No matter what President Obama or members of his administration say regarding the economy, the unvarnished reality remains that the United States continues to suffer through its slowest economic recovery in generations.
While the Obama economy has affected all Americans, stubbornly high unemployment has had a particularly harsh effect on younger workers attempting to join the workforce.
That reality was driven home by the recent jobs report issued by the Bureau of Labor Statistics (BLS). While the unemployment rate for 20 to 24-year-olds jumped from 10.6 percent to 11.1 percent in May, the true state of employment for young workers, and recent college graduates in particular, is likely much more tenuous.
Patrice Lee, Director of Outreach for Generation Opportunity, a non-partisan organization focused on youth advocacy, said of the current economic climate, "School is out for summer, and more than four out of five recent grads don't have jobs. My generation deserves better than an economy in which a 15.4 percent effective unemployment rate for 18 to 29-year-olds is considered a good month."
The four out of five recent college graduates unable to find work cited by Ms. Lee comes from a disheartening survey reported by the LA Times last month. The data, culled from a poll conducted by After College, a networking website, paints a disturbing job scenario for Millennials.
"Among seniors who will graduate over the next few weeks, 83% hadn’t landed a job as of last month, even though nearly 73 percent were actively seeking one," reported the LA Times.
Additionally, it was reported that among survey respondents who had majored in seemingly marketable fields the prospects were no brighter.
"Among those getting degrees in engineering, technology or math, 81.6 percent didn’t have a job," and those majoring in business were experiencing even worse prospects with "85.1 percent still pounding the pavement," said the Times.