August 25, 2016
Sir, Sarah O’Connor reports on a UN forecast that indicates that “Global youth unemployment has started to worsen again after three years of modest improvement” “Finding work proves harder for world’s youth” August 25.
There are two angles to this story: How to create jobs, and what to do with those who will not get jobs.
With respect to job creation let me remind you, for the umpteenth time, that many of us hold jobs only because banks risked their and our parents money lending to many SMEs and entrepreneurs. And currently, because of the credit-risk-weighted capital requirements for banks, those loans are not available in significant amounts or in competitive rates. Our bank regulators should be ashamed of that as well as those who like you, keep so much silence on this.
And with respect to what to do with those without jobs, there’s no question that as a society it behooves us to at least find them some decent unemployments. For this day by day I become more convinced we need some sort of Universal Basic Income scheme that does not segregate our youth into those with jobs and those without.