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Unemployment could hit 25% among recent grads and trigger 'unprecedented' social disruption thanks to AI, U.S. senator warns (fortune.com)

submitted 1 day ago by MicroWave@lemmy.world to c/news@lemmy.world

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Today’s young people have endured crisis after crisis—social media upheaval, a pandemic, and political turmoil. And for many eager to finally start their careers, they’re facing yet another uphill battle: entering one of the toughest job markets in a decade.

Job postings are down, and unemployment among recent graduates has climbed to 9.3%, according to the Federal Reserve—its highest level outside of the pandemic since 2014.

But one lawmaker says this may only be the beginning.

Unemployment for recent college graduates could surge to as high as 25% in the next two to three years, warned U.S. Senator Mark Warner (D-Va.) in an interview with Bloomberg, and it could cause a “level of social disruption that’s unprecedented.”

“If we eliminate that front end of the pipeline, how are people ever going to get to that mid-career spot?” Warner added to CNBC.

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[–] Ensign_Crab@lemmy.world 3 points 17 hours ago

The current people of the ruling class can’t do anything about it.

Won't. They can do plenty about it. They won't.

If you feel this is abstract or theoretical, just look at the utter inability of the system to stop itself from inflating the obvious AI bubble.

Unwillingness, not inability. Those inflating the bubble will get bailouts at our expense when it bursts.