Young people have always struggled to find work. During the Great Depression, they stood first in the breadlines. In the Seventies, youth unemployment hit 18% in many countries. After the 2008 financial crisis, it doubled in places such as Spain and Greece. But each time, the economy recovered and young workers eventually found jobs.
This time might be different. Britain’s unemployment rate, according to figures released this week by the Office for National Statistics, is at its highest in four years. We are in a jobs recession. And it appears that young people are being disproportionately affected. Since ChatGPT was released in November 2022, entry-level jobs have dropped by one third — a development for which large language models have been blamed. Companies are increasingly replacing junior workers with AI that can write code, analyse data, and handle customer service. The first rungs on the white-collar ladder — research assistant, junior analyst and so on — are disappearing.
Jobless young people with no future prospects, unable to afford rent or even dream of home ownership.
It’s a good thing we’re in demographic decline.
Silicon Valley and our Corporate Titans have begun to admit that a jobs Armageddon is at hand.
Is this why UBI has received attention these past few years?
But why import the 3rd World into a jobless 1st World? What is the game?
