BOOMER ECONOMICS:
"What's the matter with kids today? Well no job ... "
by Gary Mason ([email protected])
One of my son’s friends who graduated from the University of British Columbia last spring with a business degree has been looking for work. He’s applied everywhere, in search of something even remotely connected to his area of study. No luck.
So now this bright, educated 22-year-old who got solid grades has begun sticking flyers through people’s mail slots offering his services to do odd jobs, anything to put a few bucks in his pocket.
My own 24-year-old is hoping to head to graduate school next fall. He knows there’s nothing out there for a kid with a degree in psychology. My 21-year-old, meantime, is finishing his undergrad at Queen’s this spring and simply accepts there are more years left of school before he’s somehow qualified for today’s job market.
What’s remarkable is how upbeat my kids and their friends remain despite the raw deal they’re getting. There aren’t nearly the opportunities for young people today as there once were, a fact highlighted in the government’s recent labour force survey.
In November, the youth (15 to 25) unemployment rate dropped to 13.6 per cent from 15 per cent the previous month. But the figure is misleading and doesn’t reflect the fact that the number of kids looking for work is far fewer. While the economy has created 440,000 jobs since the recession, there are 228,000 fewer young people employed, according to a recent story by The Canadian Press.
“A lot of young people are throwing in the towel, saying forget it,” Brian Bethune, chief Canadian economist with IHS Global Insight, is quoted as saying. “There’s an intergenerational imbalance happening. You have a big bulge of baby boomers who have gotten into established positions, entitled to three and four weeks vacation, and young people can’t find jobs.”
Maclean’s magazine recently explored this phenomenon in a cover story titled Generation Screwed. It’s a chilling portrayal of the absolute mess boomers have not only created for the millennial generation (those born in 1980 or later) but seem destined to leave behind for others to clean up.
Our kids could be a lost generation, but boomers don’t seem too worried about it. They’re otherwise occupied, racking up obscene and unsustainable levels of debt on vacations and houses they can’t afford. Meantime, many don’t have a realistic financial plan to retire so, instead, figure they’ll work past 65, thus ensuring that jobs won’t be opening up for others.
Even when the boomers begin retiring in big numbers, the news won’t be good. Growth in the work force is expected to slow and GDP shrink. Canada’s Parliamentary Budget Officer, Kevin Page, has already started to sound the alarm about this demographic dilemma – but he concedes no one is listening.
The C.D. Howe Institute, meantime, estimates that aging baby boomers are going to cost Ottawa and the provinces $1.5-trillion in extra health and pension expenses over the next 50 years. It’s almost certainly going to mean higher taxes for young people, who are going to have to help shoulder a big part of that load.
Students, meanwhile, are graduating from universities with record debt. The average amount for a typical undergrad in Canada is $27,000, more than double the average of 20 years ago. And when they do graduate, there are few jobs, a fact that’s forcing many to seek a graduate degree – thus burdening them with even more student loans.
No wonder twentysomethings are putting off marriage and kids and buying a house. They’re just worried about surviving, which often means sleeping in the same bedroom they grew up in because they’re still living at home. Young people all over the world are postponing their dreams.
If youth unemployment and the bleak prospects for an entire generation isn’t a crisis, I don’t know what is. Yet, governments seem blind to what’s going on or unwilling, at least, to divert their attention away from the needs of whining boomers who have all that voter clout.
So, for now, many of our university grads will have to content themselves with cleaning gutters for a living – if they’re lucky.
http://www.theglobeandmail.com/news/national/british-columbia/gary_mason/whats-the-matter-with-kids-today-well-no-jobs-no-money/article1839671/
My comments: The objective of being able to relate to the article is probably not to say,"I can't get a career I want because boomers aren't retiring" or say, "what am I supposed to do when this is reality?" and just give up. Lets face it- for every Boomer parent who complains that their university educated child is without a job, for every 'Generation Y-er' who is unwilling to start at the bottom of the career ladder, for every university student who blows off their OSAP money by partying their weekends away and refusing to work a job (and then complains incessantly about how they were given more money than they can afford to pay back), for every immigrant parent starting a new life at 50, ... we are all in it. No one is taking anything away from any one. Essentially this is a case of one not being able to relate to the other- the Boomer generation can't trust the younger generation and the younger generation can't respect the older. We are all correct to a certain degee to stick to what each of us believe in or to want to protect the 'status quo' in this case but this fracture in the learning process between the older and younger generation appears to be breeding more distaste and unrest rather than a road towards a new resolution. oh well... what can we do? "We" can do nothing. But "you" and "I" can do something about it and for this new year I hope each of us starts with a resolution to move away from this mob mentality and think of how we can break away from this hostile environment and take it upon ourselves to learn, to teach and to find common ground so that we can all relate to one another to only realize we are working towards the same goal - to live a life we think we are "entitled" to.
P.S: I'm sorry, I'm being sacarstic when I say "entitled"
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