According to Generation Opportunity, a non-profit organization geared at education young Americans about the challenges facing the country, the unemployment rate among those aged 18-29 dropped 0.8 percent to 11.7 percent in March. This correlates with the national unemployment rate numbers delivered by the Bureau of Labor Statistics this morning, which saw unemployment in the U.S. down 0.1 percent to 7.6 percent last month.
“March was another lost month for my generation,” Generation Opportunity President Evan Feinberg said in a press release. “Young people are finding fewer opportunities and are being saddled with the costs of our country’s unsustainable deficits.”
While the Obama administration is blaming sequestration for the lack of jobs created in the month of March, as only 88,000 non-farm jobs were created and the labor force dropped to its lowest level in 34 years, Feinberg believes that the sequester will actually help Millennials in their job hunt.
“The sequester is a net-benefit for young people,” Feinberg told Red Alert Politics. “We’re picking up the tab for all this government spending. So even as a very small reduction in government spending now is good for young people, because otherwise we’re going to have to pay more in our taxes later to pay that off and really every dollar the government says is taking an opportunity out of the private sector. So we’d rather the government get out of the way and let us create and innovate — let young people be the solution to our government’s problems rather than the government.”
In fact, the job market for young Americans has become so dire that many college grads are spending their days “flipping burgers or delivering pizzas,” according to Feinberg.
“It’s a tragedy that half of recent grads are unemployed or working part-time,” he told RAP. “It’s a tragedy that the average recent college graduate is $3,200 poorer than the average college graduate in 2000. So we’ve got big problems for under 30-year-olds in this country that’s going to have a lasting impact on our economy.”
“It’s hard to overstate just how bad things are in this economy for [people] under 30,” he added.