The June jobs report shows that 195,000 new jobs were created, keeping the national unemployment rate at 7.6%. Wall Street and national economists expected that new jobs would hit 165,000, so the extra 30,000 more jobs than expected is a welcome surprise.
But is this just another short-term gain for the U.S. economy? According to the national non-partisan you advocacy organizations, Generation Opportunity, the unemployment rate for 18-29 year olds is at a staggering 16.1%.
The group announced these numbers in their Millennial Jobs Report for June 2013, which also reported that in the same age group, the unemployment rate for African-Americans is 23.7%, 13.2% for Hispanics, and 11.6% for women.
The White House will undoubtedly try to spin this morning’s jobs report as evidence that their policies of higher taxes and unsustainable deficits are actually creating more opportunities – young people know better.
“Young people are finding fewer opportunities and are being saddled with the costs of our country’s unsustainable deficits.“This week, Washington leaders failed once again to reach an agreement on student loan interest rates – never mind the fact that they never even bothered to address the underlying issue – skyrocketing tuition costs.
“Next we can look forward to a whole slew of new environmental regulations that will further inhibit job creation and screw over a generation that nobody seems to realize is suffering.”- Evan Feinberg, President of Generation Opportunity
More smoke and mirrors economics as a result of Obama’s fiscal agenda?
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