High Unemployment Among Young People Costs Taxpayers
Posted at 9:21 a.m. on Jan. 7, 2014
According to the New York Times, a new report reveals that “persistent high unemployment among young people is adding up to $25 billion a year in uncollected taxes.”
“About 93 percent of [the $25 billion] comes from taxes that would have been collected, and the rest from averting social spending, the study said. The report estimated that effect per state taxpayer was greatest in Alabama, Kentucky and North Carolina.”
The study, conducted by the advocacy group, The Young Invincibles, finds that “15% percent of workers ages 16 to 24 are unemployed, compared with 7.3% of all workers.”
Young Invincibles, which will present its findings at a news conference on Tuesday, recommends restoring and expanding federal youth jobs programs to mitigate the effects of high unemployment.