In the News (from Deutsche Welle): “With unemployment at unprecedented levels in the EU, the risk of social unrest is rising, says the UN’s International Labour Organization. The ILO is warning politicians to abandon austerity and embrace job creation.
“’When unemployment is as high as it is right now – as poverty and welfare protection become worse – then the danger of social unrest grows along with it,’ says Miguel Angel Malo.
“Malo is a professor of economics in Salamanca, Spain – a country where youth unemployment is at 56 percent. …
“If one looks at who the losers are, it becomes clearer exactly why the ILO is warning of unrest. The losers are made of three groups which have scarcely any access to the labor market.
The first group is young people: one in four youths – a group that includes those who have finished higher education but have not found work – is currently unemployed. In Spain and Greece it’s more than half. …
“The second group is the long-term unemployed, whose numbers have nearly doubled, from 5.8 million in 2008 to 11 million today.
“And the third group is those with few qualifications: ‘unskilled labor’ has been hit particularly hard by negative economic developments, much more so than skilled workers or university graduates.”
My Comment: There will be no work. One solution is to implement a shorter workday. I have written about this and it is encouraging to see that the 90-year-old Israeli President Shimon Peres says about it as well:
Translation: “It is necessary to reduce working hours and to increase the time of study. Who says that you need to work 8 hours a day? It is possible to work 4 hours a day and study 4 hours a day, and the studies will be considered work. It is necessary to employ young people. We must provide Grade 11 and 12 students with 2 hours of work a day. They will be trained in the community not less than at the university. Their workplaces will benefit from their youthful energy, and the young will have some income. I also propose that we start teaching English from 3 years of age; it is the right time for this.”