The unemployment rate and the lack of available jobs hurts Americans who are at their prime working age. During one's 20s and 30s is the time Americans should be compiling, saving and investing their money so that they may prepare for marriage and eventually build a nest egg for retirement. Once this economic situation improves, who knows how long it will take, Americans will be working longer and that may cause Americans to refocus their priorities from raising a family and marriage to being able to live, survive and pay their bills.
This economic situation also has a negative affect on the decisions younger Americans make. With the troubling job market, need to pay their bills, young Americans may revisit the necessity and relevance of attending college for four years. As the in this climate, a BA from a good school does not guarantee a job, they may believe their money is better spent elsewhere and the need to make money may outweigh the need to earn the BA right away. And following that line of thought, Americans will not be primary holders of the higher-paying jobs that require college and graduate education; something unheard of since the post-World War II era!
The most upsetting thing is that this situation did not have to occur! President Obama, instead of focusing like a laser beam on how to best create jobs, decided to grow the government and let it be the arbiter of who gets stuff, from heath care to favoritism to tax breaks. He did not take into account that businesses, and rightly so, would not go along with his plan. This sounds mighty familiar, as historian Amity Shales wrote:
"The problem was their naivete about the economic value of Soviet-style or European-style collectivism - and the fact that they forced such collectivism upon their own country...The New Yorker magazine's cartoons of the plump, terrified Wall Streeter were accurate; business was terrified of the president. But the cartoons did not depict the consequences of that intimidation that business decided to wait Roosevelt out, hold on to their cash and invest in future years. Roosevelt retaliated by introducing a tax - the undistributed profits tax - to press the money out of them. Such forays prevented recovery and took the country into the depression within the Depression of 1937 and 1938."History is clearly repeating itself! The stimulus and ObamaCare are all wasted money, while Dodd-Frank and recently proposed legislation unnecessarily regulates and taxes Americans and businesses. These factors also collectively contribute to hampering job creation. Obama is shirking responsibility for what he has done by blaming Wall Street and private equity. While this president embarks on this war, and at the same time, cooking the books with the unemployment numbers, he forgets about the unemployed; especially those in their 20s and 30s, prevents them from earning for themselves, bettering their lives and moving on with their lives. The lack of participation in the economy of these 20 and 30 year olds continues to hurt and elongate any chance for recovery of the American economy.
And to think, this did not have to happen. Let's hope Americans stand up and voice their displeasure with the job this president has done these past four years. It's going to be a long process in cleaning up this historical mistake, but the good thing is that this terrible cycle could very well come to an end!