This year alone, high youth unemployment will cost government £4.8bn in lost tax revenues and unemployment benefits, more than the budget for further education for 16 to 19 year-olds, and cost the economy £10.7bn in lost output, the report said.
The National Institute of Economic and Social Research (NIESR), which contributed to the report, said young people out of work now were at risk of never finding jobs.
Jonathan Portes, director of NIESR, said: \”Not only is youth unemployment costing us billions now, but the damage done to the future employment and earnings prospects of those affected will cost us billions for years to come, every year, long after the economy as a whole has recovered.
OK, so, the cause of all of this? No, it ain\’t just the recession:
There is no one cause: at the moment, we face both low levels of demand for young people\’s labour, with the numbers of young unemployed rising to record levels, and a long-standing problem of structural youth unemployment, which was a serious issue even when the economy was doing well.\”
Structural, see? So we\’ve something wrong in the underlying system, not just the effects of slow growth or recession. So, what is it in that underlying system which is wrong?
ACEVO called for the Government to \”up its game\” and give employers more incentives to hire the under-25s.
OK, we know how to do that. Cut the minimum wage for under 25s.
Young people also need better preparation and motivation for work, the report said. \”Too many young people do not have the hard and soft skills they need to progress in education or work,\” the report said.
And the education system is fucked.
So, cut the minimum wage and change the education system. The Government is already doing the latter so I assume we\’re all on board to fight for the former, yes?
What do we want? Cuts! Cuts! Cuts!
When do we want them? Now! Now! Now!