Obamanomics: Worst Teen Employment Numbers for 44 Years
“The biggest problem [in the report] was that the summer job market for teenagers was nonexistent,” says Joel Naroff, of Naroff Economic Advisors, in a note. “The 24% unemployment rate for this group was the second-highest since the end of World War II. While teenagers comprise only 4% of the workforce, they made up over 22% of the increase in unemployment in June.”
In June, there were 5.6 million jobs for teenagers, down from 6.3 million a year ago, and nowhere near the level of the late 1990s, the golden age for teen employment. In July of 1999, there were a record 8.8 million working teens.
The liberals trolls that infest this blog will be happy that I’m happy to give some of the credit for this to George W. Bush for signing the minimum wage act. Minimum wage is going up to $7.25 this month which is more than many teenagers produce. This is exactly what we conservatives were warning against when the Democrats (including Obama) pushed through the minimum wage hike two years ago.
Of course the teenagers are also victims of Obamanomics which includes a high minimum wage. When the government quits mucking up the system the job market will start to recover, even for these teens that are victims of Washington.
