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View Full Version : Optimism about future for American youth at all-time low



Nothing Human Is Alien
4th May 2011, 17:41
In recent weeks, we've seen indications that Americans are deeply pessimistic about the state of the economy. Now, there's evidence that we're feeling gloomy not just about the present, but about the future too.

Just 44 percent of respondents to a new Gallup poll said it was very or somewhat likely that today's young people will have a better life than their parents. Fifty-five percent said it was very or somewhat unlikely.

That's the worst response since the question was first asked in 1983. It's far worse, even, than the results the survey yielded during the depths of the Great Recession in March 2009. At that time, 59 percent said it was likely that young people's lives would be better than their parents', while 40 percent said it was unlikely.

Here are the responses over time:

http://l.yimg.com/a/i/ww/news/2011/05/03/graph.jpg

Older Americans were much more pessimistic about the future than younger ones. Among those between the ages of 50 and 64, just 36 percent said they expected younger Americans to have a better life than their parents, and among those 65 and over, just 37 percent did. By contrast, 57 percent of 18- to 29-year-olds said they expected their lives to be better than their parents'. Among Americans aged 30-44, 45 percent agreed with that view--a total just about in sync with the results as a whole.

Gallup didn't probe for the cause of Americans' anxieties. But other surveys have suggested that fears about economic globalization--and particularly the movement of jobs abroad--play a large role.

In a recent Washington Post/ABC News poll, just 28 percent of respondents said the economy is getting better, while 44 percent said it's getting worse. A New York Times/CBS News poll came away with a similar result: Twenty-three percent said it's getting better, and 39 percent said it's getting worse. And those surveys were both taken before the release of a government report that found the economy grew by a deeply disappointing 1.8 percent in the first quarter of 2010.

Kamos
4th May 2011, 18:52
Excellent. Nothing inspires change quite as much as the knowledge that the world sucks as it is now.

ckaihatsu
4th May 2011, 19:14
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Put simply, the rise in profits is not translating into new capital accumulation on any meaningful scale. Instead, corporations in the U.S. and elsewhere are simply hoarding cash, holding on to it in larger amounts than at any time in the last 60 years. By the beginning of 2011, in fact, non-financial firms in the U.S. had at least $2 trillion in cash and checking deposits, an extremely sharp increase in their holdings of liquid assets, as the next figure illustrates.[5]




This has prompted a variety of Keynesians to claim that austerity and the removal of stimulus are simply products of the delusional outlook of crazed right-wingers. To be sure, there is something crazed about the deficit-cutters. But, from a capitalist standpoint, they are not entirely wrong. Having to finance deficits by raising cash in financial markets, governments must pay a rate of interest determined by calculations as to the probability that they might default on their payments. That's why Greece is paying nearly 25 per cent on its two-year bonds. And that is something very real, a genuine financial reality, not just the ideological madness of right-wing nuts. Of course, the Right will attempt to exploit such moments to pursue an aggressive political program of attacks on unions and public spending, something I'll return to in a future blog.




In addition to serving as a reminder that the interests of capital have nothing to do with economic growth and well-being, it also underlines why the only economics and politics capable of effectively resisting are anti-capitalist ones.


And They Call This a Recovery?
David McNally

The B u l l e t
Socialist Project • E-Bulletin No. 497
May 4, 2011

http://www.socialistproject.ca/bullet/497.php

Rakhmetov
4th May 2011, 22:07
As Comerade Ted Grant would say, "The youth are on the move!"

We need another 60s-movement with steroids! :mad: