We need to stop large amounts of youth falling into unemployment

[cyberianpan]

Visit any social welfare office in the country, you'll see the majority there are young men. It's already happened.

Yes... as per my OP it has

Looking at the Quarterly National Household Survey for say males we see a worrying pattern:

		15-19	20-24	25-34	35-44	45-54	55-59	60-64
							
Apr-Jun2003	15.8	8.1	5.2	3.9	3.6	2.9	*
Apr-Jun2009	40.0	30.2	18.0	12.3	10.4	7.7	8.0

However the deterioration in human capital is likely not yet critical for many of them... the time for action is now

cYp

[Hazlitt]

Personally I'd be willing to consider some sort of Keynsian stimulus / make-work programme for this segment
...
C) Funding: ..I think bond investors could be persuaded

The problem with this is that for every euro spent on a public works project a euro is taken away from the private sector. For every job created on the public work project a job is lost in the private sector.

The problem with your bond investor funding proposal is that this has to eventually be paid for by the taxpayers. Money is taken out/away from industries where there is genuine consumer demand and put in to unsustainable jobs with no demand above the alternatives.

People have said that there is no consumer demand - of course there is consumer demand, peoples time horizons have simply changed giving current circumstances. People are looking more long-term now and as a result are increasing their savings. Someone (Cassandra Syndrome I think) said that we have a Service-focused economy, I agree we do, and this is because for the last few years we have been consuming far more than producing - our time preference for consumption was significantly higher than it is now. Let's not forget that when people increase their savings (something that is currently being impeded by artificially low interest rates) banks in turn lend out these savings to businesses and other projects, more than likely in more long-term projects, but these jobs will be created anyway, what we need to see happening is other stage-specific labour markets absorbing workers from the service industries etc which have gone/are going bust.

I agree that the minimum wage is a barrier to certain segments of the youth, however many new entrant college graduates were earning not too far from minimum wage anyway ... it is clear the rise in unemployment is of staggering order.... so a modest wage adjustment, whilst welcome, would only prove a partial solution

We have to be realistic about this. Not all college graduates or other people on the dole trained in specific areas will be able to find work in their area of qualifications. We cannot just "create" an Arts & Design sector of our economy for all those who went to Design College without sucking out labour from areas that consumers have wants in. This may mean a drop in wages regardless of current expectations of these graduates. I've heard people giving out about deflation (or the rise in purchasing power of our euro!) and this would be a wonderful mitigating factor helping those who need to take a drop in wage.

...I think we have to deal primarily with the intensifying deflationary depression.

Falling prices and the increase in purchasing power of the euro for all who did not borrow money is a good thing. It is especially good (given the context of the thread) for the prospects of employment of unemployed people on lower wages if we can scrap/drop the minimum wage. People who borrowed money take the risk of deflation the same as the lender takes the risk of inflation, I see no reason why we shouldn't consider the economy in general when discussing this.

Our..government's fiscal policy is going to be the nail in the coffin.

I agree with you there!

there is no demand.

I'll refer you to my previous comments on "inadequate" demand.

A corrupt stinking insolvent financial system being supported by the bluff of a completely incompetent bunch of idiots.

Agreed. We need a proper overhaul of the current financial system, not just patchwork on the current system to enable our current monster to go limping on into the future.

[cyberianpan]

The problem with this is that for every euro spent on a public works project a euro is taken away from the private sector. For every job created on the public work project a job is lost in the private sector.

The problem with your bond investor funding proposal is that this has to eventually be paid for by the taxpayers. Money is taken out/away from industries where there is genuine consumer demand and put in to unsustainable jobs with no demand above the alternatives.

Ahhh

I don't necessarily mean "public works"... I'm more thinking of PPP

Say whereby the State part funds interns in a growth industry - the example I'd in mind was "new media"... e.g. Google

And the State uses universities to put in place a vocationally structured education element

So for example Trinity, DCU & UCD would teach a few modules to graduates in year one of the programme

Kinda IFSC 2.0 ... on steroids for "New Media" (I also have ideas for legislative changes to enable "new media" experiments)

Social Welfare funding could be diverted into it

... possibly at near zero nett cost ... and the bond markets would go:

"Cool... that's smart spending" and lower the yield

cYp

[Fing Fers]

Kids have no options after leaving school or collage thanks to a complete moratorium on all public sector hiring and non existent jobs in the private sector. I cant see them finding work abroad either, before they go, they'll need money. Where are they going to get it? God help them. They will be trapped, stuck in education for a very long time.

[cyberianpan]

As I mentioned in my OP unemployment is especially deleterious for the youth - for males especially it lowers their life long prospects.

Youth unemployment is skyrocketing and Business Week is focusing on our emigration

The New Generation Leaving Ireland - BusinessWeek

With claims like:

• Only two out of 100 of graduates even had an interview for a job.
• Just two people from the class ahead of them are employed.

Now at this stage... should we be actively encouraging emigration ? E.g. ministers promoting it, getting better visa deals with Canada, USA, Australia and New Zealand ?

cYp

[arcadeparade]

As I mentioned in my OP unemployment is especially deleterious for the youth - for males especially it lowers their life long prospects.

Youth unemployment is skyrocketing and Business Week is focusing on our emigration

The New Generation Leaving Ireland - BusinessWeek

With claims like:

• Only two out of 100 of graduates even had an interview for a job.
• Just two people from the class ahead of them are employed.

Now at this stage... should we be actively encouraging emigration ? E.g. ministers promoting it, getting better visa deals with Canada, USA, Australia and New Zealand ?

cYp

That's tough to read, Im thinking of leaving also.

[Scorpio]

Don't know if you saw this from last week, not exactly uplifting stuff.
More than half of all jobs for young men have disappeared
Two thirds of young men not in education in places like Limerick and Donegal are in receipt of benefits.
Taking into account emigration and the fall in participation, about 55% of jobs for under 25 males have disappeared.

[cyberianpan]

That's tough to read, Im thinking of leaving also.

It's a pretty crazy situation, at this stage emigration may be the only answer, though I'd still like to see efforts alongside that.

cYp

[Partizan]

It's a pretty crazy situation, at this stage emigration may be the only answer, though I'd still like to see efforts alongside that.

cYp

Emigration, Zanu FF solution to a Zanu FF problem. They have condemned another generation to flee, the 3rd in 60 years. After we spend billions educating our youth, we send them off packing to the four corners to build other economies leaving us with no tangible economic benefit. The young should stay here and rebuild our shattered country. They need guidance and leadership.

If we all leave there will be nobody left but a nation of Mary Coughlans.

[Oldira1]

It's a pretty crazy situation, at this stage emigration may be the only answer, though I'd still like to see efforts alongside that.

cYp

Ah yes! Lets get the youth out in case they may revolt.Make sure the status quo is maintained for the elites to prosper.

Actively encouraging emigration is nothing short of treason. Our families did not raise their children to see them forced abroad in order to protect the elites.

Fianna Fail has always relied on emigration as a safety valve to protect the state. Lets hope that this time they are denied that outlet and that for once they reap what they have sown.