socialmedian: The Great "Teen-Cession" Thanks to the Min. Wage

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The Great "Teen-Cession" Thanks to the Min. Wage

Source: CARPE DIEM

Oct 22, 2009

Summary

It’s been well-documented here and elsewhere that the recent recession has been especially hard on men, to the point that it’s frequently been referred to as a “man-cession.”

But there’s another group that’s been hit equally hard by the recession, but without as much attention – teenagers. Although the national jobless rate of 9.8% in September is still a full percentage point below the record 10.8% set in 1982, the teenage jobless rate soared to a record-setting 25.5% in August, and then raised again in September to yet another post-war high of 25.9%. The current teenage jobless rate is now almost two full percentage points above the previous record of 24.1% in December 1982 (see chart above), and will probably continue to climb even higher in the coming months.

Who or what can teenagers blame for the worst job market in history for their age group, the "Teen-Cession of 2008-2009"?

They can certainly blame the recession, one of the worst since the early 1980s. But they also might want to blame Congress for raising the federal minimum wage from $5.15 per hour ...Read the full article

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