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October 14, 2004

No Shit Sherlock.

In an example of the blindingly obvious we see a report today that youth unemployment has risen:

New figures from the Office for National Statistics showed yesterday that 1.1m people under 25 are unemployed but not in full-time education, 25,000 more than in 1997. The figure rose by 54,000 in the three months to August.

What else have we seen over the same period? Yes, the imposition of a minimum wage. We know that minimum wages disproportionately damage the employment prospects of the unproductive, those with the lowest productivity rates. Who are these people? Yes, the young and untrained. What would we predict (and what did people predict) would be the result of a national minimum wage? A rise in unemployment rates amongst the young and untrained. What are we seeing? Yup. You might also note that the numbers in this age group in education have also risen strongly, making the figures even worse than they at first glance seem.
It really is one of those "No shit, Sherlock" moments, up there with water is wet and politicians lie.

October 14, 2004 in Economics | Permalink

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Comments

But when all of those new student graduate, they'll be rewarded with lucrative jobs in the new economy, won't they? Or at least, cushy public sector non-jobs?

Regards

Posted by: Andrew | Oct 14, 2004 10:38:37 AM

Assuming that they actually *do* graduate, rather than joining the 60% drop-out rate, they'll find themselves perfectly equipped for a lucrative career in burger-flipping or shelf-stacking.
Of course, that itself won't stop them gaining employment through the Grauniad's bountiful pages.

Posted by: Weasel Bearder | Oct 14, 2004 4:52:46 PM

If they don't get jobs as either burger flippers or Guardian writers, they can always become "diversity coordinators." I hear that is a growth industry in The Mother Country.

Posted by: Irene Adler | Oct 14, 2004 5:38:22 PM