Number of Young People Working Multiple Jobs to Make Ends Meet Way Up Since COVID
New survey from the Bill and Melinda Gates Foundation shows that the percentage of young people working two or more jobs to make it has increased dramatically. This underscores the difficulties created by the lockdowns. As I have blogged before, Biden Administration labor policies will only make the employment situation of young people worse.
Young people will bear brunt of post-Covid unemployment crisis, report warns
Since the start of the Covid-19 outbreak, those aged 25 and under have accounted for three in five jobs lost, the Prince's Trust and the Learning and Work Institute report said. It added that youth unemployment is expected to increase further as the economy recovers. While some areas of the economy might start to recover, young workers are under-represented in these sectors, and the industries that typically employ them will be hit hardest in the long term, the report continued.
Young people have borne the brunt of the lockdowns--a measure intended to combat a disease that affected mostly the old. Yet there is no evidence of any government policies designed to aid young people. Here are a few:
- Abolish the minimum wage
- Pass right-to-work legislation and make unions more democratic through periodic recertification elections
- Stop legislation like California's AB5 and the PRO Act which harm independent contractors
Unfortunately, the Democratic Party is on the wrong side of all of the above.
Inflation a major concern of young Americans today
Their concerns are justified given Federal Reserve policy and the enormous growth of government borrowing. The Federal Reserve has announced that they are keeping rates low while seeking to hit their 2 percent inflation target. That means negative real rates for a very long time in the future. That's great for government which can borrow cheap to finance current spending. But it's terrible for young people and small savers who will see what little returns they get on their savings washed away by inflation.
https://www.zerohedge.com/economics/77-americans-are-worried-about-soaring-inflation
