Lost Generation

Generation X quickly gave way to Generation Y.  Just as quickly, that became the Millennial Generation, which is simultaneously the Obama Generation – if they voted in 2008 – and the “Lost Generation.”

…Instead, what economists call the idleness rate is rising: The share of Americans younger than 24 neither at work nor in school has steadily increased since 2007. That disconnection creates the risk of what Harvard University labor economist Lawrence Katz calls “a lost generation.”

Faster overall job growth would be the best antidote to that threat. But the particular problems of young people demand more-targeted responses. Colleges and universities must see to it that more students don’t just start their degrees but also complete them. As Segal says, those institutions must also accept “greater responsibility to ensure” that those graduates leave with skills employers need. Washington, meanwhile, should consider further expansion of AmeriCorps and other service opportunities for this civic-minded generation.

Europe has become known for its austerity. But while we point and laugh at public sector work cuts and pension freezes we are pursuing the same policies.  In the meantime we are indeed creating a Lost Generation.