Another month and another dismal jobs report. 

 

Just 88,000 jobs were added nationally in March and the American labor force dropped to it’s lowest rate since 1979. Nevertheless, the Obama administration’s excuse has shifted from blaming President Bush to blaming the mild sequestration cuts for the weak economy.

 

But one group is being hit harder by this jobless recovery than any other. A whole generation of young Americans, the Millennials (18-29), are getting doubly screwed by high unemployment and out of control spending.

 

According to the non-profit Generation Opportunity, Friday’s jobs report revealed an effective unemployment rate of 16.2% for Millennials. A full 11.7% are unemployed and another 1.7 million have given up looking for work.

 

The Wall Street Journal says it's worse than this. The unemployment rate for those under 25 stands at a staggering 22.9% if the labor participation rate remained unchanged from 2007.

 

Accoridng to The Atlantic, young Americans in their twnties were the only age group to see the unemployment rate actually increase over the last year. 

 

And the picture is even bleaker than the unemployment rate. Many more Milliennials are joining the vast ranks of the underemployed. According to a January 2013 study, approximately 48% of employed U.S. college graduates are in jobs that require less than a 4 year degree. And a full 37% are in jobs that require no more than a high school degree.

 

Meanwhile, the federal government continues to spend money it does not have with dire implications for Millennials and future generations (see Greece, Cyprus, and the entire Euro-zone).

 

President Obama may be cool to many young Americans. He’s progressive on social issues, he goes on late-night talk shows, and he even parties with Jay-Z and Beyonce. But no matter how cool Obama might be, millions of young Americans are seeing their careers stunted, their opportunities limited, and youth wasted just trying to get by during his presidency.