The Time Bomb

I really cannot say what the long-term consequences of this are...but they are most probably not good.

U.S. employers added 175,000 jobs in May, a better net gain than expected. And while the jobless rate ticked up to 7.6 percent from 7.5 percent, that was because more people joined the labor force, the U.S. Bureau of Labor Statistics said Friday. But not enough of the new jobs are going to young adults. In the 20-24 age group, the jobless rate was 13.2 percent - floating about where it's been stuck for over a year.

And the U.S. is hardly alone. Throughout the developed world the story is the same. The young are underemployed and underpaid at an increasing level.

As usual our economic geniuses have the solution.

Raise the retirement age.

Yeah, that will really help.

[cross-posted at Firedoglake]