Placeholder Image

Subtitles section Play video

  • Why is it so hard for young people to find jobs these days?

  • Three broad reasons come to mind: inappropriate skill sets (skills), government regulations, and uncertainty.

  • Youth unemployment may partially be the result of a mismatch between the skills young adults possess and the skills employers require of their workers.

  • Younger individuals already have less experience and training.

  • But even people with college degrees may find that they do not possess the appropriate skills for the jobs employers are looking to fill.

  • Government can subsidize education and send more people to school through loans and grants, but this does not guarantee future employment.

  • Second, government regulations and taxes may also be part of the problem.

  • Things like minimum wage laws, overtime pay mandates, payroll taxes, health care regulations and unemployment insurance all make it more costly to employ labor.

  • When it is more costly for firms to hire workers employers hire fewer workers, some of these costs may not be immediately obvious.

  • Take for example, laws make it more difficult for firms to hire and fire workers as they see fit.

  • Why could this cause more unemployment?

  • Compare it to dating, imagine that any blind date you went on had to result in marriage.

  • Would you ever go on a blind date, I doubt it.

  • Same goes for a company that's interested in hiring more workers but worries about not being able to fire a new employee if they're not working out.

  • They won't want to take chances.

  • So, firms are particularly reluctant to hire young workers who lack experience and do not have an employment record to prove that they're reliable.

  • Finally, there are many reasons for employers to feel uncertain about the future.

  • For example, we're experiencing a slow economic recovery after a major financial crisis.

  • Further, consider something like health care reform.

  • The recent health care bill is very long and there is much debate and unanswered questions about what its ultimate impacts on the cost of labor may be.

  • All this creates uncertainty, which makes employers more cautious in hiring workers.

  • These three reasons, mismatch of skills, regulation, and uncertainty are three potential reasons why many young people are having a hard time finding work right now.

  • Each of these three reasons have one factor in common: government.

  • Interventions haven't helped things and they have likely made things worse.

  • The unemployed would be better served if government stepped out of the picture and allowed economic growth and a free market to create more jobs and prosperity.

Why is it so hard for young people to find jobs these days?

Subtitles and vocabulary

Operation of videos Adjust the video here to display the subtitles

B1 US TOEIC hire government unemployment health care uncertainty

3 Reasons You Can't Find a Job

  • 65570 3740
    VoiceTube posted on 2020/06/13
Video vocabulary