http://www.marketwatch.com/story/why-the-young-jobless-will-ruin-your-portfolio-2011-09-06NEW YORK (MarketWatch) — Happy Idle Labor Day. For most Americans, yesterday was a day to exhale. Not only do they have jobs, but they had reason to celebrate: a paid day off.
But for more than 14 million Americans, Monday was just another day in the soul-crushing reality of unemployment.
If you add in the truly despondent — the people who have simply quit looking for work — the number is roughly 23 million.
This is a national tragedy. Hardest hit are the Americans who can least afford to be out of work. The recession has hit minorities hard. The unemployment rate is 16.7% among blacks and 11.3% among Hispanics. The Bureau of Labor Statistics says that the workforce is actually growing, and yet more able-bodied and able-minded workers have nothing to do.
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