous effects those policies have had on youth should easily give them enough ammo to take them through the rest of the 40 days.
