The Kids Aren't Alright

too much time on their hands

too much time on their hands

Teenage unemployment at 25.5% has worse consequences than just the lack of a minimum wage paycheck for the kids.

When I was a teenager, I worked at a local hardware store a few nights a week after high school.  I was a stock boy and then a cashier.  My co-workers were miserable people, stuck in a rut and uninterested in learning anything or doing anything new.  My friends from school would show up, load up a shopping cart with items from every aisle in the store, and then leave it in front of my register as a prank, so that I would have to put every single product back where it came from as they cracked up in the parking lot.  And I was paid 6 bucks an hour for that aggravation.

Sound like a useless job?

Guess what…it was the most valuable job I ever had.  Because it made me ambitious and it helped me to never take for granted the opportunity I had to work on Wall Street.  I couldn’t imagine ever spending another minute there once I was done, and I made damn sure to work hard so as not to ever be back.

That’s why I’m pretty bothered by the fact that teenage unemployment is now at a record high since data began to be collected on this stuff:

From the New York Times:
This August, the teenage unemployment rate — that is, the percentage of teenagers who wanted a job who could not find one — was 25.5 percent, its highest level since the government began keeping track of such statistics in 1948. Likewise, the percentage of teenagers over all who were working was at its lowest level in recorded history.

I pity the high school-aged student now, who barely has the chance to get that menial job that galvanizes his way of thinking for the future.

Unfortunately, some of the only opportunities available for the kids now are homework-for-a-fee, selling weed and concert ticket scalping…and oh yeah, McDonalds is probably hiring too.


Teenage Unemployment (NYT)

Tags: , , ,

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here:

Please see disclosures here.

What's been said:

Discussions found on the web