Joblessness: The Kids Are Not Alright

[driveby]

But the aspect of this mess I find more disturbing is the numbers around what economists call "youth unemployment." The U.S. unemployment rate for workers under 25 years old is about 20%.

 

This scares the hell out of me.

 

My son is graduating in a month with a degree in Chemical Engineering. Of his graduating class of about 40 engineers, he says just a few already have jobs lined up, about a third are going on to graduate school because they can't find anything, and the rest are not optimistic.

[dmarc117]

jobs are scarce and will be for some time. college tuition the next bubble. no jobs, why pay 70k for a degree.

[Savage Beatings]

The youth will be fine IMO. As the economy continues to circle the drain, companies will eventually get rid of their higher paid employees for the young up-and-comers who will start at entry level wages. Besides they are not really considered adults now until they are 28 years old and require their own grown up big boy health insurance. Right?

[Perchoutofwater]

How many small to medium sized employers are going to want to get kicked in the ass by Obamacare for crossing over that 50 employee threshold? Just like our government penalizes individuals for taking initiative, working hard, and getting a better wage through "progressive" taxation, our government is now going to further penalize companies that are being successful. If the current trend continues, the progressive statists will get their way, we will all be the same as we all move towards the lowest possible position. Ain't trickle up poverty grand?

Edited April 8, 2010 by Perchoutofwater

[TimC]

How many small to medium sized employers are going to want to get kicked in the ass by Obamacare for crossing over that 50 employee threshold?

 

3,052. What do I win?

[Perchoutofwater]

3,052. What do I win?

 

There are no longer winners, we are all losers. Equal outcomes are great.

[Pope Flick]

There was a good NPR piece on this the other day: this summer, unemployment for teenagers will remain at over 50% is I heard correctly, and in some areas stands at 75%.

[Azazello1313]

well the really good news is that when they finally DO get jobs, an ever-increasing amount of their productivity will be aggrandized by the government to pay for current and past spending, health care and other benefits for the older and less productive, and so on.

[TimC]

There are no longer winners, we are all losers. Equal outcomes are great.

 

Who will pay for old people's stuff now?

[The Holy Roller]

Who will pay for old people's stuff now?

 

I saved my Confederate money long enough to start using it.

[TimC]

I saved my Confederate money long enough to start using it.

 

I bid 10 quatloods on bushwacked.

[dmarc117]

just wait til these old people retire and slow down consuming.

[evil_gop_liars]

I bid 10 quatloods on bushwacked.

 

I think he has been "franchised" by SuperBalla.

[The Holy Roller]

I think he has been "franchised" by SuperBalla.

 

[Dr. Sacrebleu]

jeez. What happened to the party of rugged individualists? The advocates of 'roll up your sleeves' and overcome adversity?

[Azazello1313]

jeez. What happened to the party of rugged individualists? The advocates of 'roll up your sleeves' and overcome adversity?

 

well, "roll up your sleeves so you can be taxed into oblivion to pay for some old dude's pension and cadillac health plan" just doesn't have the same propensity to get people off their asses.

[CaP'N GRuNGe]

well, "roll up your sleeves so you can be taxed into oblivion to pay for some old dude's pension and cadillac health plan" just doesn't have the same propensity to get people off their asses.

 

Partial History of
U.S. Federal Marginal Income Tax Rates
Since 1913
Applicable
Year 	Income
brackets 	First
bracket 	Top
bracket 	Source
1913-1915 	- 	1% 	7% 	IRS
1916 	- 	2% 	15% 	IRS
1917 	- 	2% 	67% 	IRS
1918 	- 	6% 	77% 	IRS
1919-1920 	- 	4% 	73% 	IRS
1921 	- 	4% 	73% 	IRS
1922 	- 	4% 	56% 	IRS
1923 	- 	3% 	56% 	IRS
1924 	- 	1.5% 	46% 	IRS
1925-1928 	- 	1.5% 	25% 	IRS
1929 	- 	0.375% 	24% 	IRS
1930-1931 	- 	1.125% 	25% 	IRS
1932-1933 	- 	4% 	63% 	IRS
1934-1935 	- 	4% 	63% 	IRS
1936-1939 	- 	4% 	79% 	IRS
1940 	- 	4.4% 	81.1% 	IRS
1941 	- 	10% 	81% 	IRS
1942-1943 	- 	19% 	88% 	IRS
1944-1945 	- 	23% 	94% 	IRS
1946-1947 	- 	19% 	86.45% 	IRS
1948-1949 	- 	16.6% 	82.13% 	IRS
1950 	- 	17.4% 	84.36% 	IRS
1951 	- 	20.4% 	91% 	IRS
1952-1953 	- 	22.2% 	92% 	IRS
1954-1963 	- 	20% 	91% 	IRS
1964 	- 	16% 	77% 	IRS
1965-1967 	- 	14% 	70% 	IRS
1968 	- 	14% 	75.25% 	IRS
1969 	- 	14% 	77% 	IRS
1970 	- 	14% 	71.75% 	IRS
1971-1981 	15 brackets 	14% 	70% 	IRS
1982-1986 	12 brackets 	12% 	50% 	IRS
1987 	5 brackets 	11% 	38.5% 	IRS
1988-1990 	3 brackets 	15% 	28% 	IRS
1991-1992 	3 brackets 	15% 	31% 	IRS
1993-2000 	5 brackets 	15% 	39.6% 	IRS
2001 	5 brackets 	15% 	39.1% 	IRS
2002 	6 brackets 	10% 	38.6% 	IRS
2003-2009 	6 brackets 	10% 	35% 	Tax Foundation

 

 

Bring back the good old days of non-redistribution!

Edited April 9, 2010 by CaP'N GRuNGe

[tazinib1]

I saved my Confederate money long enough to start using it.

 

This made spit all over my screen. Awesome post.

[Jackass]

Partial History ofU.S. Federal Marginal Income Tax RatesSince 1913ApplicableYear 	Incomebrackets 	Firstbracket 	Topbracket 	Source1913-1915 	- 	1% 	7% 	IRS1916 	- 	2% 	15% 	IRS1917 	- 	2% 	67% 	IRS1918 	- 	6% 	77% 	IRS1919-1920 	- 	4% 	73% 	IRS1921 	- 	4% 	73% 	IRS1922 	- 	4% 	56% 	IRS1923 	- 	3% 	56% 	IRS1924 	- 	1.5% 	46% 	IRS1925-1928 	- 	1.5% 	25% 	IRS1929 	- 	0.375% 	24% 	IRS1930-1931 	- 	1.125% 	25% 	IRS1932-1933 	- 	4% 	63% 	IRS1934-1935 	- 	4% 	63% 	IRS1936-1939 	- 	4% 	79% 	IRS1940 	- 	4.4% 	81.1% 	IRS1941 	- 	10% 	81% 	IRS1942-1943 	- 	19% 	88% 	IRS1944-1945 	- 	23% 	94% 	IRS1946-1947 	- 	19% 	86.45% 	IRS1948-1949 	- 	16.6% 	82.13% 	IRS1950 	- 	17.4% 	84.36% 	IRS1951 	- 	20.4% 	91% 	IRS1952-1953 	- 	22.2% 	92% 	IRS1954-1963 	- 	20% 	91% 	IRS1964 	- 	16% 	77% 	IRS1965-1967 	- 	14% 	70% 	IRS1968 	- 	14% 	75.25% 	IRS1969 	- 	14% 	77% 	IRS1970 	- 	14% 	71.75% 	IRS1971-1981 	15 brackets 	14% 	70% 	IRS1982-1986 	12 brackets 	12% 	50% 	IRS1987 	5 brackets 	11% 	38.5% 	IRS1988-1990 	3 brackets 	15% 	28% 	IRS1991-1992 	3 brackets 	15% 	31% 	IRS1993-2000 	5 brackets 	15% 	39.6% 	IRS2001 	5 brackets 	15% 	39.1% 	IRS2002 	6 brackets 	10% 	38.6% 	IRS2003-2009 	6 brackets 	10% 	35% 	Tax Foundation

 

 

 

Bring back the good old days of non-redistribution!

 

Not even to mention Americans pay less taxes than almost every country in the developed world.

[Ursa Majoris]

Not even to mention Americans pay less taxes than almost every country in the developed world.

Exactly.

[TimC]

Not even to mention Americans pay less taxes than almost every country in the developed world.

 

Because the rest of the developed world sucks.

[westvirginia]

Partial History ofU.S. Federal Marginal Income Tax RatesSince 1913ApplicableYear	 Incomebrackets	 Firstbracket	 Topbracket	 Source1913-1915	 -	 1%	 7%	 IRS1916	 -	 2%	 15%	 IRS1917	 -	 2%	 67%	 IRS1918	 -	 6%	 77%	 IRS1919-1920	 -	 4%	 73%	 IRS1921	 -	 4%	 73%	 IRS1922	 -	 4%	 56%	 IRS1923	 -	 3%	 56%	 IRS1924	 -	 1.5%	 46%	 IRS1925-1928	 -	 1.5%	 25%	 IRS1929	 -	 0.375%	 24%	 IRS1930-1931	 -	 1.125%	 25%	 IRS1932-1933	 -	 4%	 63%	 IRS1934-1935	 -	 4%	 63%	 IRS1936-1939	 -	 4%	 79%	 IRS1940	 -	 4.4%	 81.1%	 IRS1941	 -	 10%	 81%	 IRS1942-1943	 -	 19%	 88%	 IRS1944-1945	 -	 23%	 94%	 IRS1946-1947	 -	 19%	 86.45%	 IRS1948-1949	 -	 16.6%	 82.13%	 IRS1950	 -	 17.4%	 84.36%	 IRS1951	 -	 20.4%	 91%	 IRS1952-1953	 -	 22.2%	 92%	 IRS1954-1963	 -	 20%	 91%	 IRS1964	 -	 16%	 77%	 IRS1965-1967	 -	 14%	 70%	 IRS1968	 -	 14%	 75.25%	 IRS1969	 -	 14%	 77%	 IRS1970	 -	 14%	 71.75%	 IRS1971-1981	 15 brackets	 14%	 70%	 IRS1982-1986	 12 brackets	 12%	 50%	 IRS1987	 5 brackets	 11%	 38.5%	 IRS1988-1990	 3 brackets	 15%	 28%	 IRS1991-1992	 3 brackets	 15%	 31%	 IRS1993-2000	 5 brackets	 15%	 39.6%	 IRS2001	 5 brackets	 15%	 39.1%	 IRS2002	 6 brackets	 10%	 38.6%	 IRS2003-2009	 6 brackets	 10%	 35%	 Tax Foundation

 

 

 

Bring back the good old days of non-redistribution!

 

This is disingenuous and you know it. Until the Reagan reforms you could deduct so much and there were so many shelters you could always avoid those rates. You could deduct ALL interest (car, credit card, whatever) ALL taxes (sales).

 

Since, IIRC, you're an accountant, I must assume you know better and it was your intention to be a bald faced liar misrepresenting the truth???

[Azazello1313]

Not even to mention Americans pay less taxes than almost every country in the developed world.

 

not really true. read this.

 

Taxes/GDP x GDP/Person = Taxes/Person

 

Here are the results for some of the largest developed nations:

 

France

.461 x 33,744 = 15,556

 

Germany

.406 x 34,219 = 13,893

 

UK

.390 x 35,165 = 13,714

 

US

.282 x 46,443 = 13,097

 

Canada

.334 x 38,290 = 12,789

 

Italy

.426 x 29,290 = 12,478

 

Spain

.373 x 29,527 = 11,014

 

Japan

.274 x 32,817 = 8,992

 

The bottom line: The United States is indeed a low-tax country as judged by taxes as a percentage of GDP, but as judged by taxes per person, the United States is in the middle of the pack.

[Azazello1313]

This is disingenuous and you know it. Until the Reagan reforms you could deduct so much and there were so many shelters you could always avoid those rates. You could deduct ALL interest (car, credit card, whatever) ALL taxes (sales).

 

Since, IIRC, you're an accountant, I must assume you know better and it was your intention to be a bald faced liar misrepresenting the truth???

 

furthermore, it leaves out all the phased out subsidies, tax credits, transfer payments, etc. at the lower income levels, which make the implicit marginal tax rates at those income levels ridiculously steep and punitive. and obamacare just increased them enormously, by more than 30% in many cases.

[dmarc117]

http://news.yahoo.com/s/nm/20100409/us_nm/...mploymenttrends

 

NEW YORK (Reuters) – More adults over age 65 are staying in the work force, which could make it harder for younger workers to find jobs, a private report showed on Friday.

 

Older workers have delayed retirement because of a drop in household wealth tied to the real estate and stock market falls of the past decade, according to the report released by Thomson Reuters/University of Michigan's Surveys of Consumers.

 

While employment for older workers remained low compared with the rest of the population, the over-65 group was the only one to increase its employment rate over the past decade, the report said.

 

"Given the size of the baby-boom generation, if the shift toward later retirement persists it will mean added pressure on the entry of younger workers on the labor force," said Richard Curtin, director of the surveys, in a statement.